Having navigated the blockchain space for years, the biggest regret is seeing some projects holding core technologies but failing to overcome the hurdle of commercial implementation. DUSK is a typical example—claiming to be privacy-compliant and aiming to make a mark in the RWA track, yet on-chain data has long revealed the true situation clearly.

Data from the end of last year shows that the DUSK mainnet has surpassed a block height of 109,000. The average block time of 2 seconds is technically no problem, but what about the block utilization rate—it's ridiculously low. Over 70% of blocks contain fewer than 2 transactions, often resulting in consecutive empty blocks. The daily transaction volume barely exceeds 1,000, which is hardly comparable to mainstream public chains. The total daily active addresses on the network are fewer than 80, even after excluding a large number of project team wallets; actual user participation is essentially zero. Compared to a project focused on institutional-grade financial infrastructure, these numbers are almost fatal.

Liquidity issues have yet to be resolved. Major data platforms cannot find independent TVL for DUSK. The trading pairs on a leading DEX are locked in at around $270,000, and they rely on extremely high APYs like 128% to attract users, which precisely indicates how fragile the liquidity pools are. The DuskEVM mainnet launch has repeatedly been postponed, and aside from the block explorer, there are almost no ecological applications on the testnet. The so-called ecosystem projects haven't taken off either, making it impossible to support normal trading demand.

The staking aspect is also vague. The threshold of 1,000 DUSK seems reasonable, but the official stance on yields has been ambiguous—only mentioning "geometric decay release," combined with a 4.8-hour lock-up period, making it hardly attractive. Competitors outside are not idle—Polygon CDK, Oasis Network, and others are leading in ecosystem maturity and resource integration. After so many years of development, the results DUSK has delivered are truly disappointing.

In short, although privacy compliance is a selling point for this project, without real ecosystem applications to support it, this selling point is just superficial. If they don't accelerate the mainnet launch and develop real RWA scenarios, no matter how advanced the technology is, they will be eliminated by the market.