In recent months, Dusk's institutional partnerships have indeed accelerated. From Q4 2025 to January this year, eight new compliant partners have been added, including European DLT exchange 21X and projects under the MiCA framework like Quanto Z Pay. The numbers are more intuitive—on-chain assets surged from $360 million in Q3 to $820 million, a month-over-month increase of 127.78%.

What’s truly interesting is the tangible results. The securities on-chain project in collaboration with NPEX has achieved a stable circulation volume of $300 million, with trading fees 95% cheaper than traditional methods, and monthly trading transactions reaching 12,000. This has driven DUSK’s monthly fee consumption to grow by 40%. The three newly onboarded small and medium enterprise financing projects are even more aggressive—through accounts receivable tokenization, they have raised a total of $230 million, with each transaction locking in 5%-10% of DUSK as compliance collateral, and the total new token lock-up exceeding 12 million tokens.

Why are so many institutions willing to participate? Cost is the key factor. The total cost for Dusk’s RWA on-chain process averages $800,000, compared to $2 million on Ethereum and $1.5 million on Solana, making it 60%-66.7% cheaper. Plus, with a 30% on-chain subsidy, six European financial institutions that were previously on the fence have signed agreements.

The market has also recognized this. DUSK’s market cap ranking in the RWA sector climbed from 35th in July 2025 to 27th in January this year. Based on the current $820 million in on-chain assets, DUSK’s circulating market cap is only $22.52 million, with an asset-to-market value ratio of 36.4:1, significantly higher than the industry average of 15:1.

Looking ahead, in Q1 2026, another eight institutional partnerships are planned, with the on-chain asset scale expected to surpass $1.2 billion. At this pace, the demand gap for DUSK will continue to widen, and the long-term undervaluation situation should improve.