Recently reviewed valuation data in the RWA track and found a quite interesting phenomenon.

For the same top-tier compliant Layer1, a leading project’s FDV has already surpassed $1.6 billion, while DUSK’s valuation remains just over $200 million. This 7x gap is right in front of us, which indeed makes people puzzled—if it’s a market perception issue, then this perception gap is quite significant.

Shifting focus to the underlying technology. Piecrust VM is currently the only virtual machine framework capable of thoroughly integrating zero-knowledge proofs and financial compliance at the L1 level. The purpose of this architecture is very clear: to pave the way for institutional-grade asset tokenization. Products coming from teams with TradFi backgrounds are never created just for hype.

Looking at the funding side: a $55 million financing scale compared to the current market cap makes this valuation seem like a fire sale. Many people start to regret after a project’s rapid rise—actually, what’s more worth paying attention to are these overlooked corners of the market. When the mainnet truly launches and big institutions start to deploy, it will be too late to regret current choices.

This is not a prediction; purely based on data and technical architecture, the winning odds are already laid out.