Over the years of Web3 finance, we've long moved past the stage of getting excited at the sight of new concepts. The pitfalls we've stepped into? They could fill a bloody history book.

Chased after tokens claiming to revolutionize traditional finance, only to find that they couldn't even meet compliance thresholds. A single regulatory comment would shut them down immediately, leaving no room for negotiation. Tried projects that touted privacy protection, but instead of keeping transaction records confidential, they ended up leaking completely. What's more heartbreaking is that, without compliance backing, I didn't dare to invest real money. After losing my principal, what hurt even more was the wasted time and energy.

Until a year ago, I saw Dusk in a certain project's information stream. Honestly, I just wanted to dip my toes in the water, so I ran their testnet. Unexpectedly, as I used it, I started staking tokens, and later I even participated in their compliant RWA on-chain business, gradually moving idle assets into the ecosystem.

The longer I used it, the more I understood a simple truth: Web3 finance doesn't need to fight regulation head-on, nor can it rely solely on the concept of privacy to attract attention. Compliance and privacy must go hand in hand; both are indispensable. Only in this way can real implementation be possible, and there is hope for long-term survival.

Why did I pay attention to this project? To put it plainly, I’ve always had an unresolved pain point — I have some private equity and bond assets accumulated, and I want to tokenize and circulate them. But the traditional financial processes are both cumbersome and ridiculously expensive. I need a solution that can protect privacy while also meeting regulatory requirements. This past year’s real experience, the insights I gained through practical operation, I’m going to share all of it now — no official jargon, just my honest words.