The market always gets one thing backwards: treating short-term hype as long-term value. Look, the leading public chains' market caps are soaring, and privacy chains are also being hotly speculated on. But projects like Dusk, which integrate Layer-1, zero-knowledge privacy, and compliance capabilities all at once, don't seem to have much presence in valuation. This is a classic case of the inverted imagination of the primary market versus the secondary market pricing—those tracks piled with technology and licenses are being completely ignored by short-term capital.

A few details worth pondering:

**The weight of endorsement.** Institutions like iFinex, which have been active in stablecoins and compliance for years, are not jumping on hot trends but are instead making a trust vote on the actual implementation path of the project. This shows that some people are conducting serious, professional research.

**RWA is no longer just PPT.** Asset tokenization has shifted from a concept to a real demand, especially as stricter regulations push the industry toward compliance. Whoever can develop the "privacy with auditability" infrastructure will have the opportunity to attract ongoing institutional-level traffic.

**Look at valuation from a different angle.** Currently, DUSK's price is less about short-term liquidity or hype premiums and more about valuing "early-stage infrastructure equity." For those looking to make long-term allocations and optimistic about RWA, there is indeed a time value window here.

Of course, don’t just think about returns; risks must also be kept in mind: whether liquidity can truly be activated, whether institutions will adopt on-chain at scale, whether technical and compliance details can withstand audits and legal scrutiny—these are all uncertainties. So, "entering now" shouldn't be mindless following the trend but a calm, rational judgment based on industry direction and project moat, with mental preparation for long-term uncertainties.

In one sentence: if your focus can be on the infrastructure that will carry large compliant funds in the coming years, Dusk's current undervaluation is worth closer research; but remember to view it as a long-term infrastructure investment, not a short-term trading chip.