Recently, there's an interesting phenomenon in the circle: when traditional big capital truly enters the cryptocurrency space, their choice logic is completely different from retail investors.

Most people naturally think of those well-known, heavily funded, trending public chain projects. But what about Wall Street folks? What are they looking at?

Imagine you're a large investment bank, using blockchain to handle asset clearing or issue corporate bonds. At this point, an awkward question arises—should all transaction details, client information, and fund flows be transparently disclosed to the entire network? Obviously not feasible. Banks need efficiency improvements, but also require data confidentiality and regulatory compliance.

This is precisely why some projects that are not as "starry" but have more pragmatic design ideas are beginning to attract institutional attention. For example, there's a chain called Dusk, which employs zero-knowledge proof cryptography tools to create a special transaction environment. A simple analogy is: giving your transaction data a "one-way glass."

Institutions can prove to regulators that they have conducted anti-money laundering checks and comply with regulations, without revealing sensitive information like specific client identities or transaction amounts to everyone. This meets transparency requirements while protecting business privacy. For traditional financial institutions, this is a crucial psychological breakthrough.

On the technical level, this chain has also developed a virtual machine called Piecrust. You can think of it as a secure computer with encryption locks. Institutions run programs and execute transactions on it, but core data can be securely locked away. For a financial system accustomed to complete confidentiality, this design is practically tailor-made.

Interestingly, these types of projects do not rely on community hype or crypto KOL endorsements. Instead, because they are more aligned with institutional needs, they are gaining increasing presence in the large capital circles. This perhaps signals that the next phase of competition in the cryptocurrency market may no longer be about "who has more fans," but about "who can truly solve the pain points of big capital."