Each bull market cycle in the crypto space is different, but there is always a clear narrative driving it. Looking back at history, DeFi Summer, the NFT boom, Layer 2 competition—these trends come one after another, but fundamentally, they all aim to solve the most urgent problems of the industry at the time.

Now, the situation has changed. As global regulatory frameworks accelerate their formation, traditional financial institutions are beginning to cautiously explore the crypto world. The market's pain points and opportunities are shifting. The next core focus is clear: scalable, compliant privacy solutions.

Understanding the regulatory trends makes this obvious. The implementation of the EU MiCA regulations and the launch of Hong Kong's virtual asset service provider licensing system are signaling a message— the era of unregulated growth is truly over. In the future, projects that can coexist with regulation rather than oppose it will attract institutional funding. This is not just a technical issue but also a matter of confidence. Institutions need infrastructure that can ensure on-chain privacy without crossing legal boundaries.

Another driving force comes from the RWA (Real-World Asset) track. Tokenization of real-world assets such as real estate, government bonds, and private equity funds is widely seen as the next explosion point capable of bringing billions of users and trillions of dollars onto the chain. The problem is, these assets involve complex legal relationships, high privacy requirements, and numerous operational details. Existing public chains are either too transparent, exposing transaction details; or overly anonymous, creating compliance risks. No chain currently manages to balance these two aspects effectively.

This is precisely the opportunity for projects like Dusk Network. From its inception, it has adopted "compliance by design" as its philosophical foundation, meaning privacy and regulation are not opposites but can be carefully integrated. For institutional investors, such infrastructure meets privacy needs while alleviating concerns about legal uncertainties.

In other words, the next wave of capital will favor projects that understand both privacy technology and regulatory logic. Those who can find their place at this intersection will become the most trusted "white gloves" for traditional finance entering the on-chain world.