I recently organized an investment framework analysis for DUSK and compared it with the project's current status, and the results are not very promising.

Let's start with the token economics. DUSK has no stable protocol revenue source, and its economic model is not even deflationary—in fact, there is inflationary pressure, with 50% of the tokens still unreleased. The main functions of the token are to pay transaction fees and staking, with value support entirely dependent on the growth of network applications. Compared to my investment standards (stable protocol income + deflationary model), this clearly does not pass.

Next, let's look at ecosystem activity, which I care about the most. The 24-hour trading volume is only $14,000, and there are fewer than 20,000 token holder addresses. Honestly, such liquidity and trading activity are quite dull. The project has fallen nearly 80% over the past year. I have been looking for projects with real users that can solve practical problems, but DUSK's current adoption rate has not proven this.

However, the project is not without a story. Its positioning as a "compliant privacy financial chain" sounds good, and there is a plan to collaborate with the Dutch exchange NPEX to bring €300 million in securities assets on-chain. The problem is that these are all long-term expectations. My principle is to find projects that can continuously and stably create value, rather than relying solely on narratives. The risk of realization here is just too high.