In the past two years observing the crypto space, there's a phenomenon that's quite interesting but not widely discussed—blockchain is undergoing a transformation.

We used to focus heavily on performance metrics, throughput, Gas fees, and similar aspects, thinking that technological improvements could change the world. But as real assets, institutional capital, and regulatory frameworks start engaging with on-chain worlds, this set of theories begins to collapse.

Why? Because real-world finance simply doesn't operate according to performance metrics.

Think about it—do Wall Street folks care about your TPS? What they care about is whether the system can be licensed long-term and whether it can operate continuously. These two questions seem similar but are fundamentally different—one is a technical issue, the other is a systemic issue.

Now look at traditional finance: securities, bonds, funds, clearing, custody, auditing. These old-fashioned systems have lasted decades or even centuries, not because they are the most efficient, but because they operate within a recognized, validated, licensed framework. This framework itself is part of the system, not something patched on afterward.

There's a fundamental misalignment here: many public blockchains, from their inception, haven't considered this framework. Fully transparent ledgers look cool in early stages, but once real assets and institutional participation are involved, problems arise.

Conversely, structures designed from the start to be "permitted to exist"—like DUSK—may actually be the true carriers of future on-chain finance.