Let's talk about the topic of "Top-Level Design."

Yesterday, Citibank released a heavyweight analysis report on the European capital markets. Many people might have skimmed past it without paying much attention. But in fact, this report hides the potential password for a hundredfold track by 2026, and also exposes a fatal flaw in the current RWA track that 99% of people are unaware of.

Simply put, if the RWA tokens you hold are essentially just "wrapping paper," then you might have bought a lonely victory. The Dusk blockchain seems to be the only project that truly understands and solves this problem.

**The Fragmentation Crisis in the European Market**

Citibank's report points out the biggest pain point in the European capital markets: Fragmentation. Settlement systems across countries are not interconnected, transaction efficiency is shockingly low, and data is like being split into countless isolated islands. How to solve this? Citibank's prescription is tokenization — using blockchain technology to unify stocks, bonds, and funds on a single ledger for circulation.

Sounds pretty good, right? But there's a subtle implication in the report worth pondering: not all tokenizations are the same.

This directly hits the core differentiation point of the current RWA track. Two completely different schools have already emerged in the market. The key question is: who can truly solve practical problems?