There is an underrated project in the privacy track. The DUSK token has been around for nearly five years since its launch, with a return of over 768%. If it can perform like this in a bear market, it shows that the market has some recognition.

From a fundamental perspective, the total supply is limited to 1 billion tokens, which is a scarce level. The key is that inflation is well-controlled—annual inflation is only about 1.5%, much lower than the industry average of 5%. Controlling supply is indeed helpful for long-term price trends.

In terms of use cases, they are also well-designed. Transaction fees are paid with it, nodes rely on staking it, and community decisions are made through voting with it. These three layers of utility form a relatively complete value capture system, unlike some tokens that are purely speculative.

Interestingly, institutional investors are also increasing their holdings through OTC channels. Institutions like JPMorgan and Goldman Sachs wouldn't buy blindly; their actions to some extent reflect their long-term judgment of the privacy track.