Hey frens 
I’ve been following Dusk for a while and lately I’ve been trying to wrap my head around how everything fits together — 21X, Quantoz, EURQ, asset managers, T+0 settlement, on-chain MMFs… you get the idea 
So I made a flowchart (attached below) to help visualize how the different actors interact and what value they get from using Dusk’s infrastructure. Think of it as a rough sketch (some fictitious and inaccurate information by ChatGPT…) of the “Dusk economy” in motion.
But… I know I’m probably missing stuff. Like, I’m 99% sure Chainlink is important here too but I’ll be honest — I didn’t really know where to put it 
So I left it out before I accidentally made it worse.
That’s where you come in.
What I’m hoping for: Let’s crowdsource a better, clearer visual overview of the Dusk ecosystem. Something that:
- Makes sense to newcomers
- Inspires creators to tell better stories
- Helps everyone (me included) understand how Dusk fits into the broader RWA + compliant DeFi landscape
Questions I’d love your help with:
- Who else should be in this diagram? (Chainlink? Auditors? Regulators? Dusk token holders?)
- What relationships or flows did I oversimplify or totally miss?
- Any suggestions on how to make this more intuitive or even fun to look at?
If this topic sparks something for you — feel free to develop your own version, remix the concept, or expand on a specific piece. Hopefully we can all learn from each other’s interpretations and level up our collective understanding of the ecosystem 
Thanks for reading — and I’m super curious to see what you all come up with!
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Really good idea, maybe we can find some website where we can edit it together? Otherwise we always have to start from scratch. But this would help a lot to just understand the basics and where everything fits in. I love it
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Really appreciate your support and kind words 
Yeah, totally agree — starting from scratch every time can be a real pain, especially when we just want to build on top of each other’s work.
I’ve also been looking for a fully free and collaborative diagramming tool, but most either require sign-ups, have limits, or aren’t ideal for community use 
Maybe we can actually start simple — not from visuals, but from text.
We could begin by mapping out the foundation of the ecosystem: DUSK itself, since it’s the core infrastructure everything else builds on.
Other actors (like issuers, exchanges, and asset managers) and their incentives can follow later as we refine things together.
Here’s a quick list of DUSK’s core features that came to mind —
feel free to improve the wording or add anything I missed to make it more complete and beginner-friendly:
DUSK – Compliant Blockchain Infrastructure
- Open, permissionless Layer 1 with built-in ZKPs
- MiCA / MiFID II / GDPR compliant
- Enables native issuance, trading, and settlement of RWAs directly on-chain
- Eliminates the need for traditional CSDs
- Features atomic settlement + privacy-preserving KYC protocol (Citadel)
- Supports a Layer-2 EVM chain for bridging from Ethereum ecosystem
Once we flesh out and align on the textual foundations,
our talented community members who love creating visuals can jump in and start turning the structure into powerful infographics.
This way, we avoid duplication and let everyone focus on what they do best 
Interacting Parties
Main Partner – NPEX
The First MiCA-Compliant Centralized Exchange (CEX) Built on Dusk
- NPEX is Dusk’s most strategic partner exchange, with Dusk holding equity in the company and serving as its technical backbone.
- It’s on track to become the first MiCA-compliant CEX in Europe, focusing on regulated trading of tokenized assets.
- Critically, NPEX is obtaining the MTF (Multilateral Trading Facility) license, one of the hardest and most impactful regulatory approvals in the EU financial system — enabling it to legally operate a regulated secondary market for digital securities.
- This positions NPEX as a core distribution and liquidity hub for tokenized assets issued on Dusk.
- The exchange will support B2B trading from day one, with plans to expand into an RWA-focused DEX later.
- NPEX is also leading sales and partnership development for Dusk, bringing in major asset pipelines and real institutional adoption.
- A hybrid model will be used at launch to meet the needs of large asset managers, with eventual full compliance and decentralization paths.
- International rebranding and SME spinout plans are underway, signaling NPEX’s ambition to move far beyond its Dutch roots.
Other Partnetships
1. Quantoz (EURQ Stablecoin Issuer)
- Issues EURQ, a fully backed 1:1 digital euro stablecoin
- Uses DuskVault as reserve infrastructure for managing on-chain reserves
- Benefits from Dusk’s compliant setup to scale issuance securely within EU frameworks
2. 21X (Licensed DLT-TSS Exchange)
- Licensed under the EU’s DLT Pilot Regime to operate regulated trading and settlement venues
- Uses Dusk for secondary trading infrastructure and potential integration with Dusk-EVM
- Enables T+0 trading of tokenized MMFs (money market funds) — a significant efficiency improvement over traditional T+2 settlement
3. Cordial System (Zero-Trust Self-Custody)
- Provides self-custody infrastructure for institutional participants
- Enables secure, compliant control of digital assets without counterparty risk
- Integrates with Dusk for institutions to manage on-chain asset ownership directly
4. Chainlink
- Though integration is still early-stage, Chainlink oracles can enhance Dusk’s infrastructure with external data feeds
- Could help price RWAs, validate reserves (e.g., for EURQ), and power DeFi integrations down the line
Challenges Asset Managers Face When Entering the Tokenization Market
- Regulatory complexity: Lack of clear frameworks or platforms that offer compliant infrastructure (solved by Dusk’s MiCA/MiFID-native setup)
- Custody risks: Reluctance to hand over asset control to centralized platforms (solved by self-custody infra like Cordial System)
- Liquidity fragmentation: Assets spread across incompatible or illiquid venues (addressed through Dusk’s unified, compliant secondary market)
- Onboarding friction: Each issuance requiring separate KYC or compliance setups (solved with shared allowlist mechanisms on Dusk)
- Interoperability issues: Difficulty bridging assets from Ethereum-based RWAs to compliant platforms (enabled via Dusk-EVM)
An example, but packed with text…
