Dusk I’m looking at the flow rather than the branding. Transactions first land on the settlement layer, where consensus finalizes blocks quickly instead of leaving outcomes probabilistic. That matters when “finality” is not optional. From there, execution happens through different environments depending on the use case. Some activity runs in an Ethereum compatible layer, while other logic uses Dusk’s native virtual machine. What ties it together is the transaction model. Phoenix enables confidential transfers by default, while Moonlight allows transparent account based interactions when privacy isn’t required. For security tokens, Zedger sits in between — a hybrid model designed to preserve privacy while keeping compliance intact. I’m checking this system as it runs now, not as a promise. Everything feels intentional: separation of settlement and execution, selective privacy, and a flow that mirrors how regulated markets actually operate today.