#发帖赢代币NIGHT

I've been studying and watching about Midnight for several days... I want to "clarify everything before writing." Recently, everyone has been talking about Midnight. I also just "okay, let's see what this actually is" and gathered quite a bit of information. Now I’m just writing it down as I understand, sipping tea and telling a story.
First, let me clarify: At first glance, Midnight looks like a traditional privacy coin, but it actually isn't. It took some time to understand because they say it's private, yet also transparent... "How is that possible?" That's what I thought. It turns out this project has a dual-token structure. What is hidden isn’t funds, but transaction details. Solved with ZK technology.
🔹 On the tokens: NIGHT and DUST
Midnight is a two-part structure: NIGHT and DUST.
NIGHT is the familiar type of token. Transfers are public, can be listed on exchanges, and stored... in other words, fully transparent.
It can be staked, with security here, and governance as well. The "value side" is in NIGHT.
DUST, on the other hand, is completely different. It can't even really be considered a coin.
It cannot be transferred.
It cannot be sent to anyone.
It has no market price.
It is only used to pay transaction fees. Spending reduces it, and after some time, it gradually replenishes. The source of this is NIGHT. If the wallet holds NIGHT, DUST will automatically fill itself. It’s like a battery... during transactions, energy is consumed, but over time it recovers.
This model is built to make costs predictable. Continuous traders can use the network without exhausting NIGHT.
🔹 Privacy—but with a different approach
I think the biggest difference with Midnight is here.
In traditional privacy projects, what’s hidden is usually the flow of funds.
But here, what’s hidden is transaction data.
DUST is private, NIGHT is public.
And DUST has no financial value, so it belongs to a different category.
Therefore, many say "privacy and compliance at the same time." During times of strict regulation in Europe, such a structure is very attractive.
🔹 Developer perspective
This model is particularly appealing to DApp developers.
Usually, transaction fees discourage users... but Midnight does the opposite.
Developers hold NIGHT → DUST automatically fills → DUST used to pay transaction fees within the app → users can experience the app without paying.
This model of guiding new users is very attractive.
🔹 Launch and market impact
After NIGHT was launched, the market reaction was very enthusiastic.
Within 24 hours, it nearly surged 200%, with a market cap reaching $1.2 billion, and a first-day trading volume of $320 million...
The total circulating supply is currently about 16.6 billion.
Privacy-themed projects have gradually become mainstream over the past few months. The ZK craze, concerns about data security, and regulatory environments have all provided fertile ground. The name Charles Hoskinson also drew extra attention.
🔹 Architecture—what’s the difference?
Midnight actually does the following:
Data remains private
Value remains transparent
Implementation details:
DUST privacy → transaction details are protected
NIGHT public → value changes are trackable
ZK → guarantees privacy and verifiability
Dual tokens → separation of fuel and value
Auditability → NIGHTS can be checked when needed
DUST is not a financial asset → risk-free
In summary:
Midnight is not a privacy coin, but a privacy infrastructure.
🔹 Overall Evaluation
Midnight differs from projects that claim to be "completely private." It leans more towards "privacy + compliance." I think that’s exactly why it’s widely discussed. It satisfies privacy needs while maintaining transparency for compliance.
NIGHT = value
DUST = fuel
The two are not confused, and the model runs smoothly.
That’s my notes for now.
They’re a bit scattered, but I did it intentionally to make it look more natural.
If I find other points worth adding, I’ll update accordingly.
Thanks for reading.