Fan Fan talks about cryptocurrency: When Binance starts to support, the logic of Midnight's 'privacy oil' can no longer be hidden
Brothers, have you seen the biggest clear benefit in the circle these days? Binance not only launched the spot trading for NIGHT, but also organized a HODLer airdrop that directly distributed 240 million coins. This is not something that can be explained by ordinary 'listing fees'; this is a top-tier exchange supporting this 'privacy master' of the Cardano ecosystem. Many people are still staring at the K-line asking 'Why isn't NIGHT rising?', but Fan Fan thinks that if you don't understand what it's trying to do, you might really be left in regret.
The most exciting operation of the Midnight project is not that it used ZK technology, nor is it that it was personally crafted by Charles Hoskinson as an L1. Instead, it is its dual-token model that completely decouples the two activities of 'speculating on coins' and 'using the chain'.
How to understand this? Look at it this way, all public chains currently have a fatal flaw: when the coin price rises, the gas fees become too expensive to afford, which is like using stocks as phone bills, extremely uncomfortable. Midnight directly came up with a trick to take away the incentive—NIGHT has a fixed total supply of 24 billion coins, which is your 'digital land', used for staking, governance, and generating resources while lying down. What is actually used as gas is called DUST. This thing is non-transferable, can be automatically generated by holding NIGHT, and will decay to zero over time if not used.
What does this mean? It means that the pricing power of transaction fees is not in the hands of miners, nor is it bound by speculative emotions, but has truly returned to 'usage rights'. Holding NIGHT means you own a 'share' of this privacy printing machine, continuously generating 'ink' (DUST) for payments. Midnight's CTO said something particularly insightful: 'We are not building private gold, but private oil.'
Coupled with its main feature of 'rational privacy'—using ZK proofs allows you to selectively disclose data, meeting regulatory compliance while preserving business secrets. I heard that the mainnet is officially launching at the end of this month, with traditional giants like Google Cloud and Vodafone prominently listed among the partners.
Currently, the circulation of NIGHT is about 16.6 billion, accounting for 69.2% of the total supply. In this era where everyone is calling for privacy, but large institutions fear transparency, Midnight's set of 'clear public and private' combination punches indeed feels like a next-generation infrastructure.
