Midnight Network looks like a typical “overhyped” crypto project that relies more on marketing than on real usage.

Let's start with the main point — the market has already delivered its verdict. After the launch, $NIGHT experienced a harsh dump: down -60% from ATH and even down -90% from initial values due to airdrop and mass sales

This is not a “correction” — this is a classic scenario: tokens were distributed → everyone dumped → the price fell.

Next — the tokenomics looks problematic:

immediately in circulation a gigantic supply (tens of billions of tokens)

yet billions will be unlocked → constant pressure on the price

This means a simple thing: even if demand increases — sellers will always be stronger.

Now about the product itself:

“privacy + compliance” — sounds nice, but it looks like an attempt to sit on two chairs.

for crypto, this is not private enough

for regulators — still a risk

In summary — no one needs it completely.

Another red flag — lack of proven usage.

Even the analytics clearly state: there are no real cases creating stable demand for the network.

And without this, any “technological breakthrough” = just words.

And separately about the community:

“couldn’t even find any source code… feels REALLY sketchy”

“grossly incompetent or actively deceitful” (about marketing partnerships)

Even Cardano fans have doubts.

Conclusion:

Midnight Network currently looks like a mix of hype, complex tokenomics, and an unproven product.

Without real adoption, this may remain just another project that “promised to change the industry”… but failed.