NIGHT · fully minted, nothing new hitting the market.
NIGHT is the utility token of Midnight, a privacy partner-chain to Cardano — 24B hard cap, ~16.6B circulating (~69%), all of it minted up front with no mint function.
Sell pressure. No protocol mint and no team vesting. The only supply not yet circulating is a ~7.4B reserve, treasury and unclaimed pool that stays locked for now.
Buy pressure. No buyback and no burn — NIGHT is never destroyed; holding it only generates DUST, a separate resource.
Net. Roughly flat — circulating supply is steady while claimed coins thaw within the float that is already counted.
All 24B NIGHT were minted at once, and the protocol has no mint function — no new NIGHT is ever created. Block rewards are paid from a fixed reserve on a declining curve, but that reserve stays dormant while the network runs in its early federated phase, so no fresh supply reaches the market yet — monitored.
The token was given away 100% to the community, with no team, seed or investor allocation, so there is no vesting cliff. Claimed coins do thaw in four equal quarterly steps through Dec 4 2026, but they are already counted in circulating supply, so each thaw frees already-circulating coins rather than adding new ones — monitored.
About 7.4B NIGHT sit outside circulation as a loom: a 6B block-reward reserve (dormant until public block production begins), a 1.14B on-chain treasury, and a ~252M unclaimed recovery pool. None has a dated release in the window — monitored.
No bankruptcy estate or court distribution applies to NIGHT. The long-term locked reserve and treasury are enumerated in row 3 above.
There is no buyback programme — the project does not buy NIGHT back off the market — monitored.
NIGHT is never burned. Holding NIGHT generates DUST, a separate resource that powers transactions and decays over time, but the NIGHT supply itself has no burn.
No discretionary open-market buying of NIGHT by the project or its foundation — monitored.
No new multi-year lock or escrow of circulating NIGHT has been announced in the window — monitored.
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