Most people see $NIGHT and their first reaction is still "privacy chain new coin".

This is very much like retail investors.

Those who truly understand the mechanism are not focused on the two words "privacy", but rather on who holds the settlement rights and who bears the usage costs.

@MidnightNetwork 's most brutal cut is that it separates the capital layer from the usage layer: NIGHT is a public native governance/utilization token, while DUST, which is actually used to pay for transaction and contract execution resources, is not obtained by selling coins but by holding NIGHT to continuously generate it. The officials have made this logic very clear, essentially directly separating the "coin-holding rights" and "network usage rights" into layers.

What does this mean?

It means that paper hands focus on coin prices while smart money focuses on resource production capacity.

While others are still calculating ups and downs, you are already calculating who can occupy the chain's throughput at a low cost in the long term.

On one side are those who use #night as chips, and on the other side are those who use NIGHT as a "resource machine"; the levels are fundamentally different. DUST also features a continuously replenishing "battery model"; using it will restore it. This design essentially filters out people: short-term speculators are there for the excitement, while those who truly want to develop applications, settle, and engage in long-term games are the ones who can understand the value of this thing.

So my judgment on $NIGHT has always been simple:

It is not just another coin that uses narrative to deceive emotions; it is more like a ledger that has written the cost order into the system in advance.

Those who cannot understand this point will likely only be paying tuition fees to those who understand the mechanism in the future amid high volatility.