Most people see 24B total supply and think they’ve already understood $NIGHT.
I don’t think that tells you enough.
The part I’d watch first is the thawing schedule.
Midnight’s redemption guide says claimed allocations don’t unlock all at once. They unlock in 4 equal chunks of 25%, with the first unlock date randomized between Dec 10, 2025 and early March 2026, then the next three every 90 days. The guide also says thawing ends on Dec 4, 2026, followed by a 90-day grace period.
That’s why I don’t really read this like a normal vesting chart.
Two holders can own the same token and still be on different release clocks.
So for me, the useful question is not “what’s the max supply?”
It’s this:
How much of the market is actually at the same point in the thawing calendar right now?
That’s a better question than most $NIGHT posts are asking.