Looking at it from a simpler perspective, this wave can actually be understood as a "preheat + liquidity provision" before the mainnet launch.
Binance has included Midnight Network's NIGHT in Super Earn, essentially allowing more people to participate in advance rather than waiting for the mainnet to come out. The activity can be understood in two parts: one part for those willing to invest their assets, and the other part for those who have previously participated or hold related assets, which means both new and old users are taken care of.
From the rhythm, it’s quite obvious — first spot trading, then a bunch of financial management and lending tools, and now using Super Earn to amplify participation, gradually opening up liquidity. By the end of March when the mainnet phase goes live, there will already be a group of people holding tokens and having usage expectations, so it won’t be a "cold launch".
The project's direction is also quite clear, focusing on privacy, but not completely black box; rather, it’s a model that discloses information only when needed, leaning more towards compliant scenarios such as corporate data, bidding, and on-chain business. Technically, they are moving in this direction, the ecosystem is still in its early stages, but the path is clear.
The token design is also somewhat practical, with NIGHT responsible for governance and staking, while also generating DUST to pay for privacy transaction fees. This design aims to stabilize the cost of use rather than relying entirely on market fluctuations.
The price fluctuations over the past two days have not been significant, more so digesting the liquidity brought by the previous round of distribution and launch. What everyone is currently focused on is quite realistic: first, how much can Super Earn distribute, and second, whether the mainnet can be smoothly implemented later.
Overall, this activity feels more like a preparatory action before the launch rather than a simple short-term stimulus. The key will still be whether the actual usage can keep up after the mainnet comes out.