Looking at NIGHT and DUST
One manages "equity", the other manages "gas fees"
Midnight has two tokens, and many people find it confusing at first glance, let me explain in simple terms. $NIGHT
NIGHT is the governance token, with a total supply of 24 billion, currently around 1.66 billion are in circulation. If you hold it, you can participate in network governance and vote to determine the direction. But the key isn't this—the key is that if you hold NIGHT, it will continuously generate DUST for you.
DUST is the real "fuel" used to pay transaction fees. It cannot be transferred, cannot be bought or sold, and will decay if not used for 7 days. What does that mean? You can't use it for speculation; it is purely "gas fees". It produces precisely what you use; once produced, it must be used, and once used, it is gone.
This design separates "holding value" from "usage cost". You don't have to worry about the price of NIGHT rising, causing transaction fees to follow; you also don't have to worry about gas fees skyrocketing during network congestion.
What’s even better is that you can authorize others to use DUST. For example, a charity organization needs DUST to run applications; you don’t have to give them NIGHT, just need to assign the "usage rights" of DUST to them. They can use it, but cannot take it away, sell it, or turn it into cash. This is very friendly for enterprise-level applications—they don’t need to hold NIGHT to enjoy network services.