Most people buy tokens but do not realize that they are actually buying "voting rights"
In the crypto market, there is a type of holder who does only one thing after buying: wait for the price to rise.
They treat tokens as a "pure stock price game", completely ignoring the matter of on-chain governance. And this may be the most underrated holding right in the Web3 era.
NIGHT is not just a tool for generating DUST; it is also the governance credential of the Midnight network.
@MidnightNetwork has designed a set of on-chain treasury mechanism: a portion of $NIGHT tokens belongs to the protocol, locked on-chain, specifically used for funding ecological construction projects. This funding is not unilaterally controlled by any centralized team, but is collectively decided by $NIGHT holders through an on-chain decentralized governance mechanism.
In other words, whoever holds NIGHT holds a part of the decision-making power of this network's "financial budget".
This is not a conceptual game. The source of funding for the on-chain treasury is real—part of the block rewards will continuously flow into the treasury, and as the capacity market matures, cross-chain transaction fees of non-NIGHT tokens will also enter the treasury. This means that the treasury is not a one-time startup fund, but a diversified asset pool that will continue to grow with the network.
The scope of governance is also not small. From protocol parameter adjustments, block size settings, to ecological project funding, and network upgrade plans—these decisions will ultimately be made by NIGHT holders through on-chain voting.
Of course, the white paper honestly states this: a complete decentralized governance mechanism is still under development, and the mainnet will initially be managed by a federal committee in a transitional manner. But the roadmap is clear, the code will be open-sourced, and each step of the transition will have a verifiable on-chain mechanism as a guarantee.
Most people buy tokens and then anxiously wait in front of the K-line.
While a few understand: holding $NIGHT is like obtaining a long-term shareholder certificate for a privacy infrastructure network that is under construction—not only sharing prices but also sharing the decision-making power of where this network will go in the future.
These two holding methods may yield completely different long-term returns.