During this period, I focused on the liquidity depth and market order quality of @MidnightNetwork , which is the key foundation for whether the token can achieve stable market conditions. The project team mentioned in community communications that they would gradually optimize the liquidity structure, and the white paper also planned ecological funds for liquidity support. However, through nearly 20 days of market order monitoring, transaction volume breakdown, and slippage testing, I found that its liquidity is extremely thin, and the real market is very fragile. Any slight movement of funds can trigger violent fluctuations.
The data I collected is very intuitive: at the highest depth of mainstream trading, $NIGHT has a cumulative order volume of only $23,000 from buy one to buy five, and a total of $19,000 from sell one to sell five; a single purchase of $10,000 will cause a slippage of 4.2%, and purchases over $50,000 will directly exceed 12% in slippage; the average daily real transaction volume in the last 30 days is only $87,000, and effective liquidity is less than $50,000 after excluding the robot wash; compared to projects in the same market cap track, the general market depth is more than 8-10 times its depth.
In my opinion, #night has not established an effective liquidity support system at all, lacking stable market makers and ecological funds to back it up. The thin liquidity makes the price very easy to manipulate, and large funds are simply afraid to enter the market. This 'shallow market' state not only amplifies volatility risks but also keeps retail investors' transaction costs high. In the long run, it will only cause funds to continue to drift away, falling into a dead cycle of liquidity exhaustion. #BTC $BTC
