{
  "release": "coin-fundamentals-source-review-20260927-3.0",
  "reviewed_at_utc": "2026-09-27T03:59:28.770Z",
  "price_cutoff_utc": "2026-09-26",
  "symbol": "NIGHT",
  "project": "Midnight Network",
  "documented_mechanism": "NIGHT generates DUST, a shielded and non-transferable transaction resource; NIGHT is a governance/native token.",
  "holder_rights_boundary": "NIGHT is not an equity claim or a direct distribution of network revenue. DUST is operational capacity, not a second liquid cash dividend.",
  "official_distribution": "24 billion total NIGHT; the official page describes a 450-day staged thaw for distribution allocations. Thaw eligibility is not proof that units were sold.",
  "operating_status": "no_independently_frozen_multiweek_transaction_or_dust_use_series",
  "operating_observation": null,
  "token_capture_observation": null,
  "missing_series": [
    "Weekly unique fee-paying applications and DUST consumed",
    "NIGHT held/delegated for independently verified production use",
    "Net NIGHT inflow/outflow and thaw-to-sale conversion"
  ],
  "supply_estimate": {
    "provider": "CoinGecko",
    "provider_updated_at_utc": "2026-09-27T03:57:30.000Z",
    "circulating": 16607399400.634954,
    "total": 24000000000,
    "max": 24000000000,
    "market_cap_usd": 426588287,
    "fdv_usd": 616479355
  },
  "sources": [
    {
      "name": "Midnight NIGHT and distribution",
      "url": "https://midnight.network/night"
    },
    {
      "name": "Midnight tokenomics whitepaper",
      "url": "https://midnight.network/whitepaper"
    }
  ],
  "interpretation": "Documented token mechanism, circulating supply estimate, project operating activity, and passive holder economic capture are distinct. Null means not verified, never zero."
}