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The Dark Horse of 2026: The Strongest Skeleton Wearing Shitcoin's Outer Layer
The crypto market in 2026
Is undergoing a true stratification
Rules are being rewritten
Taxation is penetrating
The era of anonymity is shrinking
The CLARITY Act and the 1099-DA form form a clamp structure
Left hand defines assets
Right hand tracks funds
This is not a short-term market trend
This is a systemic overhaul
In this environment
Most altcoins will disappear
Only those that can truly survive
Must meet three criteria
Genuine technology
Secure and inheritable
Regulatory dialogue possible
Midnight (NIGHT) is repeatedly discussed
Precisely because it stands at this intersection
1. On the surface, it’s a shitcoin, but its structure is unlike one
First, look at the ledger
Total supply: 24 billion
Circulating supply: about 17 billion
This large volume
Naturally gives a “shitcoin” feel visually
But the key lies in the structure
70% already in circulation
Not a typical 5% circulating “cut and run” model
Remaining 30% unlocks periodically
Basically fully released by the end of 2026
This means
Token structure is transparent
Release path is clear
Most genuine air projects
Would not choose this high circulation ratio
2. Where does its skeleton come from?
Midnight is not assembled by a wild team
The only core developer: IOG
The original team of Cardano
Cryptography PhDs
Peer-reviewed papers
Formal verification tradition
It’s not traffic-driven
But research-driven
More importantly
It’s not an independent solo project
Midnight, as a Partner Chain
Shares Cardano’s security model
This means
Copying code is easy
Copying the security consensus is extremely difficult
A copycat project
Can copy ZK
But cannot inherit nodes defending hundreds of billions in market cap
Security cost
Is the first moat
3. The window for compliance and privacy
The regulatory direction in 2026 is very clear
Fully anonymous assets
Will be excluded
Fully transparent assets
Will be penetrated
The ones that can truly survive
Are auditable privacy
The clause about “audit keys” in the draft
Is the watershed for future privacy protocols
Red zone assets
Cannot provide compliant interfaces
Green zone assets
Reserve regulatory channels
Midnight’s architecture
Naturally belongs to the latter
It’s a countermeasure against regulation
But also a way to survive within regulatory boundaries
This is a strategy
4. The market cap prelude logic
Current price is about 0.058
Market cap is less than 1 billion
In the short term, aligned with privacy tracks
There is room for valuation recovery
In the medium term, if it becomes a multi-chain privacy layer
Valuation ceiling depends on actual applications
Long-term logic is not about unit price
But whether it carries real assets
If future enterprises settle on-chain
And need to protect the ledger
Then privacy protocols are infrastructure
Infrastructure
Has never been an emotional asset
5. Why it doesn’t look like an ordinary shitcoin
True shitcoins
Low circulation
High lock-up
Marketing first
Code later
NIGHT
High circulation
Research-driven
Secure inheritance
Ecosystem binding
This is not proof of “guaranteed success”
But at least it shows
It has a skeleton
6. Cognitive judgment
No crypto asset
Will receive official endorsement from the US government
If there is
It becomes a CBDC
The real path
Is not endorsement
But the inability to be easily shut down
Compliance interfaces
Shared security
Ecosystem support
This is a rare structure that currently exists
In an era of rule reorganization
Price fluctuations are noise
Structure
Is destiny
$NIGHT
The crypto market in 2026
Is undergoing a true stratification
Rules are being rewritten
Taxation is penetrating
The era of anonymity is shrinking
The CLARITY Act and the 1099-DA form form a clamp structure
Left hand defines assets
Right hand tracks funds
This is not a short-term market trend
This is a systemic overhaul
In this environment
Most altcoins will disappear
Only those that can truly survive
Must meet three criteria
Genuine technology
Secure and inheritable
Regulatory dialogue possible
Midnight (NIGHT) is repeatedly discussed
Precisely because it stands at this intersection
1. On the surface, it’s a shitcoin, but its structure is unlike one
First, look at the ledger
Total supply: 24 billion
Circulating supply: about 17 billion
This large volume
Naturally gives a “shitcoin” feel visually
But the key lies in the structure
70% already in circulation
Not a typical 5% circulating “cut and run” model
Remaining 30% unlocks periodically
Basically fully released by the end of 2026
This means
Token structure is transparent
Release path is clear
Most genuine air projects
Would not choose this high circulation ratio
2. Where does its skeleton come from?
Midnight is not assembled by a wild team
The only core developer: IOG
The original team of Cardano
Cryptography PhDs
Peer-reviewed papers
Formal verification tradition
It’s not traffic-driven
But research-driven
More importantly
It’s not an independent solo project
Midnight, as a Partner Chain
Shares Cardano’s security model
This means
Copying code is easy
Copying the security consensus is extremely difficult
A copycat project
Can copy ZK
But cannot inherit nodes defending hundreds of billions in market cap
Security cost
Is the first moat
3. The window for compliance and privacy
The regulatory direction in 2026 is very clear
Fully anonymous assets
Will be excluded
Fully transparent assets
Will be penetrated
The ones that can truly survive
Are auditable privacy
The clause about “audit keys” in the draft
Is the watershed for future privacy protocols
Red zone assets
Cannot provide compliant interfaces
Green zone assets
Reserve regulatory channels
Midnight’s architecture
Naturally belongs to the latter
It’s a countermeasure against regulation
But also a way to survive within regulatory boundaries
This is a strategy
4. The market cap prelude logic
Current price is about 0.058
Market cap is less than 1 billion
In the short term, aligned with privacy tracks
There is room for valuation recovery
In the medium term, if it becomes a multi-chain privacy layer
Valuation ceiling depends on actual applications
Long-term logic is not about unit price
But whether it carries real assets
If future enterprises settle on-chain
And need to protect the ledger
Then privacy protocols are infrastructure
Infrastructure
Has never been an emotional asset
5. Why it doesn’t look like an ordinary shitcoin
True shitcoins
Low circulation
High lock-up
Marketing first
Code later
NIGHT
High circulation
Research-driven
Secure inheritance
Ecosystem binding
This is not proof of “guaranteed success”
But at least it shows
It has a skeleton
6. Cognitive judgment
No crypto asset
Will receive official endorsement from the US government
If there is
It becomes a CBDC
The real path
Is not endorsement
But the inability to be easily shut down
Compliance interfaces
Shared security
Ecosystem support
This is a rare structure that currently exists
In an era of rule reorganization
Price fluctuations are noise
Structure
Is destiny
$NIGHT
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