Recently, I have seen many people blindly short NIGHT, to be honest, they have not figured out the chip structure of this project at all, and they are all biased by the inflated circulating market value displayed on the front end.

Let's talk about the background first: This is an official ADA incubated project, and there is no VC financing at all. Projects that are not short of money naturally play differently.

Let's look at the data. The initial circulation of CMC is 16.6 billion, accounting for 69.19% of the total - all major exchanges also follow this standard. But what's the problem? It uses a release mechanism of "locking the total circulation first, then unlocking it in stages". This led to the circulating market value calculated by the front-end directly soaring to more than 600 million, which looks scary and is actually a matter of statistical caliber.

Therefore, before shorting, you must at least study the token economic model thoroughly, and don't just stare at the surface numbers and rush to bet.