Every night ends
This one ends on time
A memecoin with a maturity date. At nightfall it liquidates itself into blue-chip equities and pays every holder out, whether it won or lost.
01The simulator
[ simulation ]Set a raise, a term and a price path, and watch the night play out to its fall. It opens on the bad path because that is the one worth understanding.
The ordinary ending. Interest fades, the price grinds down, nobody writes a post.
This is a simulation and nothing here is deployed. Price paths are generated, not observed. Trade fees, holders leaving early, and slippage on the settlement buys are not modelled — the morning shown is the pool’s USDG at nightfall, split 70 / 30 at a stated reference price. A real morning would differ.
02The ending nobody writes down
Every memecoin has the same ending and nobody writes it down. The token bleeds toward zero over weeks while the creator collects fees, liquidity thins, and the last holders are left with a chart and nothing else. The ending is the most predictable part of the asset class and it is the only part nobody has ever designed.
Nitefall schedules the ending at launch, publishes it on the token page from minute one, and hands the execution to a contract nobody can stop or postpone. There is no rug at the end because there is nothing left to rug.
03The fall, in four steps
nothing deployedAt nightfall, in order. Every step after the first is permissionless and pays a bounty out of the morning fund, so nobody has to be trusted to be awake.
On a live token page each step carries a tick, a timestamp and a transaction hash as it lands, and every settlement fill is published as it fills. None of that exists yet, so nothing here is ticked.
04There is no extend function
Not permissioned. Not timelocked. Not behind a multisig. Not written.
extend · postpone · cancel · migrate · pause · setNightfall · sweep · rescue · upgradeTo
A launcher who could move the date could farm the anticipation forever, which is the exact pathology this product exists to end. A protocol that could move it is worse. The settlement contract has no owner variable and no proxy admin.
05Leaving early, and what it costs
A holder can burn their tokens at any time before nightfall for a strictly pro-rata share of the pool's USDG, at a fee that starts at half and decays to zero. Taking exactly your share and surrendering exactly your claim cannot dilute anyone who stays — the morning value per token is unchanged by it, and the fee makes it slightly better.
This is the answer to the last-hour dump. Selling into the pool near nightfall takes USDG out of the vault faster than it gives up claims on it, which is a transfer from the people who stay to the people who leave. As the guaranteed exit rises to meet the price, that sale becomes the worse of two options, and the harmful exit stops being the rational one.
It has a cost and here it is: a night’s liquidity can thin as holders leave early, and a thin night settles into a small morning.
06Waking up
Burn the token, receive the equities. Not their cash value — the Stock Tokens themselves, pro rata, in kind.
Redemption never closes. No deadline, no forfeiture, no sweep of unclaimed funds into a treasury. A wallet that wakes up three years late gets exactly the same share as one that woke on the first block. Every division rounds in the vault’s favour, so the last person to redeem is never short.
07The ugly part
A night that trades badly settles into a small morning. Nitefall does not protect you from a bad token — it only guarantees the token ends somewhere real, on a date you knew before you bought.
No claim is made about how large a morning will be. Not a floor, not protection, not a return. Only that it arrives, on a known date, in a known form.
08$NITE has a night of its own
$NITE is burned to schedule a night, so supply falls permanently with every launch. It also settles: 1,825 days, into the same basket, on the same rules, with no extend function.
1,825 days is not on the fixed term menu of 30, 90, 180 and 365. $NITE is the one night not scheduled through the factory — it is deployed once, with the same settlement contract and the same absent functions, on a term the menu does not offer. Saying otherwise would be a small lie, and small lies are the whole problem with this category.
No revenue share. No governance. No staking. No yield.
09What is not built
Named, so nobody has to guess which parts of this page describe something that exists.
10Waitlist
One email when there is something to look at. Not a newsletter.