$NIGHT is currently minted on Cardano and DUST generation starts at launch. The decay rate calibration is an open question too aggressive and casual users get penalized, too lenient and the anti-hoarding mechanism loses teeth. Onboarding is also more complex than just buying ETH and transacting. Developers and users both need NIGHT before DUST can flow. These aren't dealbreakers but they're real friction points that haven't been tested under production load.
NIGHT and DUST aren't two tokens because someone wanted two launches. They exist because ownership and usage are genuinely different things and pretending otherwise has been causing problems on every major chain for years. The design is smart. Whether execution matches design is the only question that matters now.