tl;dr
Midnight Network, a privacy-focused blockchain connected to Cardano, will launch its NIGHT tokens via a multi-phase airdrop called the Glacier Drop. Users holding over $100 in native tokens of Cardano, Bitcoin, Ethereum, Solana, and other major blockchains as of June 11 can claim NIGHT tokens. Of th...
Midnight Network, a privacy-oriented blockchain linked to Cardano, is set to distribute its NIGHT tokens through a multi-phase event called the Glacier Drop. This airdrop targets holders of major cryptocurrencies including Cardano, Bitcoin, Ethereum, Solana, and others, with eligibility based on holdings exceeding $100 as of a June 11 snapshot. The total supply of 24 billion NIGHT tokens is divided with 50% allocated to Cardano holders, 20% to Bitcoin holders, and the remaining 30% split among other supported blockchains.
Claimed NIGHT tokens will vest gradually over a period of 360 days, unlocking in 25% increments every 90 days. Initially, tokens will be locked in a redemption smart contract on the Cardano network, preventing immediate transfer. Although technically all tokens could be claimed during the initial phase, it is expected that some portion will remain unclaimed. Those tokens will enter the Scavenger Mine phase where users can earn NIGHT by contributing computational power to the network.
Following the Scavenger Mine, a Lost-and-Found phase allows missed claims to be recovered by eligible users. Any NIGHT tokens unclaimed after four years will be absorbed into the protocol’s treasury. Midnight Network enhances privacy through zero-knowledge proofs, securing selective data disclosure and protecting wallets and transaction information. The network is currently on testnet with the mainnet launch planned approximately 90 days post Glacier Drop.
Midnight employs a dual-token structure featuring both NIGHT and DUST tokens, with the latter designated for transaction execution within the ecosystem. This initiative emphasizes broad community participation and addresses concerns found in traditional tokenomics models, such as initial token concentration among insiders and economic uncertainty caused by price volatility. By allocating up to 100% of NIGHT tokens to the Glacier Drop and enforcing gradual vesting, Midnight aims to foster a secure, equitable, and privacy-focused blockchain environment.