Glacier Drop logo

Midnight token distribution

The free, multi-phase distribution of NIGHT tokens is aimed at empowering a broad, diverse community to build the future of the Midnight network.

Multi-phase token distribution

NIGHT token allocations will be granted for free to eligible participants through a multi-phase token distribution: no purchase is involved.

The distribution will consist primarily of three Claim phases and a Redemption period, giving a broad community of users multiple opportunities to participate.

Claims

Glacier Drop claim screen

Participants claim their token allocations by demonstrating they meet the eligibility criteria for each phase.

Redemption

Glacier Drop redeem screen

Claimants then redeem their tokens as they thaw (unlock) during the Redemption period, thus transferring their tokens to their Destination Address.

Token allocations

The allocation of the NIGHT token supply will follow the three claim phases below. Community participation levels during each phase will determine allocations towards core network constituents.

Up to 100% of the total supply claimable by eligible Glacier Drop participants in proportion to tokens held across key networks as per the breakdown below. Unclaimed tokens carry over to the next phase.

  • 50% of the supply allocated to ADA holders
  • 20% of the supply allocated to BTC holders
  • 30% split among holders of ETH, SOL, XRP, BNB, AVAX, and BAT, in proportion to their relative USD value
GD Emblem
Midnight Dust logo

Dual-component tokenomics

Midnight introduces a composite system where NIGHT, the native token, continually generates DUST, the shielded network resource that powers transactions. This segregation enables metadata protection and promotes sustainable operations.

There’s no capital expenditure for executing transactions: NIGHT holders can effectively transact on Midnight for free for as long as they hold enough tokens to generate the minimum required DUST.

NIGHT

NIGHT is the utility token and the main component driving the Midnight economic system.

NIGHT utility

  • Generating DUST resources to power transactions
  • Promoting network security as block production rewards
  • Enabling decentralized on-chain governance (expected)
  • Driving ecosystem growth initiatives (expected)
Midnight logo

What is the NIGHT token?

What is the NIGHT token?
Midnight logo

Token supply

24 billion NIGHT tokens minted on Cardano, which are mirrored on the Midnight network.

Midnight logo

Disinflationary

The expansion of the circulating supply via block rewards slows down over time, until the total supply is circulating and no more inflation occurs.

Midnight logo

Non-expendable

NIGHT is not expendable to execute transactions, nor destroyed/burned during the exercise of its functions.

Midnight logo

Multi-chain

In contrast with wrapped token representations, NIGHT exists natively and maintains the same properties and rights both on Cardano and on Midnight.

DUST

DUST is the shielded and renewable network resource whose single function is to allow users to execute transactions on Midnight.

Dust logo
Dust logo

Shielded

DUST allows for transactions to take place without exposing metadata.

Dust logo

Consumable

DUST is consumed when used – meaning it is destroyed and does not cycle back into circulation.

Dust logo

Renewable

DUST is continually generated by NIGHT balances in perpetuity.

Dust logo

Decaying

A DUST balance decays when disassociated from the NIGHT address that generates it, meaning it cannot act as a store of value.

Dust logo

Non-transferrable

DUST cannot be transferred between addresses – insulating it from volatility and strengthening its sole utility.

Timeline

Scavenger Mine expands eligibility requirements and allows anyone to claim a share of unclaimed tokens from the previous phase by solving computational tasks. Successful claimants will be rewarded with NIGHT tokens in proportion to the computational efforts they put in.

During Scavenger Mine, all tokens that were left unclaimed during Glacier Drop will be processed and apportioned.

  • A share of the tokens will be allocated for claiming by Scavenger Mine participants. This share will be determined based on the result of Glacier Drop.
  • The remaining tokens will be apportioned to the core network constituents – Reserve, Treasury, Midnight Foundation, and Midnight TGE (the token issuer) – and to the third claim phase, as detailed in the whitepaper.

Successful claims are subject to thawing during the Redemption period. More details on eligibility requirements and how to participate will be published at a later date.