Midnight Network, a blockchain focused on privacy and data protection with close ties to Cardano, will conduct an airdrop of NIGHT tokens to millions of users across major networks such as Bitcoin, Ethereum, $XRP , Cardano, Solana, BNB Chain, Avalanche, and Basic Attention Token (BAT).
Multi-phase token distribution strategy: "Glacier Drop"
The protocol has revealed a two-token system and the "Glacier Drop" plan – a multi-phase token distribution event – in a 45-page tokenomics white paper published on Monday. Midnight Network is committed to providing up to 100% of the NIGHT token supply in the initial distribution phase, Glacier Drop, to counter traditional tokenomics models that often favor insiders and early investors.
Accordingly, holders of at least $100 worth of native tokens from supported blockchains (ADA, BTC, ETH, XRP, $SOL , BNB, AVAX, BAT) as of the snapshot date of June 11 will be eligible to receive NIGHT tokens. Of the 24 billion available NIGHT tokens, 50% will be allocated to ADA holders on Cardano, 20% will be allocated to Bitcoin, and the remaining 30% will be distributed among other eligible blockchains.
Although they may be requested for receipt, these tokens will not be tradable immediately. Instead, they will "melt" (vesting) in batches of 25% every 90 days, over a total of 360 days. This is to ensure fair distribution and minimize price volatility as tokens are released to the market. Charles Hoskinson of Cardano once estimated that this airdrop could reach up to 37 million users.
The next distribution phases and privacy focus
Any #NIGHT tokens not claimed in the Glacier Drop will move to a second phase called Scavenger Mine. In this phase, anyone wishing to participate in the network by providing computing power can earn NIGHT tokens corresponding to the amount of energy they provide.
Finally, a Lost-and-Found phase will allow eligible users from the Glacier Drop phase to claim a portion of their tokens if they missed the first distribution phase. Any tokens not claimed after four years will be allocated to the protocol's on-chain treasury.
#MidnightNetwork focuses on privacy by using zero-knowledge proofs to allow for selective and secure data disclosure, protecting wallets and transaction data while still providing secure access for those in need.
The network is currently operational on testnet. According to the roadmap, the Midnight mainnet will launch 90 days after the Glacier Drop begins. In addition to the NIGHT token, Midnight will also use the DUST token for transactions on the network.