Midnight 

NIGHT Price

What is Midnight (NIGHT) crypto?

Midnight is a data-protection-focused blockchain that operates as a partner chain of Cardano. Input Output Global (IOG) — the company co-founded by Charles Hoskinson — developed the network, and the Midnight Foundation operates it. Developers choose which data stays confidential using zero-knowledge cryptography and selective disclosure, and ZK-backed identity proofs target regulated DeFi use. The mainnet launched on December 8, 2025, with NIGHT as the native token.

How does the NIGHT and DUST dual-token model work?

Midnight runs a two-token design. NIGHT is the tradeable, unshielded asset, while DUST is a shielded, non-transferable fee resource that decays over time and regenerates from NIGHT holdings — the mechanism works like prepaid minutes. Users pay transaction fees and execute smart contracts with DUST. Consumed DUST regenerates, so network participation does not permanently deplete a holder's NIGHT.

What is the NIGHT token used for?

NIGHT serves as Midnight's unshielded native and governance token. Holding NIGHT generates DUST, the resource that pays transaction fees and runs smart contracts on the network. Because fees are paid in DUST rather than NIGHT, using the network does not erode a holder's governance rights. NIGHT exists as a Cardano native asset, with a bridged version on BNB Chain.

How large is Midnight's total NIGHT supply?

NIGHT has a fixed supply of 24,000,000,000 tokens, fully minted at launch and permanently capped. Per DropsTab data, maximum and total supply both equal 24 billion NIGHT. Reported allocation splits roughly into 50% community distribution across eight networks, 25% Guardian/ecosystem fund, 15% Cardano stake-pool miners, 8% early contributors and 2% fast-claim instruments. Official materials list phase volumes without percentages, so this split is directional.

What does Midnight's 450-day thawing schedule mean for investors?

Distributed NIGHT unlocks through a 450-day thawing mechanism in equal quarterly installments. Early-contributor tokens reportedly carry a 12-month lockup followed by 24-month linear vesting. The 8% early-contributor tranche represents insider supply on a permanently capped asset. Quarterly tranches from the large airdrop base create recurring unlock-driven sell pressure — coverage attributed December 2025's post-launch price decline to recipients selling unlocked tranches.

Who was eligible for the Glacier Drop airdrop?

Glacier Drop was open to self-custodying holders of eight assets: ADA, BTC, ETH, SOL, XRP, BNB, AVAX and BAT. The claim window ran from August 5 to October 20, 2025, following a June 11, 2025 snapshot. Kraken, OKX, Bitpanda and NBX distributed claims to their users. Glacier Drop released more than 3.5 billion NIGHT to over 170,000 addresses.

Can NIGHT still be claimed from Midnight's distribution?

One claim channel remains open. The Lost-and-Found pool holds approximately 252 million NIGHT for eligible holders who missed earlier windows, claimable for four years from the genesis block. The two earlier phases closed: Scavenger Mine distributed 1 billion NIGHT to more than 8 million addresses between October 30 and November 19, 2025. Midnight held no public sale — the token launched entirely through distribution.

Where can you buy Midnight (NIGHT) crypto?

Per DropsTab data, NIGHT trades on 20+ spot venues, led by tier-1 centralized exchanges: Binance, OKX, Bybit, Kraken, KuCoin, Gate, HTX and MEXC. DropsTab tracks no DEX markets for NIGHT. Fiat order books exist only on Kraken (USD/EUR), OKX (USD) and CEX.IO; remaining venues quote against USDT and stablecoins. Derivatives coverage spans 5+ venues, including Binance, OKX, Bybit, Kraken Futures and a Deribit USDC perpetual.

Did Midnight raise funding or hold a public token sale?

No. Midnight held no ICO, IDO or public token sale, and no separate fundraising rounds were disclosed. Input Output Global funded development, and the Midnight Foundation operates the network. The only identified insider bucket is the early-contributors allocation — reported at 8% of the 24 billion NIGHT supply, with a 12-month lockup and 24-month vesting. Fundraising details beyond this lineage were not announced.