About Midnight (NIGHT)

So what exactly is Midnight (NIGHT)?

Midnight is a fourth-generation crypto blockchain built around what the team calls rational privacy. In plain terms, it lets applications protect sensitive data while still proving things when regulators or counterparties need assurance. It operates as a partner chain to Cardano and is backed by Input Output Global (IOG). NIGHT is the core token for governance and security, while actual transaction execution runs on a separate resource called DUST.

Why does “rational privacy” matter here?

Midnight isn’t chasing total anonymity. That’s the key difference. It uses zero-knowledge proofs so data stays private by default, but can be selectively disclosed when required. That’s why the project keeps pointing toward finance, healthcare, and identity use cases. You could say it’s privacy designed to survive in regulated environments, not fight them head-on.

How is the NIGHT token supply set up?

NIGHT has a fixed total supply of 24 billion tokens, all minted upfront. There’s no ongoing inflation and no surprise emissions later. Circulation expands gradually through rewards and redemption mechanisms. One subtle but important detail: NIGHT itself isn’t burned for fees, which avoids slow supply leakage over time—a problem many crypto networks quietly struggle with.

What does NIGHT actually do if it isn’t gas?

NIGHT isn’t spent on transactions. Holding it generates DUST, a shielded execution resource used for smart contracts and transfers. That means users don’t watch their NIGHT balance erode just for using the network. For enterprises, this also decouples network usage from volatile usd or usdt-denominated fee swings, which is a practical design choice.

How are NIGHT tokens allocated?

The bulk of supply is aimed at ecosystem growth. Community treasuries—short and long term—account for over 50% combined. Team and advisors hold 21.88%, seed investors 13.02%, and 5% was allocated to exchanges and liquidity. Most of this supply is locked behind multi-year vesting, so it doesn’t all hit the market at once.

What should I know about vesting and unlocks?

Vesting is intentionally slow. Seed investors unlock just 5% at TGE, then face a 6-month cliff and gradual vesting. Team and advisors have a 12-month cliff with 36 months of vesting. Community allocations stretch even longer, up to 72 months in some cases. It’s not exciting, but it’s clearly designed to reduce sudden supply shocks.

What were the Glacier Drop and Scavenger Mine?

Instead of a traditional ICO, Midnight leaned into large-scale community distribution. The Glacier Drop rewarded eligible wallets across eight blockchains, while the Scavenger Mine let anyone earn NIGHT through computational tasks. Together, around 4.5 billion NIGHT—about 19% of total supply—entered a time-locked redemption schedule. That breadth of distribution is hard to ignore.

Who backed Midnight financially?

Midnight raised $7.5 million USD in a seed round in November 2022. Shima Capital led the round, joined by Bixin Ventures, FJ Labs, Woodstock Fund, and gaming-focused investors connected to Illuvium and Overwolf. There was also a small early IEO later on, but overall fundraising stayed relatively modest by crypto standards.

Where is NIGHT traded today?

NIGHT trades primarily on centralized exchanges across both spot and futures markets. Spot liquidity is concentrated on Bybit, OKX, KuCoin, Gate, HTX, MEXC, and Kraken, mostly via NIGHT/USDT, with USD and EUR pairs on Kraken. Futures trading is active on Binance Futures, OKX Futures, Bybit Futures, KuCoin Futures, Gate.io Futures, and MEXC Futures. A small DEX pool exists, but it’s not where real volume sits.

What are the main risks worth flagging?

Regulation is the obvious one—privacy-focused crypto still lives under a microscope. Execution risk is another, since Midnight’s roadmap stretches across multiple years. Competition from other ZK and privacy networks is intense. And while vesting smooths things out, team and early investor allocations remain meaningful over the medium term. None of this is hidden, but it’s worth keeping in view.