Midnight Network to Launch NIGHT Token Airdrop for Bitcoin, Ethereum Users

Midnight Network is launching its NIGHT token through an airdrop for users of Bitcoin, Ethereum, and Cardano. With a total of 24 billion tokens, users holding at least $100 in supported assets as of June 11 can claim. Tokens will be locked initially, with gradual release. Any unclaimed tokens will enter a later “Scavenger Mine” phase, offering additional opportunities for earning NIGHT.

Midnight Network, known for its privacy and data protection focus, is gearing up for a significant launch. They’re planning to distribute NIGHT tokens to users holding Bitcoin, Ethereum, Cardano, and a few others through a special airdrop event. The blockchain is aiming to make all 24 billion of its tokens accessible. This initiative opens doors for users with at least $100 worth of supported assets, as documented in a snapshot taken back on June 11.

According to a 45-page tokenomics white paper they released recently, they’re introducing a two-token system along with a unique distribution method dubbed the “Glacier Drop.” This aims to address issues present in traditional token models that often focus on a single token, leading to price volatility and favouring early insiders. Midnight Network wants to overturn this trend by potentially offering a complete token supply to the community through their launch phase.

During the initial phase, they mention that holders of accepted cryptocurrencies such as Cardano (ADA), Bitcoin (BTC), and Ethereum (ETH) can claim NIGHT tokens. Interestingly, 50% of the tokens will go to ADA holders, while Bitcoin gets a 20% share, with the rest shared among other eligible blockchains. That’s quite a hefty distribution, but there’s a catch—while users can claim their tokens, they won’t be tradable straight away. Instead, they’ll “thaw” in increments each quarter over a year.

The mechanism is structured so that claimed tokens get allocated to eligible users, but then they’re locked in a redemption smart contract on the Cardano network. They can’t be transferred initially, meaning patience will be key for those wanting to trade or sell. Although 100% of the supply is theoretically claimable in this token distribution phase, history suggests it’s unlikely all eligible holders will take part.

Cardano’s Charles Hoskinson estimated during the Consensus 2025 event that up to 37 million users could be eligible. Although that’s considerable, the official docs from Midnight don’t confirm those numbers directly. If some tokens remain unclaimed, a follow-up phase called the Scavenger Mine will kick in. This offers an opportunity for anyone interested in contributing computational power to the network to earn their share of NIGHT tokens.

Furthermore, a Lost-and-Found phase is planned for those who miss the Glacier Drop window, allowing them to retrieve a portion of missed tokens. Any remaining tokens after four years will contribute to the network’s treasury.

A crucial aspect of Midnight Network is its use of zero-knowledge proofs, enabling selective data disclosure, which shields transaction details yet ensures secure access where needed. Currently, they’re on the testnet stage, with hopes for mainnet launch hitting roughly 90 days post-Glacier Drop. In addition to NIGHT, there will also be a DUST token used for transaction fees.

As of now, Midnight Foundation representatives have not responded yet to inquiries about how the Glacier Drop will roll out, but the community is certainly buzzing with anticipation.