What is the NIGHT Token?

NIGHT is the unshielded native and governance token of the Midnight Network.

Midnight uses Zero-Knowledge (ZK) smart contracts to enable programmable privacy. Unlike privacy coins designed solely to hide activity, the NIGHT token is public and transparent (unshielded). Its primary role is to secure the network and generate the DUST resource that powers transactions.

Core Utility: The token-generates-resource model

The Midnight network separates the governance and capital from operational costs using a dual-component model:

NIGHT (The native token): The capital asset. Holding NIGHT tokens automatically generates DUST.
DUST (The Resource): A shielded, non-transferable resource used to pay for transaction fees and execute smart contracts.

Key Benefits

By separating the capital asset (NIGHT) from the operational fuel (DUST), Midnight creates a distinct economic advantage for users and developers.

The Battery Recharge Model

DUST acts as a renewable resource. It functions like a battery: once consumed for a transaction, it regenerates over time based on NIGHT holdings.

Predictable Operational Costs

Because DUST continuously replenishes, enterprises and frequent users gain cost predictability. They transact without depleting their principal NIGHT holdings.

Frictionless Onboarding (Self-Funding DApps)

Developers can hold NIGHT to generate enough DUST to cover transaction fees for their users. This allows applications to be "free" at the point of interaction.

Preserved Governance

Users spend DUST rather than NIGHT. Participating in the network does not diminish governance rights or long-term stake in the ecosystem.

Midnight Tokenomics and Incentives Whitepaper

NIGHT Features & Network Role

The compliance-friendly resource model

Midnight eliminates the regulatory risks often associated with privacy networks because DUST is strictly a consumable resource, not a financial asset.

No Anonymous Value Transfer

DUST is non-transferable and decays if unused. It cannot be sent between wallets to settle debts or purchase goods. This ensures the network provides privacy for data, not a shield for illicit uses.

Delegating, Not Spending

While DUST cannot be transferred, it can be delegated. Developers can delegate DUST to power applications for users without transferring ownership of the underlying asset (NIGHT).

Enabling Auditability

This architecture splits the financial layer from the data layer.

Confidential: Data (ZK proofs) and metadata (shielded transaction data and DUST usage).
Auditable: Settlement and consensus (Public NIGHT Ledger)

Find NIGHT

Search Midnight partners

Balance

Balance connects its clients to top-tier providers such as Attestant, BlockFills, Coinbase, and DARMA through its digital asset rails, enabling them to stake, lend, and liquidate billions of dollars’ worth of assets directly from the comfort of Balance Trust Company, its qualified custodian.

Bitcoin Suisse

Bitcoin Suisse is Switzerland’s leading premium crypto finance service provider. Founded in 2013 by crypto-native experts, it offers a cohesive suite of trading, staking, custody and lending services geared towards private and institutional clients. The company is headquartered in Zug and has built a team of over 200 highly qualified experts in Switzerland, Europe and the Middle East.

Bitgo

BitGo provides the most secure and scalable solutions for the digital asset economy, offering regulated custody, borrowing and lending, and core infrastructure to investors and builders alike. They are the leader in digital asset security, custody, and liquidity, providing the operational backbone for more than 2,000 institutional clients in over 90 countries.

Blockchain.com

Blockchain.com is the world’s most trusted platform for transacting in crypto, offering the most established and widely-used way to invest in cryptocurrency for tens of millions of customers in nearly 200 countries. Blockchain.com Wallet users can now easily check for eligibility and redeem NIGHT tokens directly within their self-custodied wallet.

Copper

Since being founded in 2018, Copper has been building the standard for institutional digital asset infrastructure with a focus on custody and collateral management. Underpinned by multi-award-winning technology, Copper has built a comprehensive and secure suite of products and services required to safely custody and trade digital assets.

Ctrl Wallet

One wallet for all your crypto. Ctrl Wallet is trusted by 600,000+ users to secure assets across 2,500+ blockchains, including Bitcoin, Solana, Ethereum, and Cardano. As we build toward the future of privacy and interoperability, we’re now fully focused on integrating with the Midnight ecosystem — making it effortless for users to move, transact, and build on Midnight.

GeroWallet

A revolutionary Crypto wallet experience unites Web2 and Web3, offering native financial integration, ADA cashback rewards, governance, staking, swapping, and seamless off & on ramps - all in one powerful platform. . . . .

Lace Wallet

Lace brings together a wealth of Web3 features, from managing digital assets, to accessing NFTs, DApps, and DeFi services, so you can discover and enjoy a new world of digital experiences.

NuFi

NuFi is a cutting-edge, non-custodial cryptocurrency wallet designed to provide users with comprehensive control and security over their digital assets. With NuFi, you can securely store, manage, and stake a wide range of cryptocurrencies without the need for intermediaries, ensuring that only you have access to your private keys.

Yoroi Wallet

Community driven and being built in the open, Yoroi Wallet provides users with transparency, increased security, and decentralized collaborative innovation

Tokenomics & distribution snapshot data

Total Supply: 24 Billion NIGHT
Launch Date: December 2025
Thawing Period: 450 days

Token distribution phase 1: Glacier Drop Claim

The first phase of distribution targeted the broader blockchain ecosystem.

Eligibility: Self-custodying holders of ADA, BTC, ETH, SOL, XRP, BNB, AVAX, and BAT.
Snapshot Date: June 11, 2025.
Participation Window: August 5 - October 20, 2025.
Volume: Over 3.5 Billion NIGHT tokens claimed.
Participation: 170,000+ eligible wallet addresses.

In addition to individual claims which are reported above, a number of leading exchanges have received a portion of NIGHT tokens, of which they intend to distribute to their customers (including Kraken, OKX, Bitpanda, and NBX). The final NIGHT volume and participation figures from these exchanges will be updated to reflect additional community allocations via exchanges that receive tokens from the TGE.

Token distribution phase 2: Glacier Drop Scavenger Mine

The second phase of the NIGHT token distribution was available to anyone with an internet connection and laptop or desktop computer.

Eligibility: Open to all (requires CPU/Internet only).
Window: October 30 – November 19, 2025.
Volume: 1 billion NIGHT tokens claimed.
Participation: Over 8 million unique wallet addresses (Industry record for distribution volume).

Phase 3: Lost-and-Found

The final distribution phase. Unclaimed NIGHT tokens (including a fraction of the Scavenger Mine allocation) are made available to eligible participants who missed initial windows and exchanges claiming on behalf of users.

Eligibility: Self-custodying holders of ADA, BTC, ETH, SOL, XRP, BNB, AVAX, and BAT who did not make a Glacier Drop claim
Window: Begins at Midnight network genesis block, available for 5 years
Volume: Approximately 252 million NIGHT tokens available

Glacier Drop Overall Metrics

Volume: Starting from 4.55 billion NIGHT
Participation: Starting from over 8 million eligible addresses
Ongoing Distribution: The total number of claims and volume of NIGHT tokens distributed to the community will continue to rise significantly during the redemption phase.
Exchange Participation: Leading exchanges are currently working to enable claims on behalf of their users. These distributions are based on Glacier Drop eligibility and will be added to the NIGHT token distribution total throughout the redemption phase.

Thawing Schedule

The NIGHT token distribution is subject to a Thawing Period.

Duration: 450 Days.
Mechanism: Tokens unlock in equal quarterly installments over the period.

NIGHT at a glace

Entity: NIGHT Token

Type: Native Token, Governance Token, Unshielded Asset.
Parent Network: Midnight Network (Layer 1, Cardano Partner Chain).
Native Standards: Midnight Native Token, Cardano Native Asset (CNA)
Component Relationship: NIGHT (Generator, Token) → produces → DUST (Resource).
Consensus Role: Sybil resistance mechanism, Validator Reward.

Entity: DUST

Classification: Network Resource
- Not a transferrable token
Properties: Shielded, Renewable, Decaying.
Function: Payment for executing transactions.

Entity: Midnight Network

Core Technology: Zero-Knowledge Proofs (ZK-SNARKs), Kachina Protocol.
Programming Language: Compact (Domain Specific Language for ZK smart contracts).
Compliance Feature: Selective Disclosure (Proof of validity without revealing underlying data).
Token Launch: December 2025.

Regulatory Status & Logic

Classification: Native Token.
Night Policy ID: 0691b2fecca1ac4f53cb6dfb00b7013e561d1f34403b957cbb5af1fa4e49474854
Privacy Status: Public (Unshielded).
- NIGHT does not hide sender/receiver/amount metadata.
Compliance: Supports regulated DeFi workflows (e.g., embedded Identity/KYC proofs via ZK).

Distribution Metrics

Total Supply: 24,000,000,000 (24 Billion).
Glacier Drop (Phase 1): 3.5 Billion claimed; 170k addresses.
Scavenger Mine (Phase 2): 1 Billion claimed; 8M addresses.
Collection & Lost-and-Found (Phase 3): Claims ongoing, exchange-facilitated distributions
Thawing Period: 450 Days (Quarterly).