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.
Introducing the NIGHT token
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.
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.
BitPanda
Bitpanda is a fintech based in Vienna, Austria, founded in 2014. Bitpanda has 6 million users and more than 700 team members. Bitpanda are firm believers in the innovative power of cryptocurrencies, digitised assets and blockchain technology.
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.
Bitrue
Bitrue is a leading cryptocurrency exchange offering access to 700+ cryptocurrencies, with services including spot trading, futures, OTC, staking, auto-invest, copy trading, and more.
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.
ByBit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone.
CoinGecko
Founded in 2014, CoinGecko provides users with a comprehensive 360-degree view of the market and delivers accurate, reliable and in-depth information from thousands of data points – including price, trading volume, market capitalization, contract addresses, community statistics and more.
CoinMarketCap
Founded in 2013, CoinMarketCap is ‘Home Of Crypto’, the world's most trusted source of crypto data, insights and community. Our mission is to accelerate the crypto revolution by organizing the world’s crypto intelligence and making it easily accessible to all.
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.
Gate
Gate is one of the top 3 cryptocurrency exchanges globally by real trading volume, providing secure, reliable, transparent, and authentic digital asset trading services to over 46 million users.
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. . . . .
HTX
Founded in 2013, HTX (formerly Huobi) has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses. As a world-leading gateway to Web3, HTX harbours global capabilities that enable it to provide users with safe and reliable services.
Kraken
Founded in 2011, Kraken is one of the world’s longest-standing and most trusted crypto platforms, used by millions of clients. Traders can access 450+ digital assets, U.S. futures, U.S.-listed stocks and ETFs, and multiple national currencies on a fast, secure and highly liquid platform.
KuCoin
Founded in 2017, KuCoin is a leading global crypto platform built on trust. Renowned for its reliability, it leverages advanced blockchain technology, liquidity solutions, and user protections to ensure a secure trading environment. KuCoin serves over 40 million users in more than 200 countries.
LBank
Founded in 2015, LBank has 20,000,000+ registered users across 160+ countries and regions, committed to providing users with a diverse and convenient trading experience.
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.
MEXC
MEXC is a global cryptocurrency trading platform serving 40+ million users across 170+ countries. It offers the market's most trending tokens, everyday airdrop opportunities, extremely low trading fees, and comprehensive liquidity. MEXC aims to make crypto trading simple, accessible, and efficient for users worldwide.
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.
OKX
OKX is an innovative cryptocurrency exchange with advanced financial services. OKX relies on blockchain technology to provide everything users need for wise trading and investment.
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 glance
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).