Midnight

This is the native utility and governance token of the Midnight blockchain - a privacy-first L1 positioned as a partner chain to Cardano. The project uses zero-knowledge proofs (ZK) for selective data disclosure and features a two-component tokenomics model: NIGHT generates a DUST resource, which is consumed to pay transaction fees. NIGHT itself remains a public (unshielded) asset, while privacy is implemented at the application data level.

Midnight is a fourth-generation blockchain developed by Input Output Global (IOG) and spun out via Shielded Technologies. Unlike traditional anonymous coins (e.g., Monero or Zcash), Midnight does not make the token itself untraceable but instead provides programmable privacy for applications: smart contracts can work with confidential data while maintaining public verifiability. This enables enterprise use cases (asset tokenization, identity management) within strict regulatory frameworks, including GDPR and MiCA.

What Makes It Unique

The network uses a dual ledger (shielded and unshielded states), with transitions between them enabled via ZK proofs. Contracts are written in the Compact language (a TypeScript dialect), and the proving system is built on a modified Halo2 with support for recursion and updatable SNARKs without chain restarts. Unlike alternatives (Aztec, Aleo, Secret, Oasis), Midnight stands out with strict token mirroring between two blockchains (Cardano and its own) and an institutional pool of federated operators at launch.

Midnight Features

Technical Information

The base stack is Substrate/Polkadot SDK with partner pallets for Cardano integration. Consensus: AURA (block production) + GRANDPA (finalization), block time - 6 seconds. Signatures: sr25519 (authorship), ed25519 (GRANDPA voting), ECDSA (for BEEFY aggregated proofs). Parameters: sessions of 1,200 slots (~2 hours), epoch - 300 blocks, hash function blake2_256. The modified Halo2 ZK system supports recursive proofs and SNARK updates without hard forks. Smart contracts are written in the Compact language (version 0.10.x+), for which SDKs, the "Compact Book," and OpenZeppelin "Contracts for Compact" libraries are available. Transaction UX (from submission to confirmation) takes 20-60 seconds due to proof generation and verification, while blocks are produced every 6 seconds.

The mainnet launched in March 2026 in federated mode. The Founding Node Alliance includes MoneyGram, Google Cloud, Blockdaemon, eToro, Pairpoint (Vodafone), Worldpay, Bullish, AlphaTON, and Shielded Technologies. A phased transition to decentralization is planned, involving Cardano stake pools (SPOs) and a two-way native Cardano↔Midnight bridge (initially one-way, then full). The D-parameter configuration regulates the ratio of federated node operators (FNOs) to registered validators.

Tokenomics

The total supply of NIGHT is fixed at 24,000,000,000 tokens. The unit of measurement is STAR (1 NIGHT = 10⁶ STAR). The entire supply was minted as a Cardano Native Asset (cNIGHT) with policy ID: 0691b2fecca1ac4f53cb6dfb00b7013e561d1f34403b957cbb5af1fa4e49474854. On Midnight, the token exists as mNIGHT via a mirroring protocol: unlocking on one chain automatically locks an equivalent amount on the other, preventing the total circulating supply from exceeding 24 billion.

Distribution:
- Glacier Drop (60 days, snapshot June 11, 2025): 100% of the total supply was distributed across eight networks (50% - Cardano addresses, 20% - Bitcoin, the rest - Ethereum, Solana, XRP Ledger, BNB Chain, Avalanche, Brave). In the first week, 1 billion NIGHT was claimed. The minimum balance requirement at the snapshot was $100. Tokens are locked in a redemption contract on Cardano.
- Scavenger Mine (30 days): allows participants to claim unclaimed tokens through computational tasks. The daily pool is divided into 30 equal parts; a participant's reward is proportional to the work completed. Formula: M = max(S/100, S/10 - G/2), where S is the total supply, G is the amount claimed in Glacier. The remainder A = S - G - M is distributed: 35% Midnight Foundation, 30% Reserve (future block rewards), 10% Midnight TGE Ltd. (partner liquidity), 5% on-chain treasury, M% - to the Lost‑and‑Found pool.
- Lost‑and‑Found (4 years): for Glacier addresses that did not claim tokens; a share of the original allocation is set aside; unclaimed tokens after the period expire and go to the treasury.

Thaw: Tokens from Glacier/Scavenger unlock over 360 + 90 days after mainnet genesis in four tranches of 25% each. The first tranche begins on a random day within the first 90 days after genesis, with subsequent tranches every 90 days. Claim portals remain open for an additional 90 days (grace period).

Issuance Policy: Block rewards (NIGHT) will be paid from the Reserve after the corresponding protocol mechanism is activated. The model is disinflationary: issuance slows as the full supply enters circulation, then inflation ceases. DUST is a non-transferable, consumable resource; its unit is SPECK (1 DUST = 10¹⁵ SPECK). NIGHT burning is not planned.

Security NIGHT

Official audits of the core Midnight protocol have not been published as of Aug 3, 2026. OpenZeppelin provides a library for Compact and states support for secure contract development. A Bug Bounty program (developer bounties) is active for finding vulnerabilities in the protocol, contracts, and tooling. On June 28, 2026, the Glacier Drop redemption was temporarily paused following reports of a security incident in the third-party wallet service SecondFi; Midnight representatives stated that the network infrastructure was not affected and the pause was a precautionary measure.

Exchanges Where It Is Traded

List of trading platforms:

CEX exchanges: Binance, Gate, OKX, Kraken, LBank, Bybit.

According to research, NIGHT is traded on centralized exchanges Binance, Kraken, Bybit, KuCoin, OKX, Gate.io, HTX, Bitget, MEXC, Bitrue, Toobit, BitMart, XT.com, and Phemex. Decentralized trading is available on Cardano pools Minswap, SundaeSwap, and the Fetch aggregator, as well as on EVM-compatible DEXs Uniswap and PancakeSwap.

All-time high - $0.118529 (Dec 9, 2025), drawdown from ATH -84.16%. All-time low - $0.01524 (Jul 20, 2026).

Aggregator Listings

Project ranking by market capitalization:

• CoinGecko rank: 123
• CoinMarketCap rank: 91
• Finkonkurs rank: 118

Investors and Funds

Traditional venture rounds (a16z, Paradigm, Sequoia, Polychain, etc.) were not conducted. The project is self-funded: Charles Hoskinson personally invested $200 million in November 2024 through Shielded Technologies. No ICO, IDO, IEO, or SAFT events occurred. Token distribution was carried out exclusively through the Glacier Drop airdrop (December 2025 - 2026).

Key Partnerships and Ecosystem

Monument Bank (regulated by the Bank of England) integrated Midnight to tokenize retail deposits worth up to £250 million (2026 pilot). Google Cloud, MoneyGram, Blockdaemon, eToro, Vodafone's Pairpoint, Worldpay, Bullish, and AlphaTON acted as node operators (FNOs) at mainnet launch. Copper provided support for NIGHT claiming and distribution. Lace Wallet (from IOG) is the native wallet. VIA Labs deployed a test cross-chain bridge. The ecosystem website lists over 100 partners and 4,000 deployed smart contracts.

Potential

Analysts point to several growth drivers: (1) focus on regulatory compliance (MiCA, GDPR) without sacrificing privacy; (2) broad distribution - over 37 million wallets in the airdrop program, 76,300+ unique holders as of June 2026; (3) institutional adoption: pilots with Monument Bank, world-class federated operators; (4) absence of traditional venture funding reduces the risk of centralized sell-offs; (5) integration with the Cardano ecosystem and support for stake pools. As of Aug 3, 2026, the network is in the Infra Beta stage (2026) with plans to expand the native bridge and decentralization.

Risks [Identified by Finkonkurs AI Analytics System]

Regulatory Risks: although NIGHT as a public asset does not fall under privacy-coin restrictions, interaction with DUST and confidential contract mechanisms may attract attention from European and US regulators in the context of AML/Travel Rule. Technical Risks: unpublished protocol audit, potential vulnerabilities in the Halo2 implementation; the SecondFi incident highlighted vulnerabilities in ecosystem services. Tokenomic Risks: inflation from block reward issuance (once the mechanism is activated) could dilute holder stakes; a high proportion of unlocked tokens (thawing schedule) creates potential price pressure. Competitive Pressure: private L1/L2s (Aztec, Aleo, Secret Network) and compliance-focused projects (e.g., Partisia) have more mature ecosystems; lagging in TVL and number of dApps. Dependence on Cardano: failures in the Cardano index or bridge could paralyze network operations.

Related Individuals

• Charles Hoskinson (co-founder of Ethereum, founder of Cardano and IOG) - conceptual creator of Midnight, personally invested $200 million in development. A public figure, known as @IOHK_Charles on social media.
• Eran Barak (CEO of Shielded Technologies) - holds a BSc in computer science (Tel Aviv University) and an Executive MBA (Kellogg/Northwestern). Previously founded and scaled the B2B platform Symphony (unicorn status), held leadership positions at Parity Technologies, Amdocs, and Thomson Reuters. At Midnight, he leads operational and commercial strategy.
• Mike Ward (CEO) - product leader with experience in enterprise software.
• Bob Blessing-Hartley (CTO) - involved in the architecture of the ZK system and represents the project in standardization bodies (LF Decentralized Trust).
• Fahmi Syed (President of Midnight Foundation) - responsible for ecosystem growth, secured over 100 partnerships.

Legal Entities: Input Output Global (incubator), Shielded Technologies (engineering company), Midnight Foundation (independent ecosystem organization).

Contests, Activities, and Hackathons on Our Platform

• Binance Traders League Season 3: Trade NIGHT to Share Up to 400,000 USDC Token Vouchers (Jun 12, 2026)
• Join Midnight (NIGHT) Puzzle Hunt and win a share of 4,000,000 NIGHT (Mar 18, 2026 – Mar 18, 2026)
• Introducing Midnight (NIGHT) on Binance Super Earn: Share Up to 120M NIGHT Quarterly, Under a Total Rewards Grant of 480M NIGHT (Mar 16, 2026)
• Introducing Midnight (NIGHT): Grab a Share of the 90,000,000 NIGHT Token Voucher Prize Pool! (Mar 13, 2026)
• Grab a Share of 2,000,000 NIGHT Rewards on CreatorPad! (Mar 12, 2026)
• UK AI Agent Hackathon EP3 by Artificial Superintelligence Alliance (ASI) | The Largest Web3 × AI Hackathon in Europe (Nov 29, 2025 – Dec 7, 2025)
• DEGA Hackathon - AI for DAO Treasury Management Hackathon on Midnight (Sep 10, 2025 – Sep 29, 2025)

WhitePaper

A MiCA-compliant white paper has been released, describing tokenomics, Glacier Drop mechanisms, mirroring, and monetary policy. The document includes detailed distribution formulas (Glacier, Scavenger, Lost-and-Found) and unlock schedules.

Link: not publicly available.