The highly anticipated Midnight project has officially released its detailed tokenomics paper, providing clarity on the function, distribution, and economic model of its native NIGHT token. This release marks a significant milestone for the community, which has been eagerly awaiting information on how to claim tokens and understand their utility within the privacy-focused ecosystem. The document outlines a comprehensive system designed to balance privacy with transparency, leveraging a dual-asset model of NIGHT and a resource called DUST.
This article breaks down the key components of the Midnight tokenomics, explains the airdrop claim process, and explores market expectations for the token's upcoming exchange listing.
Understanding Midnight’s Tokenomics and Utilities
The Midnight blockchain distinguishes itself through a unique economic structure centered on two primary elements: the NIGHT token and the DUST resource.
The total supply of NIGHT is fixed at 24 billion tokens. This substantial supply is intended for distribution across three distinct phases, ensuring a broad and decentralized allocation to the community. The phased approach is designed to reward early supporters and achieve a fair launch.
The distribution will occur through the following claim phases:
- Glacier Drop Phase: The initial airdrop targeting holders of major cryptocurrencies.
- Scavenger Mine Phase: A subsequent distribution round, details of which are to be announced.
- Lost-and-Found Phase: A final phase to allocate any unclaimed tokens from previous rounds.
The Role of NIGHT and DUST
NIGHT serves as the main utility and governance token for the Midnight network. Its core functions include:
- Generating DUST: Holding and staking NIGHT produces DUST, a non-transferable resource essential for conducting private transactions on the network.
- Block Rewards: Validators and participants in network security are expected to be rewarded in NIGHT.
- Governance: NIGHT is slated to grant holders voting rights on future protocol upgrades and decisions.
- Multi-Chain Existence: The token will natively exist on both the Cardano and Midnight blockchains, enhancing its interoperability.
DUST is not a tradable token but a consumable resource. It is used to power "shielded" transactions, which protect user privacy. Its key characteristics are that it decays over time and is renewable only through holding NIGHT, creating a sustainable economic loop that discourages pure speculation and promotes actual network use.
NIGHT Token Airdrop: Snapshot and Claim Process
The eligibility criteria for the first airdrop phase, the Glacier Drop, were determined by a snapshot of blockchain data.
Snapshot Details and Eligibility
The project team confirmed that the snapshot for the Glacier Drop was successfully completed on June 11, 2025, at 00:00 UTC. This snapshot recorded the holdings of users across several supported blockchains to determine their allocation of NIGHT tokens.
The allocation breakdown for the first phase is as follows:
- 50% of the airdropped tokens are reserved for Cardano (ADA) holders.
- 20% are allocated to Bitcoin (BTC) holders.
- 30% are shared proportionally among holders of Ethereum (ETH), Solana (SOL), XRP, Binance Coin (BNB), Avalanche (AVAX), and Basic Attention Token (BAT), based on the USD value of their holdings at the time of the snapshot.
Eligible users must claim their tokens through an official process once the claiming portal is active. Any unclaimed NIGHT from the Glacier Drop will be rolled over into the subsequent Scavenger Mine phase.
NIGHT Token Listing: Expected Date and Price Predictions
With the snapshot complete, the community's focus has shifted to the official trading debut of the NIGHT token.
Anticipated Listing Date
As of now, the Midnight development team has not announced an official listing date. However, based on typical project timelines following a snapshot, widespread speculation points towards a potential initial exchange offering (IEO) or listing in Q3 2025. The market anticipates that official announcements from major trading platforms are imminent.
While no exchanges have been formally confirmed, community expectation is high that due to the project's profile and backing, it will secure listings on top-tier centralized and decentralized exchanges. For the latest updates on confirmed trading venues, always refer to official Midnight channels.
NIGHT Token Price Estimation
Predicting the initial listing price of any cryptocurrency is challenging. The large total supply of 24 billion NIGHT tokens suggests a relatively low initial price point. Community analysts and market trends provide a rough estimation range:
- Conservative Estimate: A listing price between $0.001 and $0.010 is considered plausible based on the high supply.
- Bullish Scenario: If significant exchange listings are confirmed and market hype intensifies, early trading could see prices range between $0.010 and $0.050.
It is critical to understand that these figures are speculative estimates based on common market behaviors and are not financial advice. The actual price will be determined by market dynamics, supply, and demand at the time of listing.
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Conclusion and Project Potential
The Midnight project presents a sophisticated tokenomic model that thoughtfully integrates privacy, utility, and equitable distribution. The separation of transferable value (NIGHT) and consumable resource (DUST) creates a compelling economic engine designed for real-world use rather than mere speculation.
The multi-chain approach, launching natively on Cardano and its own chain, further underscores its aim for broad adoption and interoperability. As the crypto space continues to evolve, projects like Midnight that prioritize functional utility and user privacy are well-positioned to attract significant attention.
Frequently Asked Questions (FAQ)
Q1: How do I know if I am eligible for the NIGHT airdrop?
A1: Eligibility was determined by a snapshot taken on June 11, 2025. You needed to hold ADA, BTC, ETH, SOL, XRP, BNB, AVAX, or BAT in a non-custodial wallet at that time. The official Midnight website is expected to provide a claim checker tool.
Q2: What is the difference between NIGHT and DUST?
A2: NIGHT is the main transferable and tradeable utility token used for staking, governance, and generating DUST. DUST is a non-transferable resource consumed to pay for private, shielded transactions on the network.
Q3: When can we expect the NIGHT token to be listed on exchanges?
A3: While no official date is confirmed, industry speculation and project timelines suggest a high probability of listings occurring in the third quarter of 2025. Always monitor official announcements for the most accurate information.
Q4: Will I be able to trade NIGHT on decentralized exchanges (DEXs)?
A4: Given that NIGHT will be a native asset on the Midnight blockchain and also on Cardano, it is very likely that it will be available for trading on supporting decentralized exchanges shortly after its mainnet launch and initial liquidity provisions.
Q5: What happens if I miss the claim period for the airdrop?
A5: The tokenomics paper states that any unclaimed tokens from the Glacier Drop phase will be reallocated to the subsequent Scavenger Mine phase. You may have another opportunity to claim, but the specifics will be announced by the team.
Q6: Is holding NIGHT required to use the Midnight network?
A6: While you may not need NIGHT for every action, holding it is essential to generate DUST, which is required to perform private transactions. Therefore, serious users of the network's privacy features will likely need to acquire and hold NIGHT.