NIGHT Description
Overview
Midnight (NIGHT) is the native token of Midnight Network, a privacy-focused Layer-1 blockchain developed by Input Output Global (IOG) as a purpose-built "partner chain" to Cardano.
NIGHT exists as a Cardano native asset — identified by a Policy ID rather than a smart-contract address — and is mirrored 1:1 on the Midnight network itself. Midnight is built around zero-knowledge cryptography, giving it a privacy-focused architecture for transaction and contract data.
Value Proposition
Midnight differentiates itself from most Layer-1 tokens by separating value transfer from network usage. Holding NIGHT continuously generates DUST, a non-transferable, decaying resource that pays transaction fees and executes smart contracts, so DUST itself cannot be bought, sold, or speculated on.
This design ties network usage to NIGHT ownership rather than token liquidity. Developer activity has grown quickly: Midnight's ecosystem reported 1,028 publicly tracked repositories, roughly 150 monthly active developers through 2026, and a 1,617% surge in smart contract deployments in November 2025.
Token Basics
NIGHT functions as both a utility and governance token on the Midnight network.
- Holders participate in Midnight network governance.
- Holding NIGHT continuously generates DUST, a separate non-transferable resource required to pay transaction fees and execute smart contracts on Midnight.
- DUST decays if unused and cannot be transferred between wallets or used to settle debts or purchases directly.
NIGHT itself is not spent as gas; it acts as the underlying claim that produces the fee-paying resource.
Tokenomics
NIGHT has a maximum supply of 24 billion tokens, fully minted on Cardano on October 14, 2025, and mirrored 1:1 on the Midnight network.
- Circulating supply: approximately 16.61 billion NIGHT (as of 2026-08-31).
- Distribution: 50% to Cardano holders (12B), 20% to Bitcoin holders (4.8B), with smaller allocations across XRPL, Ethereum, Solana, BNB Chain, Avalanche, and BAT.
- Claimed tokens unlock through a "thawing" mechanism in four randomized installments over 360 days.
Launch & Funding
NIGHT launched via a multi-phase airdrop called the Glacier Drop rather than a public ICO or IEO, with the token beginning to trade on Cardano in December 2025.
- Distribution phases included the Glacier Drop (~3.5B tokens claimed by ~170,000 addresses) and the Scavenger Mine (~1B tokens claimed by ~8 million addresses).
- IOG founder Charles Hoskinson has committed roughly $200 million toward building Midnight.
- An earlier seed round raised $7.5 million in 2022 from investors including Shima Capital, FJ Labs, and Woodstock.
Midnight's own network mainnet launched later, on March 30, 2026 — about three months after NIGHT began trading.
Blockchain & Consensus
NIGHT is issued as a native token on Cardano and is mirrored 1:1 on Midnight Network, IOG's own purpose-built Layer-1 "partner chain."
Midnight is not an EVM or Solana-based token and does not operate as a Layer-2 rollup of Cardano; it derives security and interoperability benefits from its connection to Cardano while running as a distinct, purpose-built Layer-1.
Team
Charles Hoskinson — co-founder of Ethereum and founder/CEO of Input Output Global (IOG) — is the project's public face and strategic driver of Midnight.
Issuing Organization
Midnight is developed by Input Output Global (IOG), the engineering and research company behind Cardano, founded and led by Charles Hoskinson.
A separate Midnight Foundation, led by Fahmy Syed, coordinates the network independently of IOG, managing an allocation dedicated to research, governance initiatives, and protocol sustainability. Midnight operates as a Cardano "partner chain" — its own purpose-built Layer-1 rather than a Layer-2 rollup of Cardano.
Governance
NIGHT is described by the project as Midnight's native, utility, and governance token, giving holders a role in network governance decisions.
The Midnight Foundation operates as a coordinating body separate from IOG, managing a token allocation directed toward research, governance initiatives, and protocol sustainability.
Roadmap
Midnight's mainnet launched on March 30, 2026, following an initial "Kūkolu" infrastructure phase.
- Mōhalu (Q2–Q3 2026): incentivized testnet scaling and the launch of a "DUST capacity exchange."
- Hua (Q3 2026 onward): introduction of "Hybrid DApps" enabling cross-chain privacy applications.
On August 17, 2026, a Cardano DRep publicly flagged that a relatively small share of eligible ADA holders had claimed their NIGHT allocation before the Glacier Drop's closing claim window.
Security
On July 21, 2026, an attacker exploited the Wanchain-operated Cardano–BNB Chain bridge carrying NIGHT, inflating a bridge signature roughly 65,000x. The exploit drained approximately 515 million NIGHT, an estimated $9 million, within about eight minutes.
NIGHT's price fell 30–35%, briefly touching an all-time low near $0.015, before rebounding roughly 19%. On-chain data showed no increase in NIGHT's total supply, indicating the sell-off came from stolen existing tokens rather than new issuance. Binance delisted the NIGHT/BNB spot pair around June 12, 2026. A December 2025 analysis reported whale addresses holding as much as 94.13% of supply.
Frequently Asked Questions
What is Midnight (NIGHT)?
Midnight (NIGHT) is the native token of Midnight Network, a privacy-focused Layer-1 blockchain built by Input Output Global (IOG) as a purpose-built partner chain to Cardano. NIGHT exists as a Cardano native asset, identified by a Policy ID rather than a smart-contract address, and is mirrored 1:1 on the Midnight network itself.
Is NIGHT a governance token or a utility token?
NIGHT functions as both. Holders participate in Midnight's network governance, and holding NIGHT continuously generates DUST, a separate non-transferable, decaying resource used to pay transaction fees and execute smart contracts on Midnight. DUST cannot be transferred between wallets or used to settle purchases directly.
What is DUST and how does it relate to NIGHT?
DUST is a non-transferable, decaying resource generated continuously by holding NIGHT; it pays transaction fees and executes smart contracts on Midnight. Unlike NIGHT, DUST cannot be bought, sold, or transferred between wallets, and it decays over time if left unused, separating fee payment from token speculation.
How was NIGHT distributed, and was there an ICO?
NIGHT had no conventional priced public token sale. Instead, its full 24 billion supply was allocated through the multi-phase Glacier Drop airdrop across eight blockchain ecosystems — 50% to Cardano and 20% to Bitcoin holders, with smaller shares on XRPL, Ethereum, Solana, BNB Chain, Avalanche, and BAT.
What blockchain does NIGHT run on?
NIGHT is issued as a native token on Cardano and is mirrored on Midnight Network, IOG's own purpose-built Layer-1 partner chain. It is not an EVM or Solana token and does not run as a Layer-2 rollup of Cardano, instead deriving security and interoperability benefits from its connection to Cardano.
Who created Midnight?
Midnight was developed by Input Output Global (IOG), the company behind Cardano, founded and led by Charles Hoskinson, co-founder of Ethereum. A separate Midnight Foundation, led by Fahmy Syed, coordinates the network's governance, research, and protocol sustainability initiatives independently of IOG.
What happened in the July 2026 Midnight bridge hack?
On July 21, 2026, an attacker exploited the Wanchain-operated Cardano–BNB Chain bridge, inflating a NIGHT bridge signature roughly 65,000x to drain about 515 million NIGHT, an estimated $9 million, in roughly eight minutes. NIGHT's price fell 30–35% to a new all-time low before rebounding around 19%.
What is NIGHT's maximum supply?
NIGHT has a maximum supply of 24 billion tokens, fully minted on Cardano on October 14, 2025. As of 2026-08-31, circulating supply is approximately 16.61 billion NIGHT, with remaining claimed tokens unlocking gradually through a four-installment thawing mechanism over 360 days.
