The protocol combines a public-private dual ledger with a dual-component tokenomics system that protects both data and metadata.

Team and Founders

Charles Hoskinson leads the Midnight project, bringing experience from Ethereum and Cardano. The development team specializes in advanced cryptography, ZK proofs, and privacy-focused blockchain solutions. Midnight offers developer-friendly tools, including a TypeScript-based smart contract framework, ensuring accessibility for both businesses and users.

• Foundation: Midnight Foundation – manages ecosystem growth and governance.
• Executive Team: Fahmi Syed (President) and Eran Barak (CEO) guide project operations.

Investors and Partnerships

Midnight maintains deep integration with the Cardano ecosystem as a Cardano Partner Chain. Key collaborations include:

• Cardano (ADA): Utilizes Cardano Stake Pool Operators (SPOs) for network security and cross-chain connectivity.

• Fireblocks: Enterprise custody partnership.

• Multichain Ecosystem: Glacier Drop and multichain partnerships across BTC, ETH, SOL, AVAX, and more.

Project Concept

Midnight introduces “Rational Privacy,” enabling blockchain transparency without exposing sensitive business or personal data. Using ZK proofs, transactions and data correctness can be verified without revealing the underlying information.

Key innovations include:

• Data and metadata protection using ZK proofs

• Dual-token system: NIGHT (utility token) and DUST (shielded, non-transferable resource)

• Selective disclosure for privacy-preserving operations

• Kachina-based execution engine using Pluto-Eris curves for BLS-type proofs

• ZSwap: privacy-focused exchange mechanism

• Modular dApp support via Substrate

How It Works

Midnight’s dual-component token model separates governance/capital from operational costs:

• NIGHT Token: Utility and governance token; generates DUST.

• DUST Resource: Shielded, non-transferable resource used for transaction fees and smart contract execution. Replenishes over time based on NIGHT holdings.

Consensus: Initially permissioned nodes, transitioning to fully decentralized PoS with Cardano SPOs.

Governance and Distribution

• Snapshots & Eligibility: Determines participant access.

• Scavenger Mine: Compute-based token generation.

• Glacier Drop: Initial token claims from ADA, BTC, ETH, SOL, XRP, BNB, AVAX holders.

• Genesis Block: Mainnet launch.

• Redemption (450 Days): Tokens unlock quarterly over 450 days.

• Lost & Found (4 Years): Final claim phase for missed allocations.

NIGHT Token

Utility & Governance: NIGHT is unshielded and fully transparent. It secures the network and produces DUST for transactions.

Advantages:

• Predictable operational costs with renewable DUST

• Self-funding DApps via NIGHT holdings

• Governance rights preserved while spending DUST

Network Role:

• Public & Regulated: NIGHT transactions are visible and exchange-compatible.

• Governance: On-chain proposals, treasury management, and protocol voting.

• Consensus & Security: Rewards validators, including Cardano SPOs.

• Interoperability: Native on both Midnight and Cardano blockchains; cross-chain bridge ensures stable circulating supply.

Tokenomics & Supply

• Total Supply: 24B NIGHT

• Max Supply: 24B NIGHT

• Circulating Supply: 10.8B NIGHT

• Launch Date: December 2025

• Thawing Period: 450 days (quarterly unlocks)

Distribution Phases:

1. Glacier Drop Claim: 3.5B NIGHT claimed by 170k addresses (Aug–Oct 2025)

2. Scavenger Mine: 1B NIGHT claimed by 8M addresses (Oct–Nov 2025)

3. Lost & Found: ~252M NIGHT available over 5 years for missed claims

DUST: Non-transferable, shielded, renewable resource for transaction execution.

Features

• ZK-proof privacy protection

• Dual-component token system (NIGHT & DUST)

• Selective disclosure and fee abstraction

• TypeScript-based smart contracts

• Modular dApp support via Polkadot Substrate

• ZSwap privacy-focused exchange

Official Links

• Website
• Twitter
• Telegram
• Discord

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Earlier, memes circulated suggesting Hoskinson would retain most tokens. He quickly addressed the rumors on social media, sharing evidence of high participation. Within the first 24 hours, the airdrop received over 250 million NIGHT claims. Hoskinson highlighted this milestone to reassure the community and counter skepticism. 

https://twitter.com/memedonADA/status/1957804269354062152

Midnight Expands Institutional Strategy 

Despite speculation, Midnight is growing its ecosystem through strategic partnerships. The Midnight Foundation announced collaboration with Fireblocks, enabling institutional clients to safely claim and manage NIGHT tokens. Fireblocks confirmed supporting Glacier Drop aligns with its goal of secure blockchain participation. The company also expressed confidence in Midnight’s privacy-focused vision. 

Midnight launched NIGHT as a Cardano Native Asset, strengthening ties to the Cardano ecosystem. XRP holders will receive 5% of NIGHT’s total supply, equal to 1.2 billion tokens. ADA holders will receive 50% of the total supply. The remaining tokens will be distributed among users on other chains and Bitcoin holders. This ensures transparent and fair token allocation. 

Hoskinson’s denial of hoarding rumors reinforces trust within the community. Data confirms strong demand and a smooth rollout. Strategic partnerships and transparent distribution further support Midnight’s long-term growth and adoption. 

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Cardano (ADA) Founder Denies All Midnight Airdrop Claims! appeared first on Coin Engineer.