Yeliz Akmaca 
Midnight is a next-generation blockchain developed by Charles Hoskinson, co-founder of Ethereum and founder of Cardano. The project leverages zero-knowledge (ZK) proof technology to enable applications that safeguard user, commercial, and transaction data without compromising privacy or ownership. Midnight’s innovative dual-state blockchain architecture addresses privacy limitations of existing public blockchains while balancing confidentiality and transparency.
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:
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Cardano (ADA): Utilizes Cardano Stake Pool Operators (SPOs) for network security and cross-chain connectivity.
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Fireblocks: Enterprise custody partnership.
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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:
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Data and metadata protection using ZK proofs
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Dual-token system: NIGHT (utility token) and DUST (shielded, non-transferable resource)
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Selective disclosure for privacy-preserving operations
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Kachina-based execution engine using Pluto-Eris curves for BLS-type proofs
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ZSwap: privacy-focused exchange mechanism
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Modular dApp support via Substrate
How It Works
Midnight’s dual-component token model separates governance/capital from operational costs:
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NIGHT Token: Utility and governance token; generates DUST.
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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
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Snapshots & Eligibility: Determines participant access.
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Scavenger Mine: Compute-based token generation.
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Glacier Drop: Initial token claims from ADA, BTC, ETH, SOL, XRP, BNB, AVAX holders.
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Genesis Block: Mainnet launch.
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Redemption (450 Days): Tokens unlock quarterly over 450 days.
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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:
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Predictable operational costs with renewable DUST
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Self-funding DApps via NIGHT holdings
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Governance rights preserved while spending DUST
Network Role:
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Public & Regulated: NIGHT transactions are visible and exchange-compatible.
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Governance: On-chain proposals, treasury management, and protocol voting.
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Consensus & Security: Rewards validators, including Cardano SPOs.
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Interoperability: Native on both Midnight and Cardano blockchains; cross-chain bridge ensures stable circulating supply.
Tokenomics & Supply
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Total Supply: 24B NIGHT
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Max Supply: 24B NIGHT
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Circulating Supply: 10.8B NIGHT
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Launch Date: December 2025
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Thawing Period: 450 days (quarterly unlocks)
Distribution Phases:
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Glacier Drop Claim: 3.5B NIGHT claimed by 170k addresses (Aug–Oct 2025)
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Scavenger Mine: 1B NIGHT claimed by 8M addresses (Oct–Nov 2025)
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Lost & Found: ~252M NIGHT available over 5 years for missed claims
DUST: Non-transferable, shielded, renewable resource for transaction execution.
Features
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ZK-proof privacy protection
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Dual-component token system (NIGHT & DUST)
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Selective disclosure and fee abstraction
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TypeScript-based smart contracts
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Modular dApp support via Polkadot Substrate
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ZSwap privacy-focused exchange
Official Links
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