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Summary Box (Quick Facts)
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Ticker Symbol: NIGHT
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Chain: Cardano (initially), Midnight Sidechain (future)
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Contract Address: 0691b2fecca1ac4f53cb6dfb00b7013e561d1f34403b957cbb5af1fa4e49474854
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Circulating Supply: 16.6 Billion
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Total Supply: 24.00 Billion
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Primary Use Case: Data protection and privacy-preserving smart contracts.
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Current Market Cap: Approximately $681.58 Million
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Availability on Phemex: Yes (Spot)
What Is Midnight (NIGHT)?
Midnight is a data protection blockchain designed to solve a critical challenge in the crypto space: how to leverage the benefits of a decentralized network while ensuring the privacy required for sensitive data. Traditional blockchains record all transactions publicly, but Midnight introduces a system of "selective disclosure," allowing it to prove facts about data without revealing the data itself. The network's native utility token, NIGHT, officially launched on the Cardano blockchain on December 4, 2025.
This functionality is crucial for adoption in regulated industries like finance and healthcare, which must comply with data protection laws. Midnight explained simply, is a platform creating a bridge between public transparency and private confidentiality. To learn more about how to buy NIGHT, you can explore the options available on Phemex. For the latest news about NIGHT, be sure to follow reputable crypto news sources. To stay updated on the NIGHT price, you can check the price charts on Phemex. You can also trade NIGHT on the platform.
How Many NIGHT Are There?
The total supply of NIGHT is 24 billion tokens. The initial distribution was one of the largest in blockchain history, with over 4.5 billion NIGHT claimed by the community across two main phases:
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Glacier Drop: This phase targeted existing participants in the broader crypto ecosystem (including holders of ADA, BTC, ETH, and more), with over 3.5 billion NIGHT claimed by more than 170,000 wallets.
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Scavenger Mine: Designed to be universally accessible, this phase distributed 1 billion NIGHT to over 8 million unique wallet addresses.
Due to overwhelming community participation, the token apportionment was adjusted from the original whitepaper estimates. Allocations for the Scavenger Mine and a Token Generation Event (TGE) were increased by rebalancing funds from the project's Reserve and On-chain Treasury. This was done to facilitate broader community access and enable distributions through exchanges.
What Does NIGHT Do?
The primary NIGHT use case is enabling privacy within its ecosystem. Midnight functions by maintaining two parallel states: a public state for transparent data (like transaction proofs) and a private state where sensitive user data is encrypted and stored locally. This allows developers to build decentralized applications (dApps) that protect confidential information while remaining compliant with regulations.
For example, a healthcare app could verify a patient's eligibility for a service without exposing their private medical history, or a financial dApp could confirm a user has sufficient funds for a transaction without revealing their total account balance. NIGHT serves as the native utility and governance token that powers these privacy-preserving features.
NIGHT vs. Bitcoin
| Feature | Midnight (NIGHT) | Bitcoin (BTC) |
| Technology | Hybrid public/private state using zk-SNARKs for privacy. | Fully transparent public ledger (blockchain) with a Proof-of-Work consensus mechanism. |
| Primary Use Case | Platform for data protection and building privacy-preserving smart contracts and dApps. | A decentralized store of value and a peer-to-peer medium of exchange. |
| Privacy | Designed for programmable privacy, allowing users to control what data is shared or kept confidential. | Offers pseudonymity, but all transactions are public and can be traced on the blockchain. |
The Technology Behind NIGHT
Midnight’s foundation is built on zero-knowledge cryptography, specifically zk-SNARKs. This technology acts as the bridge between the network’s public and private states, verifying computations without accessing the underlying sensitive data. To make this accessible, Midnight introduced "Compact," a programming language based on TypeScript that allows developers to build privacy-preserving applications without specialized cryptographic expertise.
The project's launch roadmap began with the "Hilo" phase. To ensure immediate liquidity and community access, NIGHT was first launched as a native asset on the Cardano blockchain. Once the Midnight mainnet launches (targeted for 2026), the token supply will be mirrored onto the new ledger, creating a multi-chain asset that can move seamlessly between the two ecosystems.
Team & Origins
Midnight was developed by Charles Hoskinson, a co-founder of Ethereum and the founder of Cardano. At the recent Midnight Summit in Greenwich, the team unveiled the next phases of the roadmap, signaling a shift from development to public access and real-world application building.
Key News & Events
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June 11, 2025: Snapshot date for the Glacier Drop, determining eligibility for the initial token distribution.
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August 5 – October 20, 2025: The Glacier Drop claim window opens for eligible participants.
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October 30 – November 19, 2025: The Scavenger Mine phase allows for universally accessible token distribution.
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December 4, 2025: The NIGHT token officially launches as a Cardano Native Asset.
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December 10, 2025: The token redemption portal opens, and the 360-day "thawing" schedule for Glacier Drop participants begins.
Is NIGHT a Good Investment?
The NIGHT investment potential is tied to its unique position as a data protection blockchain. By addressing the critical need for privacy in regulated industries, it opens up new possibilities for blockchain adoption. The project's strong technical foundation, experienced leadership, and developer-friendly approach are all positive indicators.
However, as a new project, its success depends on mainnet launch, ecosystem development, and market adoption. Like any cryptocurrency, investing in NIGHT involves risks, including market volatility and regulatory uncertainty.
Disclaimer: This is not financial advice. Crypto trading involves risks; only invest what you can afford to lose.
How to Claim Your NIGHT Tokens
For users who participated in the Glacier Drop or Scavenger Mine, tokens are not released all at once. They unlock over a 360-day "thawing" period to ensure a stable and sustainable distribution.
The Thawing Schedule:
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Randomized Start: Each user is assigned a random start date between December 10, 2025, and early March 2026.
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Quarterly Unlocks: Your total allocation unlocks in four equal 25% installments, with the first on your assigned start date and the next three unlocking every 90 days after.
How to Redeem:
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Visit the Portal: Go to the official redemption portal (midnight.gd).
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Connect Your Address: Connect your Cardano wallet or manually enter the destination address you used during the claim process.
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Check Your Status: The dashboard will show your total allocation, your specific thaw schedule, and how many tokens are currently available to redeem.
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Redeem and Pay Fees: Click "Redeem" and use a Cardano wallet with enough ADA to pay the network transaction fee. The NIGHT tokens will always be sent to your designated destination address.
How to Buy NIGHT on Phemex
For those who did not participate in the initial distribution, Phemex offers a straightforward way to acquire NIGHT on the secondary market. Simply navigate to the spot trading section of the platform and search for the NIGHT trading pair.
FAQs
What is the main purpose of the Midnight network?
The main purpose of the Midnight network is to provide a platform for building decentralized applications that protect user data and ensure privacy while remaining compliant with regulations.
Why did NIGHT launch on Cardano first?
Launching on Cardano provides immediate access, liquidity, and a secure foundation for the token while the Midnight mainnet is finalized for its targeted 2026 launch.
What is the "Glacier Drop" thawing period?
It is a 360-day period where tokens claimed during the initial distribution are gradually unlocked in four 25% installments to ensure a stable market and long-term ecosystem health.
Summary: Why It Matters
Midnight represents a significant step forward in blockchain technology. By combining the decentralization of public chains with the confidentiality of private systems, it offers a viable solution for businesses that need to protect sensitive data. Its focus on regulatory compliance and a developer-friendly environment positions it to unlock new use cases for blockchain and drive wider adoption.
