crypto-news-flash.com
Hoskinson’s vision for the Midnight network goes beyond the NIGHT airdrops. As revealed in our previous article, the Cardano Founder hinted at Midnight becoming the DeFi layer of the XRP ecosystem.
- Midnight Network to make 100% of its NIGHT token supply available to users via “Glacier Drop.”
- Users eligible to claim free NIGHT tokens include holders of ADA, BTC, and ETH.
Midnight Network, a privacy and data protection blockchain linked with Cardano, has unveiled plans for its Glacier airdrop campaign. During this event, Midnight will distribute its utility tokens, NIGHT, to users holding Cardano (ADA), Bitcoin (BTC), and Ethereum (ETH).
Details of the Glacier Drop
As revealed in a 45-page tokenomics white paper on Monday, “Glacier Drop” is a multi-phase token distribution event. The gradual unlocking claims inspired the Glacier part of its name. By unlocking claims gradually, Midnight aims to increase fairness, systemic integrity, and resistance to exploits from malicious parties.
Only users from Cardano, Bitcoin, Ethereum, Solana, XRPL, BNB Chain, Avalanche, and Brave blockchains are eligible to participate in the first phase of Glacier Drop. An individual user is allowed to claim multiple qualifying addresses.
During the first phase, Midnight will provide users with 100% of its NIGHT token supply. This method of token distribution is quite different from traditional tokenomics models. For the latter, initial token distributions often favor insiders and early investors, concentrating control among a small group.
The protocol aims to use snapshots in the distribution as of June 11. At the time of the snapshot, addresses must hold at least $100 worth of ADA, BTC, ETH, SOL, XRP, BNB, AVAX, and BAT.
According to the whitepaper, 50% of the 24 billion available NIGHT tokens will go to ADA holders. Bitcoin holders will receive 20% of the total supply, while the remaining 30% is reserved for the remaining eligible blockchains.
Although users can claim the tokens, they cannot be used immediately for trading. Rather, they must “thaw” or vest in 25% increments every 90 days, for a total of 360 days. As mentioned in our earlier post, Cardano founder Charles Hoskinson said the Glacier airdrops could reach 37 million users.
Allocated NIGHT tokens are initially locked in a redemption smart contract on Cardano during the Glacier Drop. They are gradually unlocked during the Redemption period. The distribution then moves onto the second claim phase, after the Glacier Drop.
All unclaimed NIGHT tokens transition into a second phase called the Scavenger Mine. To earn NIGHT tokens during this phase, users must provide computational power.
What Makes Midnight Unique?
As we discussed earlier, the Midnight Network focuses on using zero-knowledge cryptography to prove facts without revealing underlying data. The network allows for the selective disclosure of data, shielding wallets and transaction data while offering secure access.
Unlike privacy coins, which hide everything, Midnight employs selective disclosure. Users of the Midnight network can choose when and with whom they would like to share information.
The network is currently live on testnet, with the mainnet launch set to occur 90 days after the Glacier Drop. In addition to the NIGHT token, Midnight intends to execute transactions using a DUST token.