Overview
Midnight is a privacy-focused blockchain built as a partner chain of Cardano by Input Output, the company founded by Charles Hoskinson. Its goal is “rational privacy”: letting apps keep sensitive data private (for example, medical or financial records) while still proving that rules are followed, for regulators or auditors when needed.
Its NIGHT token began trading in December 2025, and Midnight’s own main network went live in 2026, with companies such as Google Cloud and MoneyGram among early node operators.
How it works
- Apps use zero-knowledge proofs to prove facts without revealing the underlying data.
- NIGHT is the main token, used for governance and staking. It is public, not private.
- Holding NIGHT continuously generates DUST, a private, non-transferable resource used to pay transaction fees. DUST slowly decays if it isn’t used. This means users with NIGHT can use the network without spending tokens on each transaction.
The Glacier Drop
All 24 billion NIGHT were distributed for free, mainly through the Glacier Drop: holders of more than $100 in assets on eight blockchains, including Cardano, Bitcoin, Ethereum, Solana and others, could claim tokens. Half was reserved for ADA holders. A second phase, the “Scavenger Mine”, followed.
Claimed tokens thaw in four 25% steps over about a year, so more NIGHT becomes sellable throughout 2026.
The NIGHT token
| NIGHT at a glance | |
|---|---|
| Maximum supply | 24 billion NIGHT |
| In circulation (Oct 2026) | about 16.6 billion |
| Price (29 Oct 2026) | about $0.04 |
| All-time high | about $0.12 (December 2025) |
| Market cap | about $660 million (#93) |
Risks
- Young network. Midnight’s main network is new and its app ecosystem is small.
- Thawing supply. Airdropped tokens keep unlocking, adding selling pressure.
- Regulation. Even “rational” privacy may face scrutiny.
- Cardano link. Its success is partly tied to Cardano’s ecosystem.
Midnight vs. the competition
| Midnight | Zcash | Aztec | |
|---|---|---|---|
| Type | Privacy chain (Cardano partner) | Privacy coin | Privacy Layer 2 (Ethereum) |
| Privacy approach | ZK, selective disclosure | ZK, optional shielding | ZK |
| Fee model | DUST generated by NIGHT | ZEC fees | ETH-based |
Our verdict
Midnight is one of the more thoughtful attempts to make privacy work for businesses and regulators, with strong backers and a fair, wide distribution. But it is very new, tokens are still thawing, and adoption is unproven. NIGHT is a high-risk investment: invest only what you can afford to lose.
This review is for information only and is not financial advice.