Midnight (NIGHT): The Token of a Privacy Chain Born Out of Cardano
A zero-knowledge chain with two tokens, NIGHT and DUST
Midnight (NIGHT) is the token of the Midnight Network, a privacy-focused blockchain developed by Input Output Global (IOG), the company behind Cardano. NIGHT was first issued on Cardano in December 2025, and Midnight’s own mainnet opened in March 2026.
1. A partner chain of Cardano
Midnight was developed by IOG and is described as Cardano’s first official ‘partner chain’, meaning it is linked to Cardano but has its own ledger, consensus, smart contracts and tokens. Cardano stake pool operators (node runners) can also validate Midnight and earn NIGHT rewards.
On the Crypto Nation map, NIGHT stands in Cardano City, because it was first issued on Cardano. It was created on 4 December 2025 as a Cardano native asset (a token the ledger itself tracks) and is designed to be mirrored on the Midnight ledger, so it works on both chains.
2. Zero-knowledge proofs and two tokens
Midnight generates zero-knowledge proofs (cryptography that proves a fact without revealing the data) on the user’s own device, so sensitive data stays local. Its ledger mixes public and shielded data, and applications can use ‘selective disclosure’ to show only what an auditor or regulator needs. Smart contracts are written in Compact, a TypeScript-based language.
There are two tokens. NIGHT is the governance and utility token, with a fixed supply of 24 billion, and holding it continually generates DUST, the resource that pays for transactions. DUST drains with use and recharges over time, and it can be delegated, so developers can hold NIGHT to cover their users’ fees.
3. Where it is used, and key dates
NIGHT is used for governance, for generating DUST and for validator rewards. Early mainnet node operators named include Google Cloud, MoneyGram, Worldpay and Blockdaemon.
The ‘Glacier Drop’ airdrop ran from 5 August to 20 October 2025 for holders of ADA, BTC, ETH and five other major coins, followed by the ‘Scavenger Mine’ in October and November. NIGHT was issued on 4 December 2025, the mainnet genesis block was created on 17 March 2026, and the public launch came on 30 March. Launch used a federated model, with chosen institutions as validators; the next phase, ‘Mōhalu’, was planned to widen participation and open a DUST capacity exchange.
4. Things to know
Airdropped tokens unlock in four 25% installments over 360 days, on individual schedules, with the last unlocks due around 4 December 2026. At launch only a limited group of institutions ran validation, so decentralization is a step-by-step process.
Privacy-focused chains have faced limits on some exchanges and under some regulations. Midnight says selective disclosure can combine privacy with compliance, but real usage and regulators’ response remain to be seen. The network is also young, with little time for its tooling to prove itself.
Written from information public up to October 2026. It does not recommend or rate any coin and is not investment advice. If something is wrong, please tell us through the contact page.