NIGHT Midnight Project Research
Binance December 9 Alpha
Midnight is a collaboration chain of Cardano (ADA), focusing on privacy and compliance, utilizing zero-knowledge technology to conduct data transactions without sharing user data.
📑 Project Features:
🔸 DUST is used for GAS payments, continuously generated by holding NIGHT
🔸 Users can selectively disclose transaction information to meet compliance requirements under the premise of privacy
🔸 Cross-chain transactions on Midnight do not require owning NIGHT and DUST
💰 Token Economics:
🔸 The token distribution consists of 3 phases, with approximately 25% unlocked each quarter after the first phase application:
▫️ Phase 1: Glacier Drop, multi-chain wallet airdrop (Cardano (ADA) accounts for 50%, Bitcoin accounts for 20%, other networks account for 30%).
▫️ Phase 2: Scavenger Mine, redistribution of remaining unclaimed tokens, reserving a portion for Phase 3.
▫️ Phase 3: Lost-and-Found, after 4 years, original qualified addresses that missed the Glacier Drop can claim a portion of their original allocation again at a certain ratio.
🔸 Total token supply is 24 billion, with CMC reporting an initial circulating quantity of 10.8 billion.
💹 Project Economic Model:
🔸 When blocks are generated, if the block is not fully utilized, a portion of the tokens is transferred to the treasury
🔸 A portion of service fees in cross-chain scenarios is collected into the treasury
💷 Participant Revenue Sources:
🔸 Running validating nodes to generate blocks and receive block rewards
🔸 Staking NIGHT to node operators (speculated)
🔸 Earning DUST by holding NIGHT, DUST can be leased (although DUST cannot be directly traded, ownership can be transferred from the storage address)
💲 Financing Situation:
🔸 None, only some partners were mentioned in the official X
⚠️ Points to Note:
🔸 NIGHT is explicitly stated in the white paper as non-consumable (no destruction)
#BinanceAlpha #night
