Here's a summary of its key aspects:
Core Function
NIGHT's primary function is to generate DUST, the shielded, renewable resource used to pay for transaction fees on the Midnight network. $NIGHT holders are not required to spend NIGHT to execute transactions — instead, DUST is continuously generated as long as NIGHT is held. [Midnight combined model]
Key Properties
Unshielded: NIGHT transactions are publicly visible on the blockchain, including metadata such as wallet addresses, values, and timestamps.
Transferable: Freely transferable between wallets and listable on exchanges.
Fixed supply: 24 billion NIGHT tokens, divided into subunits called STARs (1 NIGHT = 1,000,000 STARs).
Non-expendable: NIGHT is not consumed when executing transactions.
Disinflationary: Circulating supply expands via block rewards but slows over time until the full supply is in circulation.
Multi-chain: NIGHT exists natively on both Cardano (as a Cardano Native Asset) and Midnight (as the network's native token). [Midnight Glossary]
Uses
NIGHT is intended for:
Generating DUST – enabling transaction execution on Midnight.
Block production rewards – rewarding Midnight block producers.
Ecosystem growth incentives.
On-chain governance – future decentralized governance of the network.
Token States
Circulating NIGHT exists in two states:
Protocol-unlocked: Can be moved and carries full utility (e.g., generating DUST, governance).
Protocol-locked: Cannot be moved or perform any functions.
Every unlocked token on Cardano is locked on Midnight, and vice versa, ensuring the effective total supply never exceeds 24 billion. [Midnight combined model]
Distribution
NIGHT is being distributed through a multi-phase process called the Glacier Drop, which allocates 100% of the 24 billion token supply to eligible participants across networks including Cardano, Bitcoin, Ethereum, Solana, and others — at no cost to participants.