Midnight (NIGHT) In-Depth Analysis: The Privacy Revolution in Cardano Ecosystem

Key Takeaways

 
• Midnight (NIGHT) is a fourth-generation blockchain project led by Cardano founder Charles Hoskinson, focusing on privacy protection technology
• Utilizes zero-knowledge proof (zk-SNARKs) technology to achieve programmable privacy, balancing data protection with regulatory compliance
• NIGHT token officially launched trading on December 9, 2025, with a total supply of 24 billion tokens
• Distributed 4.5 billion tokens to over 8 million addresses through Glacier Drop and Scavenger Mine
• MEXC Exchange offers NIGHT/USDT trading pair, renowned for its 100% reserve guarantee, zero-fee trading, and rapid listing speed
 

Introduction

 
In the rapidly evolving cryptocurrency market, privacy protection technology has become a critical issue in the blockchain space. Midnight (NIGHT), as an innovative project within the Cardano ecosystem, is leading a privacy revolution in the crypto industry. This article provides an in-depth exploration of the Midnight project's technical architecture, tokenomics, market performance, and trading opportunities on MEXC Exchange.
 

What is Midnight (NIGHT)? Deep Dive into Core Technology

 

Project Background and Vision

 
Midnight is a next-generation blockchain project developed under the leadership of Ethereum co-founder and Cardano founder Charles Hoskinson. First unveiled in November 2022, the project aims to address core privacy limitations in current public blockchains. Positioned as a fourth-generation blockchain, Midnight's core mission is to provide utility without compromising data protection and ownership.
 
The Midnight network operates as a privacy-focused sidechain to Cardano, employing a dual-component token system: NIGHT serves as the utility token for governance, staking, and network operations, while DUST functions as a shielded, decaying, non-transferable resource enabling metadata-shielded transactions. This innovative design allows Midnight to protect user privacy while meeting enterprise and regulatory requirements.
 

Zero-Knowledge Proof Technology: Midnight's Technical Core

 
Midnight employs zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge) technology, an advanced cryptographic technique that allows one party to prove to another that a statement is true without revealing any information beyond the validity of that statement. In the crypto space, this means users can verify transactions on the blockchain without exposing transaction details or personal data.
 
Midnight's ZK execution engine is based on the Kachina research framework and uses Pluto-Eris curves to produce BLS-type proofs, enabling scalable, composable privacy at the protocol level. The network supports processing 1,000+ transactions per second (TPS) with sub-second block times, providing high-performance infrastructure for DeFi applications, identity verification, and AI data protection.
 
Developer-friendliness is another major advantage of Midnight. The project has introduced Compact, a TypeScript-based smart contract language that dramatically reduces the cryptographic learning curve. This enables millions of developers worldwide to quickly get started, accelerating network adoption and ecosystem development.
 

NIGHT Tokenomics and Market Performance Analysis

 

Token Supply and Distribution Mechanism

 
The NIGHT token is the native token of the Midnight network, with a fixed total supply of 24 billion tokens. As of December 10, 2025, the circulating supply is approximately 16.6 billion tokens, representing about 69% of the total supply. The remaining approximately 82% of tokens are locked and will be gradually released through an established vesting schedule.
 
Token distribution follows a community-first strategy:
• 40% allocated to ecosystem development, community incentives, and developer grants
• 25% allocated to team and early investors, with a 1-year cliff and 4-year linear vesting
• 10% for genesis distribution
• 25% reserved for future development
 

NIGHT Token Price Trends and Market Performance

 
The NIGHT token officially launched trading on December 9, 2025, across multiple major crypto exchanges. According to CoinMarketCap data, the crypto price reached an all-time high of approximately $0.105 on the first day of trading but subsequently experienced a sharp correction. As of December 10, 2025, the NIGHT price is approximately $0.0232, down 77.92% in 24 hours, reflecting the high volatility characteristic of newly listed tokens.
 
Market data shows:
Market Cap: Approximately $385 million, ranked #209 on CoinMarketCap
24-hour Trading Volume: Approximately $29.74 million
Circulating Supply: 16.6 billion tokens (approximately 69% of total supply)
 
Analyst predictions indicate that if validator growth remains strong, the NIGHT price could reach the $0.080-$0.100 range by the end of 2025. Long-term, if enterprise adoption and DeFi integration succeed, the price target could reach $0.50-$0.60 by 2030.
 

Glacier Drop & Scavenger Mine: The Largest Token Distribution in History

 
The Midnight project distributed tokens to the broader crypto community through innovative distribution mechanisms. Glacier Drop was the first phase, running from August 5 to October 20, 2025, targeting self-custodying holders across eight blockchains including ADA, BTC, ETH, SOL, XRP, BNB, AVAX, and BAT. With a snapshot date of June 11, 2025, over 170,000 eligible wallet addresses participated, claiming 3.5 billion NIGHT tokens, representing 14% of the total supply.
 
Scavenger Mine, the second phase, launched on October 29, 2025, open to everyone. Participants earn tokens by completing computational tasks or puzzles, receiving a share of unclaimed tokens from the Glacier Drop phase. This mechanism provided an alternative distribution method for users who missed the first phase, further expanding community participation.
 
Token Unlock Mechanism: With NIGHT launching as a Cardano Native Asset on December 9, 2025, the countdown to redemption for over 4.5 billion claimed tokens officially began. Redemptions will occur through four "thaw" phases over one year, starting at 00:00 UTC on December 10, 2025. During each thaw, eligible participants will unlock 25% of their total claimed tokens. To avoid sudden supply shocks, each participant is assigned a randomized first thaw date within the initial 90-day window.
 

Midnight Development Roadmap: Four-Phase Plan from Hilo to Hua

 
The Midnight network employs a phased rollout strategy to ensure network stability and gradual feature refinement. Charles Hoskinson outlined the four-phase roadmap in detail at the Midnight Summit:
 
Hilo Phase (Current Stage): Focus on providing liquidity for NIGHT. The Midnight Foundation is securing NIGHT listings on multiple crypto exchanges and distributing 4.5 billion tokens to airdrop participants.
 
Kūkolu Phase (Q1 2026): Will launch the federated mainnet. This mainnet will operate in a hybrid model, with Input Output Global (IOG) managing some nodes while others are operated by major corporate partners, including an undisclosed Fortune 500 company. Over 100 ecosystem partners will be able to deploy privacy dApps in production environments.
 
Mōhalu Phase (Q2 2026): Launch of the incentivized testnet. This will be a crucial step toward full decentralization, allowing Cardano SPOs (Stake Pool Operators) to participate in network validation.
 
Hua Phase (Q3 2026): Focus on interoperability, paving the way for hybrid dApps and enabling developers to embed Midnight's privacy technology into other blockchain networks. This phase also includes ZSwap (privacy-preserving exchange mechanism) and integration with the Polkadot SDK (Substrate).
 
Hoskinson emphasized that Midnight's launch plan is intentionally structured to create steady, predictable growth, with new features or "goodies" arriving every 1-3 months. Each milestone aims to attract new partners to the ecosystem, further strengthen Midnight's value proposition, and accelerate adoption.
 

Trading NIGHT on MEXC Exchange: Secure, Efficient, Low-Cost

 
MEXC, as a leading global cryptocurrency exchange, has listed the NIGHT/USDT trading pair, providing investors with convenient trading channels. MEXC is renowned in the crypto industry for its exceptional service and security, making it an ideal platform for trading Midnight (NIGHT).
 

Core Advantages of MEXC Exchange

 
  1. 100% Reserve Guarantee
MEXC is renowned in the industry for its high security, boasting 100% reserves as a strong backing for users. This means every user asset is supported by actual reserves, significantly reducing trading risks. Users can visit the
MEXC Proof of Reserve page anytime to view real-time reserve status, ensuring fund security and transparency.
  1. Most Comprehensive Trading Pairs Globally
MEXC offers over 3,000 cryptocurrency trading pairs, making it one of the exchanges with the most comprehensive trading pairs globally. Whether you want to trade mainstream crypto like Bitcoin and Ethereum, or emerging projects like Midnight (NIGHT), you can find suitable trading pairs on MEXC.
  1. Excellent Liquidity
As a top-tier global exchange, MEXC boasts deep liquidity pools, ensuring users can execute orders quickly at optimal prices. For newly listed assets like NIGHT tokens, ample liquidity can reduce slippage and enhance the trading experience.
  1. Ultra-Fast Listing Speed
MEXC is known for its rapid token listings, typically providing trading services within the shortest time after project launches. Midnight (NIGHT) opened for trading on MEXC on the same day as its official launch on December 9, 2025, allowing users to participate in the market at the earliest opportunity. For details, visit the
  1. Ultra-Low Fees Including Zero-Fee Trading
MEXC's trading fees are highly competitive, with some trading pairs even offering zero-fee trading. Users can visit the
MEXC Zero Fee page to learn about the latest fee benefits. Low fees mean investors can retain more profits, especially for high-frequency traders, where this advantage is particularly significant.
 

How to Start Trading Midnight (NIGHT) on MEXC

 
Trading NIGHT on MEXC is straightforward, requiring just a few steps:
 
Step 1: Register a MEXC Account
 
If you don't have a MEXC account yet, you first need to register. Visit the MEXC official website, click the registration button, and follow the prompts to complete account creation and KYC verification.
 
Step 2: Deposit Funds
 
After logging into your MEXC account, go to the "Assets" page and select deposit. MEXC supports over 100 payment methods, including bank transfers, credit/debit cards, and P2P trading. You can directly deposit stablecoins like USDT or purchase crypto through fiat channels.
 
Step 3: Access the NIGHT Trading Page
 
After depositing, visit the
NIGHT/USDT trading page. Enter "NIGHT" in the search box and select the NIGHT/USDT trading pair.
 
Step 4: Place Your Order
 
MEXC offers various order types including market orders, limit orders, and stop-loss orders. For beginners, market orders are recommended for quick execution; for experienced traders, limit orders can be used to set desired prices. Enter the purchase quantity and click "Buy NIGHT" to complete the transaction.
 
Step 5: Manage Your NIGHT Assets
 
After the transaction is completed, your NIGHT tokens will appear in your spot account. You can choose to continue holding, make more trades, or withdraw to a personal wallet. MEXC supports secure withdrawal services, ensuring your assets can be transferred at any time.
 

Investment Opportunities and Risks of Midnight (NIGHT)

 

Investment Advantages

 
  1. Technological Innovation: Midnight employs advanced zk-SNARKs technology, balancing privacy protection with compliance to meet enterprise-level application requirements.
  2. Strong Backing: Led by Charles Hoskinson, supported by Cardano's $400M+ treasury, demonstrating strong institutional confidence.
  3. Ecosystem Development: 40% of tokens allocated to ecosystem and developer grants, attracting more developers and projects to join.
  4. Market Demand: With increasing global focus on digital privacy, the privacy blockchain market is projected to reach $100 billion.
 

Risk Factors

 
  1. Market Volatility: NIGHT experienced a 66% price drop on its first day of listing, showing extremely high early volatility.
  2. Token Unlocks: Approximately 82% of supply is locked, and future unlocks may bring selling pressure.
  3. Competitive Pressure: Faces competition from established privacy crypto projects like Monero and Zcash.
  4. Regulatory Risk: Privacy technology may face different regulatory policies across countries, requiring attention to policy changes.
 

Conclusion: Midnight Leading a New Era of Blockchain Privacy

 
Midnight (NIGHT), as a fourth-generation blockchain project, represents a significant advance in privacy protection within the crypto industry. Through zero-knowledge proof technology, Midnight successfully bridges data protection and regulatory compliance, opening new pathways for enterprise-level blockchain applications.
Although the NIGHT token experienced high volatility in its initial listing period, its long-term potential cannot be ignored. With the federated mainnet launching in Q1 2026 and continuous ecosystem expansion, Midnight is poised to become a leader in the privacy blockchain space. For cryptocurrency investors, MEXC Exchange provides a secure, efficient, and low-cost trading environment, making it an ideal platform to participate in the Midnight ecosystem.
 
If you're interested in Midnight (NIGHT), you can now visit the
MEXC NIGHT trading page to begin your investment journey. Don't forget to check the MEXC Proof of Reserve to ensure your assets are protected with the highest security.
 

Frequently Asked Questions (FAQs)

 

What is Midnight (NIGHT)?

 
Midnight is a fourth-generation blockchain project led by Cardano founder Charles Hoskinson, using zero-knowledge proof technology to provide programmable privacy features. NIGHT is the native token of the Midnight network, used for governance, staking, and network operations.
 

What is the total supply of NIGHT tokens?

 
The total supply of NIGHT tokens is 24 billion. As of December 10, 2025, the circulating supply is approximately 16.6 billion tokens, representing about 69% of the total supply.
 

How can I participate in Midnight's token distribution?

 
Midnight distributed tokens through two phases: Glacier Drop and Scavenger Mine. Glacier Drop ended on October 20, 2025, but Scavenger Mine is still ongoing, allowing users to earn tokens by completing computational tasks. Additionally, you can directly purchase NIGHT tokens on exchanges like MEXC.
 

Why choose MEXC to trade NIGHT?

 
MEXC offers advantages including 100% reserve guarantee, the most comprehensive trading pairs globally, excellent liquidity, ultra-fast listing speed, and ultra-low fees (including zero-fee trading), making it an ideal platform for trading NIGHT.
 

What are the price predictions for NIGHT tokens?

 
Analysts predict that if validator growth remains strong, NIGHT price could reach $0.080-$0.100 by the end of 2025. Long-term, if enterprise adoption and DeFi integration succeed, the price target could reach $0.50-$0.60 by 2030. However, please note that the cryptocurrency market is highly volatile, and price predictions are for reference only.
 

What distinguishes Midnight from other privacy coins?

 
Unlike traditional privacy coins like Monero and Zcash, Midnight not only provides privacy protection but also focuses on compliance and enterprise-level applications. Through zk-SNARKs technology and selective disclosure features, Midnight can protect user privacy while meeting regulatory requirements, which is its unique advantage.
 

Disclaimer

 
The content of this article is for informational purposes only and does not constitute any investment advice. Cryptocurrency investing involves high risks and significant price volatility. Before making any investment decisions, please conduct thorough research, assess your risk tolerance, and consult a professional financial advisor when necessary. Past performance does not represent future results. MEXC and the author of this article are not responsible for any investment losses resulting from the use of this information. Investors should bear all investment risks themselves.
Market Opportunity
Midnight Logo
Midnight Price(NIGHT)
$0.06482
$0.06482$0.06482
+1.36%
USD
Midnight (NIGHT) Live Price Chart

Description:Crypto Pulse is powered by AI and public sources to bring you the hottest token trends instantly. For expert insights and in-depth analysis, visit MEXC Learn.

The articles shared on this page are sourced from public platforms and are provided for informational purposes only. They do not necessarily represent the views of MEXC. All rights remain with the original authors. If you believe any content infringes upon third-party rights, please contact service@support.mexc.com for prompt removal.

MEXC does not guarantee the accuracy, completeness, or timeliness of any content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be interpreted as a recommendation or endorsement by MEXC.

Latest Updates on Midnight

View More
Trump to start final Fed chair interviews beginning with Kevin Warsh

Trump to start final Fed chair interviews beginning with Kevin Warsh

The post Trump to start final Fed chair interviews beginning with Kevin Warsh appeared on BitcoinEthereumNews.com. President Donald Trump will begin the final interviews of candidates for the Federal Reserve chair this week, putting back on track the formal selection process that began this summer. “We’re going to be looking at a couple different people, but I have a pretty good idea of who I want,” Trump said Tuesday night aboard Air Force One to reporters. The interviews by Trump and Treasury Secretary Scott Bessent will begin with former Fed governor Kevin Warsh on Wednesday and also include Kevin Hassett, the director of the National Economic Council, at some point, according to two sources. It restarts the process that was derailed a bit last week when interviews with candidates were abruptly canceled. Trump said recently he knew who he was going to pick to replace current Chair Jerome Powell, and prediction markets overwhelmingly believed it would be Hassett. But his possible selection received some pushback from the markets recently, especially among fixed income investors concerned Hassett would only do Trump’s bidding and keep rates too low even if inflation snaps back. So it’s unclear if these interviews are a sign Trump has changed his mind or just the final stage of the formal process. CNBC first reported in October that Trump had narrowed the candidate list down to five people. Four of those five will be part of these final interviews. The group also includes current Governors Christopher Waller and Michelle Bowman as well as BlackRock fixed income chief Rick Rieder. The Fed will likely lower rates for a third time this year on Wednesday, but Powell, whose term as chair is up in May, is expected to strike a cautious tone at his post-meeting press conference on how much lower the central bank will go next year. The Fed’s latest forecast released in September called…
2025/12/10
Glassnode: "Ethereum (ETH) is emerging from its downturn; the rally is just beginning!"

Glassnode: "Ethereum (ETH) is emerging from its downturn; the rally is just beginning!"

The post Glassnode: "Ethereum (ETH) is emerging from its downturn; the rally is just beginning!" appeared on BitcoinEthereumNews.com. Bitcoin (BTC) has risen above $90,000 after experiencing sharp declines, while Ethereum, the largest altcoin, has also seen a significant recovery. At this point, Ethereum (ETH) surged to $3,400 last night, marking its highest level since November 13th, approximately four weeks later. While bullish expectations for ETH still persist, one analyst argued that the downtrend for ETH has ended. Glassnode's co-founder, Negentropic X, an on-chain analytics platform, argued that ETH is quietly preparing for its next surge on the platform. According to the analyst, ETH has risen above its 50-day moving average. Following this, he analyzed that a trend break occurred in Ethereum and that the upward momentum continues. This situation has occurred twice before, followed by a strong recovery. At this point, the analyst likened the recovery in Ethereum dominance and renewed upward momentum to previous strong rallies. “Ethereum is quietly preparing for something big.” The dominance is reclaiming the 50SMA, the trend break is behind us, and momentum is pushing upwards. This pattern has gained even more momentum the last two times it has emerged. The downward window for ETH and altcoins has closed. Besides Negentropic, analyst Merlijn The Trader also made similar predictions for Ethereum. Referring to the formation of a large inverse head and shoulders pattern on the long-term weekly timeframe, the analyst stated, “The most bullish structure in the cryptocurrency market is forming in ETH.” Lastly, analyst Rekt Capital stated that Ethereum is in a critical demand zone and showing strength. They added that if the weekly close for ETH is above the CME futures gap level, the uptrend could continue. Continue Reading: Glassnode: "Ethereum (ETH) is emerging from its downturn; the rally is just beginning!" Source: https://en.bitcoinsistemi.com/glassnode-ethereum-eth-is-emerging-from-its-downturn-the-rally-is-just-beginning/
2025/12/10
Bitcoin’s Night-Only ETF Set to Make Waves in Under 90 Days

Bitcoin’s Night-Only ETF Set to Make Waves in Under 90 Days

Bitcoin After Dark: The New ETF Set to Trade BTC at NightA novel concept twist in crypto investing is coming with Bloomberg Senior Analyst Eric Balchunas reporting that the AfterDark ETF will launch in just 75 days. Unlike traditional ETFs, it will hold Bitcoin only at night, buying after the U.S. market closes and selling before it opens.Balchunas explains the strategy isn’t random since ‘most Bitcoin gains occur after hours.' By focusing on off-market trading, the ETF seeks to harness the volatility and momentum that emerge when traditional markets are closed, potentially boosting investor returns.The AfterDark ETF exemplifies a growing wave of innovative financial products designed to target niche trading patterns. While unconventional, such experimental ETFs, ranging from leveraged plays to thematic strategies, reflect the industry’s push to offer unique investor exposure.As Bloomberg’s Eric Balchunas notes, “The bigger takeaway here is that the ETF industry is going to try everything you can possibly imagine and some things you can't imagine. Is it a bit much? Yeah. But that's how capitalism works, it's messy. People gotta be free to try stuff. That's how you get the next big thing.” Therefore, the AfterDark ETF could pave the way for more time-specific or event-driven vehicles, giving investors fresh tools to capitalize on market dynamics.Well, the nighttime-only Bitcoin ETF is a bold experiment, with success hinging on after-hours trading patterns, liquidity, and broader Bitcoin trends. Notably, the AfterDark ETF reflects the innovation transforming both traditional finance and the crypto market, showing how creativity and technology can redefine investing.With its launch just over two months away, it has already captured the attention of market watchers and crypto enthusiasts alike. Whether it becomes a breakthrough or a cautionary tale, one thing is certain: Bitcoin investing, and ETFs themselves, are evolving in surprising new directions.ConclusionAs the AfterDark ETF prepares to launch, it represents a bold experiment in ETF innovation and crypto investing. By targeting Bitcoin’s after-hours momentum, it challenges traditional trading norms and offers investors a unique way to capture potential gains. Whether it becomes a market game-changer or a niche play, its debut highlights the creativity, and calculated risk, driving modern finance, reminding investors that unconventional strategies can open new opportunities.
2025/12/10
View More