Midnight Network Unveils NIGHT Tokenomics, ‘Glacier Drop’ Airdrop Mechanism

Midnight Network, a privacy-focused blockchain leveraging zero-knowledge smart contracts, published its tokenomics paper and unveiled its ‘Glacier Drop’ airdrop mechanism in advance of claims for the native NIGHT token starting next month. The project said Glacier Drop is a novel process that allocates all NIGHT tokens to users across eight major blockchain ecosystems and rolls out in three sequential phases. The tokens will be available on Bitcoin, Ethereum, Cardano, Solana, Binance Chain, Brave, Ripple and Avalanche, the company said in a press release Monday. First, during a 60-day claim period starting in July, eligible wallets, those holding at least $100 in native tokens at the time of a pre-announced snapshot, can claim their full allocation. That is followed by a 30-day Scavenger Mine phase, which redistributes any unclaimed tokens to participants who complete computational tasks using a proof-of-work-like mechanism. After the network’s mainnet launch later this year, a four-year Lost-and-Found phase will allow original claimants who missed the initial window to recover part of their allocation through self-directed verification. To avoid supply shocks, NIGHT tokens will unlock in four randomized installments over a 360-day period. This “thawing mechanism” is intended to damp volatility and promote long-term engagement with the network. Fahmi Syed, president of the Cayman-based Midnight Foundation, which oversees the project, said the approach reflects the network’s broader vision of “rational privacy,” giving developers granular control over what data is shared on-chain. The eligibility snapshot has already taken place, and more information is available at midnight.network .

Source: CoinDesk