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Midnight

NIGHT
Privacy / Smart Contract PlatformProof of Stake (federated initially, decentralizing)Launched 2025
Max Supply
24.00B
Circulating
16.60B
Launched
2025
Minute-Level Data From
2026-04-08

What it does

Midnight is a privacy-preserving Layer 1 blockchain developed by Input Output Global (IOG — builders of Cardano) that enables programmable selective data disclosure using zero-knowledge proofs. Applications built on Midnight can share certain data publicly while keeping other data private and encrypted, enabling regulatory compliance while preserving user privacy. NIGHT is the governance token; DUST is the gas token for transaction fees.

How it works

Midnight uses a dual-token model: NIGHT for governance and staking, DUST (a gas token generated by staking NIGHT) for paying transaction fees. The blockchain uses zero-knowledge proofs to let developers build applications where users can prove facts about their data (e.g., 'I am over 18' or 'I have sufficient balance') without revealing the underlying data. Midnight launched as a federated mainnet in March 2026 with Google, Vodafone, and others as node operators, with plans to decentralize. NIGHT exists cross-chain — on Cardano as a native asset and on the Midnight network itself. Token distribution at launch was one of crypto's largest airdrops.

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Problem it solves

Existing blockchains are fully transparent — all transaction and application data is public. This makes them unusable for regulated industries (healthcare, finance, legal) that have data privacy obligations. Midnight solves this with 'programmable privacy' where developers choose exactly what data is public vs private, enabling compliant DeFi, identity, and enterprise applications where privacy is legally required.

Key Differentiator

Programmable selective disclosure using ZK-proofs — developers decide per-field what data is public vs private, enabling regulated applications that need both blockchain transparency and data privacy compliance simultaneously.

Tokenomics

Supply Model
Fixed (24B max supply; ~69% circulating at launch; no additional minting)
Staking
Stake NIGHT to generate DUST (gas token); stakers secure the network and earn DUST rewards
Burn Mechanism
DUST burned with each transaction; NIGHT supply itself is fixed
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Ecosystem

Chain: Midnight (own Layer 1 blockchain, Cardano partner chain)
Depends on: IOG/Cardano ecosystem, federated node operator expansion to decentralized validators, dApp developer adoption, DUST demand from application usage
Influences: Privacy blockchain sector, enterprise blockchain adoption for regulated industries, Cardano ADA ecosystem

Similar Projects

Sources

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Supply figures and project details are approximate and may not reflect the latest changes. Always verify from official sources before making decisions. This information is for educational purposes only — not financial advice.