Cardano Unveils Midnight Network Whitepaper: NIGHT Token airdrop for XRP Holders

The Cardano ecosystem has officially published the whitepaper for the Midnight Network, detailing the allocation of its NIGHT token specifically for XRP holders.

In a comprehensive 45-page document, the team confirmed that NIGHT, the flagship token of the Midnight Network, will be distributed across eight different blockchains. These include the XRP Ledger, Bitcoin, Solana, Cardano, Avalanche, BNB Chain, Ethereum, and Basic Attention Token.

To qualify for the token airdrop, users must hold at least $100 worth of native tokens from these blockchains as of the Midnight snapshot taken on June 11. Notably, XRP holders with a minimum balance of $100 during this snapshot will be eligible to receive the airdrop.

Charles Hoskinson, the founder of Cardano, previously mentioned that the distribution will reach approximately 37 million wallets.

Distribution Details for NIGHT Tokens to XRP Holders

The whitepaper outlines that the total supply of NIGHT tokens is capped at 24 billion, with eligible users set to begin claiming their allocations next month.

Out of the total supply, 50%—or 12 billion tokens—will be designated for holders of Cardano’s ADA. Bitcoin holders will have access to 20% of the total supply, translating to around 4.8 billion NIGHT tokens.

The remaining 30%, which amounts to 7.2 billion NIGHT tokens, will be evenly distributed among holders of XRP, BAT, ETH, BNB, SOL, and AVAX. This means that XRP holders can expect to claim approximately 1.2 billion NIGHT tokens.

The specific amount of NIGHT tokens each participant will receive will depend on their XRP holdings at the time of the snapshot, with larger holders likely receiving a greater share.

Claiming Process and Timeline

Eligible users will be able to claim their NIGHT tokens starting in July 2025, with a 60-day window for the initial phase of the airdrop.

Following this initial phase, a second phase known as the Scavenger Mine will commence immediately. This phase, lasting 30 days, will allow participants to earn any unclaimed NIGHT tokens by completing specific computational tasks.

Additionally, a Lost-and-Found phase will provide an opportunity for users who missed the initial distribution to claim their tokens. If any tokens remain unclaimed after four years, they will be redirected to the Midnight treasury.

While users can start claiming NIGHT tokens next month, all claimed tokens will be secured in a Cardano-based redemption smart contract to prevent immediate selling. Notably, 25% of the claimed tokens will be released in four separate installments over the course of a year.

Currently, Midnight is operating on a testnet, with plans for its mainnet launch later this year. According to the whitepaper, the mainnet version of Midnight is expected to go live 90 days after the Glacier Drop.

In addition to offering selective data disclosure, Hoskinson has indicated that Midnight may also function as a decentralized finance hub within the XRP ecosystem.

Disclaimer: This article is for informational purposes only and should not be interpreted as financial advice. The opinions expressed herein may reflect the author’s personal views and do not necessarily represent those of The Crypto Basic. Readers are encouraged to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses.

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.