Overview
NIGHT is a digital token that lets its holders pay for private transactions without spending the token itself. Once registered, NIGHT produces DUST, a separate allowance that covers transaction fees and refills on its own after use1,2. The Midnight documentation compares the pair to a solar panel and the electricity it makes: the panel is the asset you keep, and the electricity is what you use up to run transactions on the network3.
NIGHT is the native and governance token of Midnight, a privacy-focused partner chain of Cardano (a separate blockchain that runs alongside Cardano and draws on its community and infrastructure). Unlike privacy coins, which are built to hide who sends what, NIGHT itself is public: anyone can see NIGHT balances and transfers, which lets standard exchanges list it and regulated custodians hold it1. NIGHT is also designed to carry governance votes and to reward block producers, including Cardano stake pool operators, as the network decentralizes1. The Midnight Foundation supports the network, and the full token design is set out in the Midnight Tokenomics and Incentives whitepaper4.
Key Features
- Use the network without spending NIGHT. Every Midnight transaction is paid in DUST, so network fees come out of the DUST allowance and the NIGHT balance stays whole2.
- A fee allowance that recharges. Each NIGHT can build up to 5 DUST, filling gradually over about a week3. Spent DUST grows back over time, as long as the NIGHT stays in place, much like a rechargeable battery1.
- Apps can cover fees for their users. Developers can hold NIGHT and delegate the DUST it produces to their apps, so people using those apps can start without buying tokens of their own1.
- Private fuel, public token. DUST is shielded, meaning its use is hidden from public view, and it cannot be sent to another person, so DUST works only as fuel and never as money1.
- One token on two chains. NIGHT exists both as a Cardano native asset (a token recorded directly on Cardano's ledger) and as a Midnight token, with a total supply of 24 billion across both1. A bridge for moving NIGHT between the chains rolls out in stages, starting with transfers from Cardano to Midnight2.
What to Expect
The official NIGHT page lists exchanges that trade it, such as Binance, Kraken, and OKX, alongside institutional custodians and wallets including Lace, NuFi, and GeroWallet1. The ADAStack where to buy category lists more options.
Holding NIGHT alone does not start the DUST flow. You first register your NIGHT and choose a Midnight address to receive the DUST2. If your NIGHT sits on Cardano, a DUST Generator app records that registration with a small Cardano transaction paid in ADA, and your tokens stay in your own wallet the whole time2. For NIGHT on Cardano, DUST starts building up about 12 hours after registration; for NIGHT held on Midnight, it starts as soon as registration succeeds2. From then on, that DUST pays your Midnight transaction fees2.
NIGHT first reached the community through the Glacier Drop, a free distribution to self-custody holders of ADA, BTC, ETH, SOL, XRP, BNB, AVAX, and BAT, followed by an open Scavenger Mine round that anyone with a computer could join1. Claimed tokens unlock in four equal quarterly portions over a 360-day thawing period, followed by a 90-day grace period for redemptions5, and unclaimed tokens move to a Lost-and-Found phase that eligible holders can claim for five years from the Midnight network's first block, called the genesis block1.
For readers who want to check the code, the Midnight documentation lists an audit of the NIGHT token and Glacier Drop distribution by Tweag (Modus Create), with the audit report on GitHub6.
