Midnight Network Announces NIGHT Tokenomics and "Glacier Drop" Mechanism

According to Coindesk, Midnight Network, a privacy-focused blockchain project, has released its tokenomics whitepaper and pre-announced the "Glacier Drop" mechanism for its native NIGHT token, with token claims opening next month. The "Glacier Drop" will be conducted in three phases, involving eight major blockchain ecosystems, including Bitcoin and Ethereum.

During the 60-day claim period starting in July, eligible wallets holding at least $100.00 worth of native tokens at the time of the pre-snapshot can claim their full allocation. This will be followed by a 30-day "Treasure Mine" phase, where unclaimed tokens will be redistributed to participants who complete computational tasks through a mechanism similar to proof-of-work.

After the mainnet goes live later this year, a four-year "Lost and Found" phase will begin, during which original claimants who missed the initial claim can recover a portion of their allocation through self-verification. To prevent supply shocks, NIGHT tokens will be unlocked randomly in four tranches over 360 days. Midnight Foundation Chairman Fahmi Syed stated that this mechanism embodies the "rational privacy" vision, allowing developers to finely control on-chain data sharing. The eligibility snapshot has been completed and is now open for queries.