Midnight Network Releases NIGHT Token Economics and “Glacier Airdrop” Mechanism

PANews reported on June 24 that according to Coindesk, the privacy-focused blockchain project Midnight Network released a token economics white paper and announced in advance the "Glacier Airdrop" mechanism for the native NIGHT token, which will be available next month. The "Glacier Drop" will be carried out in three phases, involving eight major blockchain ecosystems such as Bitcoin and Ethereum.

During the 60-day claiming period starting in July, eligible wallets holding at least $100 in native tokens at the time of the pre-snapshot can claim the full quota. This is followed by a 30-day "treasure hunt mine" phase, where unclaimed tokens will be redistributed to participants who complete computing tasks through a mechanism similar to proof of work. After the mainnet goes online later this year, it will enter a four-year "lost and found" phase, where original claimants who missed the initial claim can recover part of the quota through self-verification. To prevent supply shocks, NIGHT tokens will be randomly unlocked in four times over 360 days. Fahmi Syed, chairman of the Midnight Foundation, said that this mechanism embodies the vision of "rational privacy" and allows developers to finely control on-chain data sharing. The qualification snapshot has been completed and is now open for query.