Midnight

Summary

Midnight (NIGHT) is a privacy-focused Cardano sidechain developed by Input Output (IO), the company behind Cardano, first unveiled in late 2023. Charles Hoskinson called it 'six years of intellectual and practical effort.' The 'Glacier Drop' airdrop distributed 100% of the 24B token supply to 37M users across 8 blockchains with zero VC allocation — 50%+ to ADA holders. NIGHT launched December 8, 2025 but immediately crashed 60%+ from $0.11 to $0.02 as the massive free distribution flooded exchanges. Over 4.5B airdropped tokens remain in 'thawing' through December 2026 (25% unlocks every 90 days), creating persistent selling pressure. Mainnet is not yet live, meaning token utility is largely theoretical.