The Cardano team has released a whitepaper for its new privacy-focused blockchain project called Midnight Network. This comes with a big announcement for crypto holders, especially those who hold XRP. The…
The Cardano team has released a whitepaper for its new privacy-focused blockchain project called Midnight Network. This comes with a big announcement for crypto holders, especially those who hold XRP.
The total supply of NIGHT tokens is 24 billion. Starting in July 2025, eligible users can begin claiming their tokens. Out of the 24 billion total NIGHT token supply, XRP holders will share 1.2 billion NIGHT, which is part of the 30% (7.2 billion tokens) allocated equally across crypto holders of XRP, ETH, SOL, BNB, AVAX, and BAT.
To be eligible, the user must have XRP worth at least $100 in their wallet on June 11, 2025 the date of the snapshot. If the user’s XRP wallet has that level of assets, then they are eligible to receive a share of the NIGHT tokens.
Beginning in July 2025, the NIGHT token airdrop for XRP holders will be placed in three stages. The first phase, known as the Initial Claim Phase, will run for sixty days. Next comes the Scavenger Mine phase, lasting 30 days, where users can earn unclaimed NIGHT tokens by completing certain computational tasks.
To prevent a massive sell-off, all claimed NIGHT tokens will be locked in a Cardano smart contract. Only 25% of the tokens will be gradually unlocked over a year, in four equal parts.
The last phase is the Lost-and-Found phase, one final opportunity to claim tokens before any excess is transferred to Midnight’s treasury after four years. Although Midnight is still on testnet, its mainnet release is scheduled for 90 days following the airdrop. Cardano founder Charles Hoskinson sees Midnight as a top DeFi hub, particularly for XRP holders, with benefits of privacy, cross-chain capabilities, and selective disclosure.
