The 24 billion NIGHT tokens have been minted on Cardano mainnet. Learn what this milestone means for Glacier Drop.
The 24 billion NIGHT tokens have been created as Cardano Native Assets (CNAs) by Midnight TGE in coordination with its technical partners. This marks another major milestone on the Glacier Drop roadmap.
The smart contract has been executed to mint 24 billion NIGHT tokens and the token has now been submitted for registration to the Cardano registry. This event represents the first time that NIGHT exists as an on-chain asset, creating a permanent and public record of the supply.
The Cardano representation of the NIGHT token is the first embodiment of Midnight’s multi-chain token, with the supply due to be natively mirrored on Midnight. For more details, read the tokenomics and incentives whitepaper.
NIGHT tokens are now recorded on the blockchain, which is an important milestone but this does not require any action from users. The supply of 24 billion NIGHT tokens are held by a smart contract until after both the Glacier Drop and the subsequent Scavenger Mine phase are complete.
The minting transaction also establishes key parameters for the Glacier Drop claim phase, such as its long-term thawing schedule.
The token minting is a step forward on the Midnight roadmap, and was required to be completed prior to the next phases of the Glacier Drop. Here’s a look at the road ahead:
The allocation includes the contracts for the Redemption phase (where Glacier Drop participants will eventually claim their tokens), a reserve for block production rewards, and allocation to core network constituents, which is explained comprehensively in the tokenomics and incentives whitepaper.
