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With the Midnight distribution imminent, the project confirmed it has minted the entire supply on Cardano, and the cost of this is impressive.
Notably, Cardano community figure Ed n’ Stuff refreshed the minds of enthusiasts on the latest developments in the Midnight ecosystem. He confirmed that the Midnight team has already minted the 24 billion NIGHT tokens for distribution on the Cardano network, indicating preparedness for the widely anticipated event.
Token Generation Cost
While the price per NIGHT token remains undisclosed, many expect the token’s whole supply to be worth a fortune. Interestingly, it only cost the Midnight team a mere 0.80 ADA to mint the entire supply.
On-chain data shows that the minting event occurred at height 12,517,624 on October 14 at 16:34 UTC. The team minted the entire 24 billion supply for less than 1 ADA, which, according to on-chain data, was worth $0.52 at the time.
Notably, Ed n’ Stuff perceived this as bullish. He provided further context in a reply, emphasizing that minting 24 billion tokens at a fee of less than $1 shows the efficiency of the proof-of-stake (PoS) network.
Additionally, it confirms that Cardano is cheap to use, scalable, and resistant to censorship. According to him, these are the key components of a “sound money infrastructure.” Notably, Cardano founder Charles Hoskinson shares a similar sentiment with this analyst, claiming in several instances that Cardano is sound money and is in that category with only Bitcoin.
Meanwhile, Ed n’ Stuff further explained that the NIGHT token would exist natively on both Cardano and Midnight. If a token is unlocked on Midnight, the exact value would be locked on Cardano and vice versa to maintain its total 24 billion supply. This was in response to a question on how NIGHT would be cross-chain.
Midnight Token Distribution Details
Remarkably, the NIGHT distribution event is inching closer, according to a date disclosed by Hoskinson. The Cardano founder revealed that the eligible users would receive their tokens on December 8, with trading also starting on the same date.
He had already noted that several tier 1 crypto exchanges will list the NIGHT token upon launch. Hoskinson called Midnight the most transformational project in Cardano history for this reason and many others, including its growing list of partnerships.
Users would receive a portion of their claims on the date, with the rest released in four equal batches over the next 12 months. The move would prevent unnecessary selling pressure for NIGHT while encouraging long-term network interaction.
Notably, the Glacier Drop and Scavenger Mine phase has already concluded. The next phase is the Redemption stage, which gives users who did not claim initially a final opportunity to do so.