thecryptobasic.com
The Midnight Foundation has announced a major milestone in the $NIGHT token redemption process, with users now redeeming 2 billion $NIGHT tokens.
According to the announcement, users have redeemed 2 billion $NIGHT tokens since the redemption process began in December 2025.
For context, more than 170,000 wallets across eight blockchains, including Cardano and the XRP Ledger, claimed 3.5 billion $NIGHT between August 5 and October 20, 2025, during the Glacier Drop phase. Subsequently, the Scavenger Mine phase distributed another 1 billion $NIGHT, bringing total claimed allocations to 4.5 billion $NIGHT.
$NIGHT Redemption
Although the redemption process commenced last year, recipients could not access their entire allocations immediately. Instead, the redemption process uses a thawing mechanism that allows users to redeem their $NIGHT across four periods.
So far, three thawing periods have been completed. The fourth and final period began on September 6, 2026, and is scheduled to end on December 4, 2026.
With 2 billion $NIGHT now redeemed, around 2.5 billion $NIGHT remain available for redemption before the December 4 deadline.
90-Day Grace Period Follows Final Thaw
After the December 4 deadline, Midnight will begin a 90-day grace period. During this period, users can continue claiming their fully thawed $NIGHT tokens through the official Midnight Redemption Portal or supported wallet applications.
Once the grace period ends, Midnight will shut down the Redemption Portal’s front end and backend APIs. $NIGHT serves as the native utility token of Midnight, the privacy-focused blockchain ecosystem built on Cardano.
Midnight Mainnet Surpasses 145,000 Transactions
Meanwhile, Midnight continues to record activity across its network. According to Midnight Explorer, the mainnet has processed more than 145,000 transactions, while the preprod testnet has recorded over 604,000 transactions.
The number of $NIGHT holders within the Cardano ecosystem has also surpassed 86,600, reaching 86,653 holders.
At press time, $NIGHT was trading at $0.02034, representing a 0.8% decline over the past 24 hours. Its market cap has fallen to $338.17 million, down significantly from the more than $1 billion valuation it reached shortly after launch.
Despite the decline, $NIGHT ranks as the 99th-largest crypto globally, while its 24-hour trading volume has increased 10.83% to $10.28 million.