Question 1

What is Midnight (NIGHT)?

Accepted Answer

Midnight is a privacy-focused Layer 1 blockchain designed to enable data-protecting decentralised applications through zero-knowledge (ZK) cryptography and selective disclosure. Its architecture separates application logic from private data and allows both shielded and unshielded transactions.

The protocol uses a dual-token system:
- **NIGHT** is the unshielded, transferable native token used for governance, block production rewards, and ecosystem incentives.
- **DUST** is a shielded, non-transferable, and decaying resource used exclusively to pay transaction fees on the network.

Midnight introduces a system where **NIGHT generates DUST** over time. This provides predictable access to network resources without requiring users to spend the native token directly. The separation between value (NIGHT) and utility (DUST) helps address regulatory concerns while preserving user privacy.

NIGHT exists as a native token on both **Cardano** (as a Cardano Native Asset) and the **Midnight mainnet**. A protocol-level bridge ensures tokens are locked on one network when active on the other, maintaining a total supply cap of 24 billion tokens.

Question 2

What is Midnight (NIGHT) token used for?

Accepted Answer

NIGHT is used for several purposes across the Midnight ecosystem:

- **Generating DUST**: NIGHT passively generates DUST, the shielded resource used to pay for transactions. The more NIGHT held, the more DUST is generated.
- **Network governance**: NIGHT will enable on-chain voting on proposals, including protocol upgrades and Treasury spending.
- **Block production rewards**: NIGHT from the Reserve pool is distributed to block producers and the on-chain Treasury as rewards.
- **Treasury backing**: NIGHT underpins the protocol-owned Treasury, which may diversify into other assets and blockchains over time.
- **Ecosystem participation**: NIGHT can be delegated, bridged, or designated to generate DUST for others, enabling sponsored or abstracted transactions.

The DUST mechanism allows:
- Users to transact without revealing metadata
- DApp operators to cover user transaction costs
- Future marketplaces for leasing or exchanging access to network capacity

DUST cannot be transferred or stored as value and decays over time, preventing speculation and reducing regulatory risk.

Question 3

Who created Midnight (NIGHT)?

Accepted Answer

Midnight was incubated by Input Output (IO), the blockchain engineering company founded by Charles Hoskinson, who also co-founded Ethereum and founded Cardano. Hoskinson conceptualised Midnight as a blockchain built for “rational privacy” in Web3.

The protocol is now being developed by Shielded Technologies, an engineering spin-out from IO. Shielded Technologies is led by Mike Ward (CEO) and Bob Blessing-Hartley (CTO). Midnight's broader governance structure is supported by the Midnight Foundation, an independent organisation tasked with long-term ecosystem development and decentralisation of the network.

Midnight maintains a close relationship with Cardano, using its validator network (Stake Pool Operators) to secure the protocol at launch. The network’s consensus design aligns with the Cardano Partner Chains framework.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	NIGHT-USDC NIGHT-USDC	okex	A	0.04256USDC	5.16%	929,129,985.60NIGHT	346,254	0.04047USDC	0.04308USDC
2	NIGHT-USDT NIGHT-USDT	okex	A	0.04261USDT	5.15%	113,952,156.60NIGHT	92,066	0.04052USDT	0.04314USDT
3	NIGHT-USDT NIGHTUSDT	binance	AA	0.04260USDT	5.13%	47,858,721.00NIGHT	30,595	0.04052USDT	0.04318USDT
4	NIGHT-USD NIGHTUSD	kraken	AA	0.04258USD	5.21%	29,838,393.22NIGHT	8,418	0.04047USD	0.04310USD
5	NIGHT-USDC NIGHTUSDC	bullish	AA	0.04260USDC	5.19%	28,183,086.81NIGHT	18,832	0.04050USDC	0.04310USDC
6	NIGHT-USDT NIGHTUSDT	bullish	AA	0.04264USDT	5.22%	26,505,371.77NIGHT	18,854	0.04052USDT	0.04312USDT
7	NIGHT-USDT NIGHTUSDT	bybit	A	0.04261USDT	5.18%	22,838,690.00NIGHT	20,136	0.04050USDT	0.04319USDT
8	NIGHT-USDT NIGHT-USDT	kucoin	BB	0.04266USDT	4.94%	21,025,487.40NIGHT	9,175	0.04065USDT	0.04383USDT
9	NIGHT-USDT NIGHT_USDT	gateio	A	0.04262USDT	5.24%	19,100,287.00NIGHT	34,670	0.04050USDT	0.04312USDT
10	NIGHT-USDT NIGHTUSDT_SPBL	bitget	BB	0.04267USDT	5.15%	6,877,283.35NIGHT	1,485	0.04058USDT	0.04314USDT
11	NIGHT-USDC NIGHTUSDC	binance	AA	0.04270USDC	5.46%	5,836,769.00NIGHT	839	0.04049USDC	0.04307USDC
12	NIGHT-TRY NIGHTTRY	binance	AA	2.14TRY	5.59%	5,449,952.00NIGHT	929	2.02TRY	2.19TRY
13	NIGHT-EUR NIGHT-EUR	okex	A	0.03804EUR	5.35%	4,190,086.60NIGHT	2,111	0.03611EUR	0.03850EUR
14	NIGHT-EUR NIGHTEUR	kraken	AA	0.03828EUR	5.66%	2,910,400.04NIGHT	771	0.03624EUR	0.03848EUR
15	NIGHT-U NIGHTU	binance	AA	0.04283U	6.12%	41,653.00NIGHT	9	0.04036U	0.04283U
16	NIGHT-TRY NIGHT-TRY	okex	A	1.96TRY	-3.51%	338.98NIGHT	1	2.03TRY	2.03TRY
17	NIGHT-USDT night_usdt	digifinex	D	0.04260USDT	5.12%	23,891,996.75NIGHT	25,404	0.04052USDT	0.04312USDT
18	NIGHT-USDT NIGHT_USDT	p2pb2b	D	0.04262USDT	5.18%	19,382,722.00NIGHT	18,611	0.04052USDT	0.04317USDT
19	NIGHT-USDT night_usdt	xtpub	-	0.04271USDT	5.37%	17,051,782.61NIGHT	5,487	0.04054USDT	0.04313USDT
20	NIGHT-USDT sNIGHTUSDT	phemex	C	0.04271USDT	5.56%	11,527,847.80NIGHT	5,942	0.04046USDT	0.04324USDT
21	NIGHT-USDT night_usdt	lbank	C	0.04262USDT	5.16%	11,338,649.60NIGHT	85,988	0.04052USDT	0.04313USDT
22	NIGHT-USDT NIGHTUSDT	toobit	C	0.04261USDT	5.16%	6,910,927.00NIGHT	12,185	0.04052USDT	0.04313USDT
23	NIGHT-USDT NIGHTUSDT	bitrue	D	0.04261USDT	5.11%	5,513,619.36NIGHT	21,922	0.04054USDT	0.04314USDT
24	NIGHT-USDT NIGHT_USDT	bydfi	-	0.04268USDT	5.28%	1,621,478.91NIGHT	3,665	0.04054USDT	0.04328USDT
25	NIGHT-USDC NIGHT_USDC	p2pb2b	D	0.04280USDC	5.44%	1,373,261.00NIGHT	372	0.04059USDC	0.04302USDC
26	NIGHT-USDC NIGHTUSDC	mexc	C	0.04267USDC	5.38%	1,362,302.30NIGHT	3,086	0.04049USDC	0.04310USDC
27	NIGHT-USDT nightusdt	huobipro	C	0.03065USDT	3.23%	745,490.43NIGHT	418	0.02969USDT	0.03349USDT
28	NIGHT-USDC NIGHT_USDC	cryptology	D	0.04259USDC	5.18%	143,443.85NIGHT	1,452	0.04049USDC	0.04305USDC
29	NIGHT-USDT NIGHT_USDT	cryptology	D	0.04263USDT	5.15%	143,278.33NIGHT	1,786	0.04054USDT	0.04311USDT
30	NIGHT-IDR nightidr	indodax	E	800.00IDR	9.29%	20,842.52NIGHT	40	732.00IDR	819.00IDR
31	NIGHT-USDT NIGHTUSDT	hitbtc	E	0.02279USDT	0.00%	0NIGHT	0	0.02279USDT	0.02279USDT