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 NIGHTUSDC	bullish	AA	0.02470USDC	6.47%	163,206,743.14NIGHT	42,752	0.02320USDC	0.02540USDC
2	NIGHT-USDT NIGHTUSDT	bullish	AA	0.02472USDT	6.29%	160,373,575.77NIGHT	42,573	0.02326USDT	0.02540USDT
3	NIGHT-USDT NIGHT-USDT	okex	A	0.02472USDT	6.21%	63,018,003.40NIGHT	44,951	0.02328USDT	0.02541USDT
4	NIGHT-USDT NIGHTUSDT	binance	AA	0.02472USDT	6.19%	61,399,461.00NIGHT	22,446	0.02328USDT	0.02541USDT
5	NIGHT-USDT NIGHTUSDT	bybit	A	0.02472USDT	6.19%	59,064,574.40NIGHT	19,030	0.02328USDT	0.02541USDT
6	NIGHT-USD NIGHTUSD	kraken	AA	0.02471USD	6.33%	21,718,069.38NIGHT	4,125	0.02324USD	0.02543USD
7	NIGHT-USDT NIGHTUSDT_SPBL	bitget	BB	0.02473USDT	6.18%	7,989,701.11NIGHT	2,295	0.02329USDT	0.02539USDT
8	NIGHT-USDT NIGHT_USDT	gateio	A	0.02471USDT	6.18%	7,418,747.00NIGHT	11,817	0.02327USDT	0.02540USDT
9	NIGHT-EUR NIGHTEUR	kraken	AA	0.02150EUR	6.07%	6,884,130.88NIGHT	532	0.02027EUR	0.02202EUR
10	NIGHT-USDC NIGHTUSDC	binance	AA	0.02471USDC	6.14%	6,943,993.00NIGHT	1,663	0.02328USDC	0.02539USDC
11	NIGHT-USDT NIGHT-USDT	kucoin	BB	0.02477USDT	6.40%	3,515,767.20NIGHT	1,222	0.02328USDT	0.02540USDT
12	NIGHT-TRY NIGHTTRY	binance	AA	1.20TRY	6.41%	2,077,650.00NIGHT	827	1.12TRY	1.23TRY
13	NIGHT-USDC NIGHT-USDC	okex	A	0.02478USDC	6.57%	1,057,476.60NIGHT	399	0.02325USDC	0.02531USDC
14	NIGHT-USD NIGHT-USD	okex	A	0.02500USD	7.57%	844,307.20NIGHT	245	0.02324USD	0.02540USD
15	NIGHT-EUR NIGHT-EUR	okex	A	0.02150EUR	6.10%	590,237.70NIGHT	321	0.02026EUR	0.02201EUR
16	NIGHT-TRY NIGHT-TRY	okex	A	1.16TRY	2.63%	431,526.34NIGHT	212	1.13TRY	1.17TRY
17	NIGHT-U NIGHTU	binance	AA	0.02490U	6.09%	275,342.00NIGHT	63	0.02347U	0.02525U
18	NIGHT-USDT NIGHTUSDT	cexio	BB	0.02466USDT	14.03%	48,912.68NIGHT	2	0.02163USDT	0.02466USDT
19	NIGHT-USDC NIGHTUSDC	cexio	BB	0.02390USDC	7.90%	1,288.00NIGHT	1	0.02215USDC	0.02390USDC
20	NIGHT-USD NIGHTUSD	cexio	BB	0.02407USD	10.07%	1,223.60NIGHT	1	0.02187USD	0.02407USD
21	NIGHT-USDT NIGHT_USDT	p2pb2b	D	0.02471USDT	6.14%	27,761,135.00NIGHT	14,923	0.02328USDT	0.02541USDT
22	NIGHT-USDT night_usdt	lbank	C	0.02471USDT	6.19%	18,642,350.10NIGHT	84,476	0.02327USDT	0.02539USDT
23	NIGHT-USDT night_usdt	xtpub	-	0.02472USDT	6.21%	18,400,556.90NIGHT	9,635	0.02328USDT	0.02540USDT
24	NIGHT-USDT sNIGHTUSDT	phemex	C	0.02468USDT	6.15%	16,070,870.00NIGHT	5,864	0.02325USDT	0.02546USDT
25	NIGHT-USDT night_usdt	digifinex	D	0.02470USDT	6.16%	13,221,778.74NIGHT	14,688	0.02327USDT	0.02539USDT
26	NIGHT-USDT NIGHTUSDT	toobit	C	0.02473USDT	6.14%	9,458,643.00NIGHT	10,642	0.02330USDT	0.02541USDT
27	NIGHT-USDT NIGHTUSDT	bitrue	D	0.02472USDT	6.16%	7,492,597.01NIGHT	20,791	0.02329USDT	0.02540USDT
28	NIGHT-USDT nightusdt	huobipro	C	0.02120USDT	-2.12%	5,466,771.62NIGHT	1,855	0.02166USDT	0.02216USDT
29	NIGHT-USDC NIGHTUSDC	mexc	C	0.02469USDC	6.06%	2,324,775.23NIGHT	3,212	0.02328USDC	0.02540USDC
30	NIGHT-USDC NIGHT_USDC	p2pb2b	D	0.02470USDC	6.10%	1,614,650.00NIGHT	759	0.02328USDC	0.02536USDC
31	NIGHT-USDT NIGHT_USDT	bydfi	-	0.02471USDT	6.14%	1,074,480.64NIGHT	3,666	0.02328USDT	0.02541USDT
32	NIGHT-USDC NIGHT_USDC	cryptology	D	0.02470USDC	6.13%	641,851.78NIGHT	2,229	0.02327USDC	0.02540USDC
33	NIGHT-USDT NIGHT_USDT	cryptology	D	0.02470USDT	6.08%	632,188.88NIGHT	2,026	0.02329USDT	0.02539USDT
34	NIGHT-IDR nightidr	indodax	E	432.00IDR	9.09%	118,123.85NIGHT	220	396.00IDR	446.00IDR
35	NIGHT-USDT NIGHTUSDT	coinex	C	0.02473USDT	6.12%	61,409.72NIGHT	8,470	0.02330USDT	0.02537USDT
36	NIGHT-USDT NIGHTUSDT	hitbtc	E	0.02279USDT	0.00%	0NIGHT	0	0.02279USDT	0.02279USDT