Ahead of the imminent Midnight airdrop redemption event on Cardano, on-chain data shows the current distribution of the NIGHT token across wallets.
The widely awaited Glacier Drop redemption is a few days away, and the Cardano ecosystem is preparing earnestly for it. The Midnight team has already minted these tokens, and on-chain records have revealed their current distribution.
Midnight Token Distribution
Data from AdaStat shows that the NIGHT token has a circulating supply of 24 billion tokens. Notably, the Midnight team carried out the initial minting on October 14 at block height 12,517,624 and the final mint event at block height 12,696,233 on November 25.
Further details from AdaStat show that 26 wallets currently hold the entire 24 billion NIGHT supply. Of this, a particular address, “addr1w9,” holds 7.39 billion NIGHT, approximately 31% of the asset’s supply.
Notably, Cardano SPO and DRep “Stake with Pride” revealed in a tweet that this particular wallet might be the Midnight reserve address for staking rewards.
Furthermore, the on-chain data highlighted that another address, “addr1wx,” holds 4.5 billion NIGHT tokens, accounting for roughly 19% of the supply. The SPO also mentioned that this wallet is likely the one containing the NIGHT, which will be distributed to claimants of the Glacier Drop and participants in the subsequent Scavenger Hunt.
Notably, Midnight Foundation CEO Fahmi Syed confirmed in a website post that users claimed over 3.5 billion NIGHT tokens during the Glacier Drop, providing context for Stake with Pride’s claims.
Cardano-Native NIGHT Tokens on the Move
Essentially, 12 wallets in total hold 99.99% of the NIGHT tokens, with the two wallets mentioned earlier holding 50%. The remaining 0.01% of the supply was distributed to the other 14 wallets, bringing the current holders to 26.
Notably, the Midnight team has completed 25 transactions so far, most of which occurred in the last two days. Data shows a gradual movement of the NIGHT tokens to newer addresses in preparation for the imminent claim event.
Official Launch Date and Future Events
Meanwhile, Midnight has confirmed that the redemption event for Glacier Drop and Scavenger Hunt participants will take place on December 8. The NIGHT tokens would officially launch on the same day, with trading opened across exchanges.
Claimants will receive only 25% of their total allocation. The design is to distribute the tokens over four thaws spread across 12 months, with the participants receiving 25% at each phase.
After this stage, the Lost-and-Found phase will begin, giving eligible users who didn’t participate in the Glacier Drop another opportunity. This time, they would claim only a fraction of their original allocation.
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