Glacier Value Decreases by $275 Million: Airdrop Set to Commence at Midnight

Glacier Value Decreases by $275 Million: Airdrop Set to Commence at Midnight

The Midnight Foundation has announced the commencement of its highly anticipated Glacier Drop event, a large-scale, multi-chain token airdrop aimed at fostering an engaged community for the launch of a privacy-focused blockchain platform.

Starting August 5, eligible users can claim $NIGHT tokens, the governance token of the Midnight Network. The distribution spans eight major blockchain ecosystems, including Cardano, Bitcoin, Ethereum, Solana, Binance Coin, Avalanche, XRPL, and Basic Attention Token addresses.

The unique token distribution details are based on snapshot holdings as of June 11, 2025. Top recipients include Cardano addresses with 12 billion NIGHT tokens, Bitcoin with 4.8 billion, and Ethereum with 2.3 billion NIGHT tokens. Nearly 34 million eligible wallet addresses across these ecosystems can participate in the airdrop, provided they own at least $100 worth of specified cryptocurrencies in self-custodied wallets.

Tokens are distributed via Cardano-based smart contracts, with a 360-day vesting schedule. This means that 25% of claimed tokens unlock every 90 days, with full unlocking at the end of one year, promoting long-term engagement. Claims must be made within a 60-day window starting August 5, 2025, and ending October 4–5, 2025. Unclaimed tokens will be redistributed after this period.

The Midnight Foundation emphasizes building a broad, inclusive community aimed at supporting "rational privacy online." Midnight is positioned as a Layer 1 blockchain enabling programmable privacy using zero-knowledge cryptography. The NIGHT token will power confidential smart contracts and network operations, suggesting future governance will involve token holders in ecosystem decisions and privacy-centric application development.

The Glacier Drop is more than just a token distribution event. It also introduces several phases designed to ensure long-term alignment, expand access, and reinforce the network's core values: decentralization, privacy, and fair participation.

Following the Claim Phase, the Scavenger Mine Phase will offer users a new way to earn unclaimed tokens by completing on-chain computational tasks. After that, the Lost-and-Found Phase will allow original eligible users who missed the Claim Phase to recover their allocation up to four years after the mainnet launches.

The Midnight mainnet launch is scheduled for later this year. To learn more about the $NIGHT claim, tokenomics, and what users can expect from the mainnet launch, the Midnight Foundation is hosting a live AMA (Ask Me Anything) on X Spaces on August 5, featuring speakers including Fahmi Syed, Eran Barak, and Charles Hoskinson. The event kicks off at 4PM ET.

The claim process requires users to visit the official portal (midnight.gd), connect their wallet, and follow a secure, non-custodial process. The Scavenger Mine Phase, a 30-day event, is designed to expand access while reinforcing the network's core values.

Midnight's governance structure allows token holders to propose, vote, and influence the direction of the protocol through a decentralized governance structure. The use of Delegated Representatives (DReps) ensures that even passive users can have their voices heard by delegating voting power to trusted community leaders.

[1] Midnight Foundation. (2025). Glacier Drop Announcement. Retrieved from https://midnight.foundation/glacier-drop

[2] Midnight Foundation. (2025). Eligibility Requirements. Retrieved from https://midnight.foundation/eligibility

[3] Midnight Foundation. (2025). Token Allocation. Retrieved from https://midnight.foundation/allocation

[4] Midnight Foundation. (2025). NIGHT Token Overview. Retrieved from https://midnight.foundation/token

[5] Midnight Foundation. (2025). Vesting Schedule. Retrieved from https://midnight.foundation/vesting

1. The Midnight Foundation's Glacier Drop event, launching August 5, will distribute $NIGHT tokens, the governance token of the Midnight Network, across eight blockchain ecosystems, including Bitcoin, Ethereum, and Cardano.
2. Eligible users who own at least $100 worth of specified cryptocurrencies in self-custodied wallets can claim their NIGHT tokens within a 60-day window, with tokens vesting over 360 days to promote long-term engagement.
3. The Midnight blockchain platform, focused on privacy, is positioned as a Layer 1 blockchain enabling programmable privacy using zero-knowledge cryptography.
4. The NIGHT token will power confidential smart contracts and network operations, with governance allowing token holders to influence ecosystem decisions and privacy-centric application development.
5. The Glacier Drop event encompasses three phases: Claim, Scavenger Mine, and Lost-and-Found, designed to ensure long-term alignment, expand access, and reinforce the network's core values.
6. The Midnight mainnet launch is scheduled for later this year, with a live AMA on X Spaces on August 5 featuring Fahmi Syed, Eran Barak, and Charles Hoskinson to discuss the $NIGHT claim, tokenomics, and the mainnet launch.
7. During the Scavenger Mine Phase, users can earn unclaimed tokens by completing on-chain computational tasks, expanding access while reinforcing the network's core values.
8. The Midnight mainnet launch event kicks off at 4PM ET on August 5, and more information can be found on the official portal, midday.gd.
9. The Midnight governance structure allows token holders to propose, vote, and influence the direction of the protocol through a decentralized governance structure using Delegated Representatives (DReps) to ensure passive users can have their voices heard by trusted community leaders.

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