Cardano Midnight Token: 7.3B NIGHT Held by One Wallet, 31% Share

TLDR

• The Midnight token supply on Cardano totals 24 billion NIGHT tokens.
• One wallet, “addr1w9,” holds 7.39 billion NIGHT tokens, representing 31% of the supply.
• Another wallet, “addr1wx,” controls 4.5 billion NIGHT tokens, about 19% of the total.
• Over 3.5 billion NIGHT tokens were claimed during the Glacier Drop event.
• The Midnight team has completed 25 transactions, moving tokens in preparation for the redemption event.

As the Glacier Drop redemption event approaches on Cardano, the Midnight token’s distribution reveals key details. The Midnight team minted the NIGHT tokens earlier this year, and the data shows how they are currently distributed across wallets. This distribution becomes crucial as the highly anticipated redemption event, set for December 8, nears.

Distribution Breakdown of the Midnight Token

The total supply of the Midnight token, known as NIGHT, is 24 billion. Data from AdaStat reveals that this supply is concentrated in just a few wallets. A total of 26 wallets currently hold the entire circulating supply, with two wallets holding the bulk.

The largest share of the NIGHT tokens is held by the address “addr1w9,” which owns 7.39 billion tokens. This wallet controls about 31% of the total NIGHT supply. According to Cardano SPO and DRep “Stake with Pride,” this address likely serves as the Midnight reserve address for staking rewards.

The second-largest wallet is “addr1wx,” holding 4.5 billion NIGHT tokens, or roughly 19% of the total supply. Stake with Pride also indicates that this wallet may be the one distributing the tokens for the Glacier Drop. Midnight Foundation CEO Fahmi Syed confirmed that over 3.5 billion tokens have been claimed during the Glacier Drop.

On-chain data reveals that the Midnight team has conducted 25 transactions, with most occurring in the past few days. These transactions have transferred the NIGHT tokens to newer addresses. This movement prepares for the upcoming Glacier Drop and the Scavenger Hunt, where participants will claim their tokens.

The Midnight team’s actions reflect their preparation for the December 8 event. It is expected that this date will mark the official launch of the NIGHT tokens. The event will also open trading across exchanges, allowing for greater liquidity in the market.

The tokens will be distributed in phases. Claimants will initially receive 25% of their total allocation. The distribution will take place over four phases, with each phase delivering 25% of the total tokens across 12 months.

Lost-and-Found Phase

The Midnight team has also outlined a Lost-and-Found phase. This phase will provide an additional opportunity for users who missed the Glacier Drop to claim their tokens. However, these users will only receive a fraction of their original allocation, further reducing the total supply available.

This phase follows the four main distribution phases, creating another opportunity for participants to engage with the Midnight project. The Lost-and-Found phase will likely increase the overall interest in the Midnight token.

The Midnight token’s journey is set to unfold quickly in the coming days. The official launch on December 8 will mark a major milestone for the project. With the bulk of the supply concentrated in just a few wallets, the early stages of token distribution will play a pivotal role in shaping the future of the Midnight ecosystem.

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