Midnight Community, a privacy-focused blockchain leveraging zero-knowledge sensible contracts, revealed its tokenomics paper and unveiled its ‘Glacier Drop’ airdrop mechanism prematurely of claims for the native NIGHT token beginning subsequent month.
The challenge mentioned Glacier Drop is a novel course of that allocates all NIGHT tokens to customers throughout eight main blockchain ecosystems and rolls out in three sequential phases. The tokens shall be accessible on Bitcoin, Ethereum, Cardano, Solana, Binance Chain, Courageous, Ripple and Avalanche, the corporate mentioned in a press launch Monday.
First, throughout a 60-day declare interval beginning in July, eligible wallets, these holding at the very least $100 in native tokens on the time of a pre-announced snapshot, can declare their full allocation.
That’s adopted by a 30-day Scavenger Mine section, which redistributes any unclaimed tokens to individuals who full computational duties utilizing a proof-of-work-like mechanism.
After the community’s mainnet launch later this 12 months, a four-year Misplaced-and-Discovered section will permit authentic claimants who missed the preliminary window to get better a part of their allocation by means of self-directed verification.
To keep away from provide shocks, NIGHT tokens will unlock in 4 randomized installments over a 360-day interval. This “thawing mechanism” is meant to damp volatility and promote long-term engagement with the community.
Fahmi Syed, president of the Cayman-based Midnight Basis, which oversees the challenge, mentioned the strategy displays the community’s broader imaginative and prescient of “rational privateness,” giving builders granular management over what information is shared on-chain.
The eligibility snapshot has already taken place, and extra info is obtainable at midnight.network.