XRP News Today: Cardano Announces Midnight Network Airdrop 30% of NIGHT Tokens to XRP Holders

The Cardano team has unveiled a whitepaper for its new privacy-focused blockchain project, the Midnight Network. This announcement brings significant news for cryptocurrency holders, particularly those who own XRP. The Midnight Network will distribute NIGHT tokens, with a total supply of 24 billion. Starting in July 2025, eligible users can begin claiming their tokens. XRP holders will receive 1.2 billion NIGHT tokens, which is part of the 30% (7.2 billion tokens) allocated equally across holders of XRP, ETH, SOL, BNB, AVAX, and BAT.

To be eligible for the NIGHT token airdrop, users must have at least $100 worth of XRP in their wallet on June 11, 2025, the date of the snapshot. The airdrop process will be conducted in three stages. The first phase, known as the Initial Claim Phase, will run for sixty days starting in July 2025. The second phase, the Scavenger Mine phase, will last for 30 days, during which users can earn unclaimed NIGHT tokens by completing specific computational tasks. The final phase, the Lost-and-Found phase, will provide one last opportunity to claim tokens before any excess is transferred to Midnight’s treasury after four years.

To prevent a massive sell-off, all claimed NIGHT tokens will be locked in a Cardano smart contract. Only 25% of the tokens will be gradually unlocked over a year, in four equal parts. The Midnight Network is currently on testnet, with its mainnet release scheduled for 90 days following the airdrop. Cardano founder Charles Hoskinson sees Midnight as a top DeFi hub, particularly for XRP holders, offering benefits such as privacy, cross-chain capabilities, and selective disclosure.

This airdrop represents a strategic move by the Cardano team to expand its ecosystem and attract more users to its platform. By allocating a significant portion of the NIGHT tokens to holders of major cryptocurrencies, Cardano aims to foster a more inclusive and diverse community. The phased release of the tokens and the computational tasks required during the Scavenger Mine phase are designed to encourage long-term holding and engagement with the Midnight Network. The lock-up mechanism further ensures that the tokens are not immediately sold off, which could destabilize the market.

The Midnight Network's focus on privacy and cross-chain capabilities positions it as a strong contender in the DeFi space. By offering selective disclosure, the network allows users to share specific information while keeping other details private, enhancing security and user control. This feature, combined with the airdrop, could attract a wide range of users, from privacy-conscious individuals to institutional investors looking to diversify their portfolios. The mainnet release, scheduled for 90 days after the airdrop, will be a critical milestone for the Midnight Network, as it transitions from a test environment to a fully functional blockchain.