Midnight

NIGHT·0.05

-4.5%

Midnight (NIGHT) - Complete Fundamental Analysis

By CoinStats AI

29 Jan, 2026 22:20

What is Midnight (NIGHT) crypto?

Midnight (NIGHT) Cryptocurrency: Comprehensive Overview

Core Definition and Technology

Midnight is a new generation of blockchain developed by Charles Hoskinson—the cofounder of Ethereum and founder of Cardano—that uses zero-knowledge ("ZK") proof technology to offer utility without compromising data protection or ownership, enabling applications that safeguard user, commercial, and transaction data and metadata. Midnight Network functions as a Layer 1, Cardano Partner Chain.

Blockchain Architecture

Midnight implements a hybrid dual-state architecture that integrates a UTXO-based public ledger with an account-based private execution environment, allowing developers to selectively reveal data and providing programmable privacy rather than an all-or-nothing approach.

The public ledger (UTXO-based) serves as the foundation for the network, handling consensus, validator rewards, and the NIGHT governance token, ensuring transparency, auditability, and security for the entire system. The private execution environment is account-based, where users execute confidential smart contracts written in Compact locally.

Core Cryptographic Technology

The core technology utilizes Zero-Knowledge Proofs (ZK-SNARKs) and the Kachina Protocol. Midnight employs zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge), an advanced cryptographic technique that allows one party to prove to another that a statement is true without revealing any information beyond the validity of that statement, meaning users can verify transactions on the blockchain without exposing transaction details or personal data.

Midnight's ZK execution engine is based on the Kachina research framework and uses Pluto-Eris curves to produce BLS-type proofs, enabling scalable, composable privacy at the protocol level. The network supports processing 1,000+ transactions per second (TPS) with sub-second block times, providing high-performance infrastructure for DeFi applications, identity verification, and AI data protection.

Programming Language

The programming language is Compact, a domain-specific language for ZK smart contracts. The network uses Compact, a domain-specific language based on TypeScript, for writing private smart contracts, reducing the cryptographic expertise typically required for privacy-focused development and making the technology more accessible to conventional developers.

Primary Use Cases and Applications

Midnight enables DeFi where user positions, collateral details and strategy parameters remain encrypted, yet users can prove compliance (e.g., satisfy KYC/AML checks) without revealing underlying balances, which is critical for institutions exploring on-chain lending, treasury management and synthetic assets.

On many chains, identity data must be hashed and exposed for every interaction, but Midnight lets users authenticate and prove attributes (like age, accreditation or membership) without revealing full identity profiles, supporting regulated onboarding without sacrificing anonymity.

Midnight gives developers the ability to build DApps that enable selective disclosure, while controlling which data is made public and which data remains private, allowing the next generation of data protection apps in finance, identity, healthcare, and many other industries to harness the power of blockchain technology without the risk of disclosing sensitive or protected information.

Founding Team and Project History

Midnight Protocol is developed by Input Output Global (IOG)—the engineering and research company behind the Cardano blockchain—representing IOG's solution to the critical need for programmable, on-chain data protection. Midnight was officially unveiled in late 2022, with the roadmap and tokenomics detailed through the "Nightpaper" and ongoing community updates.

The project is guided by Charles Hoskinson (Founder of Cardano and co-founder of Ethereum), who identifies Midnight as the next crucial evolution: the Fourth Generation of blockchain technology.

Tokenomics

Total and Circulating Supply

Total Supply: 24,000,000,000 (24 Billion). Based on current market data, the circulating supply is approximately 16.6 billion NIGHT tokens.

Token Distribution

Glacier Drop was the first phase, running from August 5 to October 20, 2025, targeting self-custodying holders across eight blockchains including ADA, BTC, ETH, SOL, XRP, BNB, AVAX, and BAT, with a snapshot date of June 11, 2025, where over 170,000 eligible wallet addresses participated, claiming 3.5 billion NIGHT tokens, representing 14% of the total supply.

Scavenger Mine, the second phase, launched on October 29, 2025, open to everyone, where participants earn tokens by completing computational tasks or puzzles, receiving a share of unclaimed tokens from the Glacier Drop phase, providing an alternative distribution method for users who missed the first phase and further expanding community participation.

Over 8 million unique wallet addresses participated in the distribution (Industry record for distribution volume).

Token Unlock Mechanism

The NIGHT token distribution is subject to a Thawing Period with a duration of 450 Days, where tokens unlock in equal quarterly installments over the period. Community allocated tokens will enter circulating supply according to the Glacier Drop thawing schedule, which will begin on December 10, 2025, with the thawing period ending on December 4, 2026.

Dual-Token System

NIGHT is a Native Token, Governance Token, and Unshielded Asset. NIGHT is Midnight's utility token and the driving force behind the network's tokenomics, with a supply of 24 billion tokens, powering the generation of DUST (the capacity resource), fueling participation incentives, and supporting future governance.

DUST is a renewable, shielded resource generated by holding NIGHT and is used exclusively to pay for confidential transaction fees, ensuring privacy and decoupling operational cost from market volatility. DUST is the shielded and renewable network resource whose single function is to allow users to execute transactions on Midnight, allowing for transactions to take place without exposing metadata, is consumed when used (meaning it is destroyed and does not cycle back into circulation), and is continually generated by NIGHT balances in perpetuity.

Inflation and Deflation Mechanics

The rate of new circulation slows down over time, approaching zero inflation once all tokens are released, with block rewards tapering off, making NIGHT's supply curve disinflationary, and no new tokens will ever be minted beyond the 24 billion.

Midnight's tokenomics include built-in mechanisms for funding future development and distributing block rewards via an On-Chain Treasury and a Reserve, with the Treasury initially funded with about 5.88% of the total NIGHT supply from the genesis block.

Consensus Mechanism and Network Security

The Midnight network will leverage Cardano's robust proof-of-stake system for consensus and security. NIGHT plays a role in Sybil resistance mechanism and Validator Reward.

NIGHT will be distributed as block reward for block producers to incentivize security and independent validation, with Midnight using Cardano's Partner Chain model where at mainnet launch, block production will be handled by a permissioned set of nodes, and over time, the network will move toward a more permissionless model.

Key Partnerships and Ecosystem Integrations

The Midnight network has teamed up with Maestro, Paima Studios, and Sindri to bring enhanced tooling, such as powerful data APIs, EVM endpoint support, and increased proving times, for developers building zero-knowledge applications.

Brick Towers is a leading full-stack development studio in the Midnight and Cardano ecosystems, specializing in financial engineering and secure, private distributed systems, and is behind user-friendly, privacy-preserving apps like "urble".

Ecosystem partners like Midnames, Triple Play, ClarityDAO, Webisoft, and Fluid Tokens are leveraging Midnight's privacy infrastructure.

Leading exchanges including Kraken, OKX, Bitpanda, and NBX have received portions of NIGHT tokens for distribution to their customers.

Competitive Advantages and Unique Value Proposition

Midnight is not trying to replace existing ecosystems, and architecturally, it is engineered to behave like a privacy layer or "L2 for everyone," giving other chains an easy way to plug into rational privacy and selective disclosure while keeping their existing user bases and liquidity.

Midnight positions itself as a fourth-generation blockchain: If Bitcoin gave sound money, Ethereum added programmability, and Cardano focused on governance and scalability, Midnight's role is to restore privacy and identity to the stack.

A compliance feature includes Selective Disclosure (Proof of validity without revealing underlying data). Its design explicitly targets the "privacy trilemma": delivering privacy, programmability and compliance at the same time, instead of forcing builders to sacrifice one of the three.

Development Activity and Roadmap

Hilo (the first NIGHT): The NIGHT token launches on Cardano, liquidity and governance foundations are established, and builders gain a stable environment to prepare applications (in progress).

Kūkolu (safe harbor): The Midnight mainnet Genesis block goes live, and the first privacy-enhancing DApps launch on a federated, production-ready network.

Mōhalu (expansion): Participation scales through a Scaled Incentivized Testnet and the DUST capacity exchange, bringing more validators and operators into the network's day-to-day security.

Hua (Late 2026): The emergence of Hybrid DApps, where Midnight's privacy can be embedded into apps on other chains like Ethereum or Solana without changing the user experience.

Token Launch: December 2025.

Sources:

Is Midnight (NIGHT) a good investment?

Now I have sufficient information to provide a comprehensive investment analysis. Let me compile this into a structured report.

Midnight (NIGHT) Investment Analysis

Executive Summary

Midnight (NIGHT) is a privacy-focused blockchain built as a partner chain to Cardano, designed to enable confidential smart contracts and selective data disclosure for compliant applications. The project launched in December 2025 with a market capitalization of approximately $907 million and ranks #77 by market cap. The token trades at $0.0545 with a 24-hour trading volume of $14.9 million.

Fundamental Strengths

Technology Architecture

The architecture employs ZK proofs to shield sensitive data while allowing verifiable on-chain computation. Midnight implements a hybrid dual-state architecture that integrates a UTXO-based public ledger with an account-based private execution environment, allowing developers to selectively reveal data, providing programmable privacy rather than an all-or-nothing approach.

Compact, the smart contract language based on TypeScript, removes the steep cryptographic learning curve. This accessibility is significant for developer adoption, as it is one of the first efforts to make ZK development accessible to non-cryptographers — a practical requirement if Midnight is to gain adoption beyond a niche user base.

Dual-Token Economics

The NIGHT token is for governance and value, while a separate resource called DUST powers private transactions. NIGHT is the native, transferable utility and governance token with a fixed supply of 24 billion. Holding NIGHT generates DUST, a non-transferable, shielded resource that decays over time. DUST is consumed to pay for transaction fees and private smart contract execution, meaning users don't spend their NIGHT on gas.

This model addresses a critical pain point: developers can hold sufficient NIGHT to generate DUST that covers transaction fees for their application users, enabling "gasless" user experiences where applications absorb transaction costs, lowering barriers to adoption.

Team Credibility

Midnight Protocol is developed by Input Output Global (IOG)—the engineering and research company behind the Cardano blockchain. It represents IOG's solution to the critical need for programmable, on-chain data protection. The project is guided by Charles Hoskinson (Founder of Cardano and co-founder of Ethereum), who identifies Midnight as the next crucial evolution: the Fourth Generation of blockchain technology.

Community Distribution

The launch initiated the redemption process for more than 4.5 billion tokens claimed by the community during the Glacier Drop and Scavenger Mine phases of the NIGHT token distribution. It is the culmination of one of the largest token distributions in blockchain history. Over 8 million unique wallet addresses participated in the Scavenger Mine phase (an industry record for distribution volume).

There is no venture capital or insider allocation, and any unclaimed tokens will fund block rewards. This structure promotes decentralization and reduces insider enrichment concerns.

Regulatory Alignment

Midnight's selective disclosure mechanism allows institutions to share encrypted data with regulators using access keys, aligning with frameworks like the U.S. Clarity Act. This contrasts sharply with Monero's default anonymity, which has drawn regulatory ire due to its untraceable transactions. Midnight's approach ensures privacy without sacrificing auditability-a critical factor for enterprises navigating complex compliance landscapes.

Institutional Partnerships

Midnight's collaboration with Copper, a leading digital asset custody provider, enables institutional clients to securely claim NIGHT tokens during the Glacier Drop. Similarly, Binance listing NIGHT in December 2025 has expanded its liquidity and accessibility. The network has established partnerships including a collaboration with Google Cloud for infrastructure, security, and validator operations.

Market Position and Competitive Landscape

Positioning

It aims to reconcile privacy, programmability, and regulatory compliance in one system. Midnight launched with a cross-chain allocation model that distributes 100% of NIGHT's 24 billion-token supply across eight major ecosystems, including Bitcoin, Ethereum, Solana, BNB Chain and Cardano. That approach is intended to pull users from multiple chains into a shared privacy environment rather than isolating activity inside Cardano alone.

Competitive Advantages

Cardano becomes the only major blockchain ecosystem with a production level privacy chain that remains regulation friendly. This is a massive competitive advantage. Midnight indirectly competes with general-purpose platforms exploring privacy enhancements (for example, Ethereum's emerging ZK-rollups). The privacy/blockchain space is becoming crowded, so Midnight's ability to stand out will depend on delivering superior technology and integration where others have limitations.

Adoption Metrics and Network Activity

Developer Activity

Network metrics have surged, driven by a 1,617% increase in smart contract deployments. Corresponding increases in wallet addresses (+148%) and faucet requests (+151%) confirm a wave of new developer activity. This spike in smart contract calls (+261%) demonstrates that these new users are actively interacting with testnet-02.

Community Engagement

In November 2025, the Midnight Foundation hosted its inaugural summit at the Old Royal Naval College in Greenwich, bringing together 450+ builders, developers, and privacy advocates to showcase the network's capabilities through hackathons and technical demonstrations.

Revenue Model and Sustainability

Transaction Fee Structure

The DUST model creates a sustainable fee mechanism where DUST acts as a renewable resource. It functions like a battery: once consumed for a transaction, it regenerates over time based on NIGHT holdings. Because DUST continuously replenishes, enterprises and frequent users gain cost predictability.

Long-Term Incentives

The network's tokenomics incentivize long-term participation. The linear generation of DUST from NIGHT holdings creates a deflationary pressure on DUST while aligning governance incentives with network security.

Risk Factors

Execution Risk

As a new project, its success depends on mainnet launch, ecosystem development, and market adoption. The network is still in testnet phase, with mainnet launch planned for 2026. Success will depend on delivering a stable mainnet and real adoption. With the project still in testnet, proving its scalability, security, and ability to attract users is the next big challenge.

Regulatory Uncertainty

Regulatory scrutiny remains a wildcard for privacy-focused projects. While Midnight's compliance-by-design approach mitigates some regulatory risk, privacy-focused technologies face inherent regulatory challenges globally.

Market Volatility

The token's launch in late 2025 saw a 66.63% drop within 24 hours. This significant price decline immediately after launch indicates volatility and potential sell-pressure from airdrop recipients.

Adoption Uncertainty

Whether this approach successfully enables blockchain adoption in privacy-sensitive contexts will depend on developer adoption, application development, and the network's ability to deliver on its technical and interoperability promises.

Token Unlock Schedule

Tokens are not released all at once. They unlock over a 360-day "thawing" period to ensure a stable and sustainable distribution. Quarterly Unlocks: Your total allocation unlocks in four equal 25% installments, with the first on your assigned start date and the next three unlocking every 90 days after. This extended unlock period creates potential selling pressure over the next year.

Historical Performance and Market Cycles

Recent Price Action

The token launched in December 2025 and has experienced significant volatility. Current price of $0.0545 represents a decline from recent highs. With a price decline of -16.10% in the last 7 days, Midnight (NIGHT) is underperforming the global cryptocurrency market which is up 4.30%, while underperforming when compared to similar Layer 1 (L1) cryptocurrencies which are up 5.40%.

Risk Score

The token carries a risk score of 60.046 (on a scale where higher indicates greater risk), placing it in the moderate-to-high risk category for a cryptocurrency asset.

Bull Case Arguments

First-Mover Advantage in Regulated Privacy: Midnight positions itself as the first production-ready privacy layer that emphasizes regulatory compliance rather than anonymity, addressing a genuine market gap.
Strong Technical Foundation: Built by IOG with proven blockchain expertise, using accessible developer tools (Compact/TypeScript) that lower barriers to entry.
Broad Token Distribution: The Glacier Drop reached over 8 million wallets across multiple ecosystems, creating a wide holder base and reducing centralization risk.
Enterprise-Ready Architecture: The dual-token model and selective disclosure mechanisms align with institutional requirements for auditability and compliance.
Cross-Chain Interoperability: Designed to function as a privacy layer across multiple blockchains rather than competing with them, positioning it as complementary infrastructure.
Institutional Partnerships: Collaborations with Copper, Google Cloud, and major exchanges signal institutional confidence.
Large Addressable Market: Hoskinson projects tokenized real-world assets (RWAs) as a $10 trillion opportunity, where Midnight Protocol excels.

Bear Case Arguments

Execution Risk: The project remains in testnet with mainnet launch planned for 2026. Delivering on technical promises remains unproven.
Immediate Price Decline: A 66.63% drop within 24 hours of launch suggests weak initial demand and potential airdrop recipient selling.
Regulatory Uncertainty: Despite compliance-friendly design, privacy-focused projects face inherent regulatory risks that could change rapidly.
Token Unlock Pressure: 360-day thawing schedule creates sustained selling pressure as tokens gradually unlock over the next year.
Competitive Landscape: Privacy and ZK technology are becoming increasingly crowded, with established players (Ethereum, Monero, Zcash) and new entrants competing.
Adoption Dependency: Success depends on developers and enterprises actually building on the platform. Early testnet activity doesn't guarantee mainnet adoption.
Cardano Dependency: While positioned as cross-chain, the initial launch on Cardano creates dependency on Cardano ecosystem health and adoption.
No VC Backing: While framed positively, lack of institutional venture capital backing means limited external funding for marketing and ecosystem development.

Risk/Reward Assessment

Timeframe Considerations:

Short-term (0-6 months): High volatility likely continues as tokens unlock and market tests actual utility. Downside risk elevated.
Medium-term (6-18 months): Mainnet launch and early dApp deployment will be critical inflection points. Success here could drive significant appreciation.
Long-term (2+ years): If enterprise adoption materializes and RWA tokenization accelerates, the $10 trillion market opportunity could justify higher valuations.

Risk/Reward Ratio:
The current risk profile appears unfavorable in the near term given execution uncertainty, token unlock pressure, and recent price weakness. However, if the project successfully delivers mainnet and achieves meaningful enterprise adoption, the long-term upside could be substantial given the large addressable market and first-mover advantage in compliance-focused privacy infrastructure.

Sources:

Midnight (NIGHT) price prediction

MIDNIGHT (NIGHT) PRICE PREDICTION ANALYSIS

Current Market Context

Midnight (NIGHT) is trading at $0.058577 USD with a 24-hour trading volume of $13,173,534 USD and a market cap of $972,812,579 USD, currently ranked #65. The token has a circulating supply of 16,607,399,401 NIGHT coins with a maximum supply of 24 billion.

Midnight is a blockchain developed by Charles Hoskinson—the cofounder of Ethereum and founder of Cardano—that uses zero-knowledge (ZK) proof technology to offer utility without compromising data protection or ownership.

SHORT-TERM PREDICTIONS (2025-2026)

Source	2025 Forecast	2026 Forecast	Methodology
CoinDCX	$0.12–$0.14 (90-120% growth)	$0.14–$0.16 (10-18% increase)	Long-term adoption analysis
CoinCodex	—	$0.04977 (Feb 2026, -25.06%)	Technical indicators, Bitcoin halving cycles
Hexn	—	$0.0717–$0.1482	Technical analysis
DigitalCoinPrice	—	$0.12 (end of 2026)	Analyst consensus

Key Near-Term Dynamics:

Quarterly supply unlocks until December 2026 create persistent sell pressure, with NIGHT dropping sharply post-launch as airdrop recipients sold. Over 4.5 billion tokens were claimed via the Glacier Drop and Scavenger Mine with a 360-day thawing period, where each wallet receives 25% upfront with remaining installments unlocking every 90 days, creating a structural overhang.

Uphold listed NIGHT in January 2026, providing a significant new channel for mainstream investors through a trusted, regulated platform with millions of users, which is bullish for NIGHT because it enhances token accessibility and liquidity.

MEDIUM-TERM PREDICTIONS (2027-2028)

Source	2027 Forecast	2028 Forecast	Notes
DigitalCoinPrice	$0.14–$0.17	$0.17–$0.22	Analyst consensus
Tim Draper (DigitalCoinPrice)	$0.15 (end of 2027)	—	Venture capitalist prediction
Hexn	$0.152–$0.3148	—	Technical analysis range
Gate.io	—	$0.1358	DeFi integration focus
3Commas (TradingBeasts)	$0.080–$0.095 (avg)	$0.089–$0.120 (avg)	AI-assisted technical analysis

Medium-Term Catalysts:

The roadmap's critical phases include Kūkolu (federated mainnet launch in Q1 2026) and Mōhalu (incentivized testnet in Q2 2026), with success meaning a stable network for real dApps and activation of NIGHT's core utility—generating DUST for private transactions.

Successful mainnet deployment validates the project's "rational privacy" thesis and could spur developer activity, with increased on-chain usage directly driving demand for DUST, which is generated by holding NIGHT, and positive Cardano developments such as successful stablecoin integration would be strongly bullish for NIGHT.

LONG-TERM PREDICTIONS (2029-2030)

Source	2029 Forecast	2030 Forecast	Scenario
TheNewsCrypto	$11	—	Optimistic long-term
DigitalCoinPrice	$0.64–$0.67	—	2033 projection
Phemex	—	$0.50–$0.60	Enterprise adoption success
CoinDCX	—	$2.50–$3.20	Long-term momentum continuation
PricePrediction.net & TradingBeast	$0.07175–$0.0915	—	Conservative consensus
Gate.io Analysts	—	$0.1726 (2031)	Privacy sector growth

Long-Term Value Drivers:

Analysts project gradual growth as privacy adoption accelerates, with $300M TVL by Q1 2026 from enterprise integrations. Growing volume, strong market interest, and its focus on privacy-first blockchain use cases set a solid foundation; as adoption builds and speculative pressure settles, Midnight could mature into a key privacy layer within Web3, with potential to move toward the $2.50–$3.20 range in the long term if momentum continues.

EXPERT AND ANALYST FORECASTS

Venture Capital Perspective:

According to Cardano founder Charles Hoskinson, Midnight could become a $10 billion ecosystem. Hoskinson began a multi-city tour in Japan focused on Midnight, aiming to "aggressively push" the top 15 Cardano dApps to integrate with Midnight's privacy technology, previewing "commercially critical integrations" and major launch partners.

Institutional Analysis:

The roadmap's next phases are critical for mainnet deployment, which validates the project's "rational privacy" thesis and could spur developer activity, with increased on-chain usage directly driving demand for DUST, which is generated by holding NIGHT, making this utility layer the primary long-term value driver.

AI AND ALGORITHMIC PREDICTIONS

CoinCodex Algorithm:

The Midnight price prediction is based on historical NIGHT price data and the cyclical nature of the broader cryptocurrency market, largely a product of Bitcoin's 4-year halving cycle, with the algorithm fine-tuned based on each coin's characteristics like market capitalization and relative market dominance.

3Commas (TradingBeasts):

Midnight's price forecast suggests that by 2027, the minimum value will reach $0.080 and the average market value will be $0.095 per coin, with 2028 projections showing minimum price of $0.089 and maximum of $0.120, and forecast of $0.105 average for the year.

HISTORICAL PRICE PATTERN ANALYSIS

NIGHT price is still up nearly 300% from its post-launch lows, with over the past seven days remaining up close to 70%.

Mega whales increased their holdings by 1.52% over 24 hours even as price moved lower (approximately 3.6 million NIGHT tokens), and over the past seven days these same mega whales increased holdings by more than 5.6%, continuing to buy both dips and strength while price climbed nearly 70%.

Midnight laid out a descending channel pattern, which are short-term bearish in that a stock moves lower within a descending channel, but they often form longer-term uptrends as continuation patterns, with higher prices often following the descending channel pattern after an upside penetration of the upper trend line.

KEY PRICE CATALYSTS AND POTENTIAL TRIGGERS

Positive Catalysts:

Kūkolu federated mainnet launch (Q1 2026) and Mōhalu incentivized testnet (Q2 2026) activation of NIGHT's core utility
Charles Hoskinson's strategic push to integrate Midnight with top Cardano dApps
Enterprise integrations targeting $300M TVL by Q1 2026
Cardano ecosystem integration with upcoming bridges and stablecoin partnerships

Negative Catalysts:

Quarterly supply unlocks act as a persistent headwind, capping significant price rallies until the unlock schedule concludes in December 2026. If Cardano's ecosystem stagnates or ADA price struggles, it would limit NIGHT's upside potential.

FACTORS THAT COULD INVALIDATE PREDICTIONS

Tokenomics Headwinds:

NIGHT's trajectory is a tug-of-war between near-term tokenomics headwinds and long-term utility promises, with the question of whether developer adoption on the upcoming mainnet will generate enough DUST demand to overcome persistent sell pressure.

Regulatory and Competitive Risks:

Key risks include market volatility, regulatory crackdowns on privacy tech, and competition, with technical issues like scalability potentially impacting growth, and regulatory risks looming especially in jurisdictions tightening on privacy coins such as the EU's MiCA framework which might impose compliance hurdles.

Ecosystem Dependency:

If Cardano's ecosystem stagnates or ADA price struggles, it would limit NIGHT's upside potential.

Adoption Uncertainty:

The core question remains whether developer adoption on the upcoming mainnet will generate enough DUST demand to overcome the persistent sell pressure from token unlocks.

PREDICTION RANGE SUMMARY

Timeframe	Conservative	Base Case	Optimistic
2026	$0.050	$0.085–$0.120	$0.150
2027	$0.070	$0.095–$0.150	$0.315
2028	$0.089	$0.120–$0.220	$0.400
2029–2030	$0.110	$0.170–$0.300	$0.500–$3.20

Sources:

CoinCodex - https://coincodex.com/crypto/midnight/price-prediction/
CoinMarketCap AI - https://coinmarketcap.com/cmc-ai/midnight-network/price-prediction/
CoinDCX - https://coindcx.com/blog/price-predictions/midnight-price-prediction/
DigitalCoinPrice - https://digitalcoinprice.com/forecast/midnight-network
Phemex - https://phemex.com/blogs/midnight-night-price-prediction-2025-2030
Gate.io - https://www.gate.com/price-prediction/midnight-night
Hexn - https://hexn.io/price-prediction/midnight-3
3Commas - https://3commas.io/predictions/midnight-3
TheNewsCrypto - https://thenewscrypto.com/midnight-night-price-prediction/
BeInCrypto - https://beincrypto.com/night-price-prediction-january-2026/
CoinMarketCap - https://coinmarketcap.com/currencies/midnight-network/

How high can Midnight (NIGHT) go?

Midnight (NIGHT) Price Potential Analysis

Current Market Position

Midnight (NIGHT) trades at approximately $0.0586 USD with a market cap of $972.8 million and ranks #65 on CoinMarketCap. The token reached an all-time high of $0.117 on December 21, 2025, and is currently down 35.5% from that peak. The circulating supply is 16.61 billion tokens with a maximum supply of 24 billion, yielding a fully diluted valuation (FDV) of approximately $1.31 billion.

Fundamental Architecture & Differentiation

Midnight is a new generation blockchain developed by Charles Hoskinson—the cofounder of Ethereum and founder of Cardano—that uses zero-knowledge proof technology to offer utility without compromising data protection or ownership. The network is designed as a privacy-focused blockchain built as a partner chain to Cardano, enabling confidential smart contracts and selective data disclosure for compliant applications while solving the privacy trilemma of balancing privacy, programmability, and regulatory compliance.

The critical distinction from traditional privacy coins is architectural. Unlike Monero's mandatory privacy, Zcash supports both transparent and shielded transactions using zk-SNARKs, with viewing keys allowing users to remain private by default while enabling lawful auditability when required—a design choice that changes the conversation with regulators, institutions, and custodians. Midnight extends this compliance-first approach further by embedding selective disclosure into its core protocol design.

Supply Dynamics & Token Unlock Pressure

Supply dynamics present a significant constraint on near-term price appreciation. The NIGHT token distribution, branded as the "Glacier Drop," represents one of the largest community token distributions in blockchain history by participation metrics, with over 4.5 billion NIGHT tokens claimed by more than 8 million participating wallet addresses.

Claimed tokens undergo a gradual "thawing" process over 450 days, with tokens unlocking in four equal 90-day installments, with the redemption period beginning December 10, 2025, and concluding on December 4, 2026. This extended unlock schedule creates sustained selling pressure throughout 2026, as recipients gradually gain access to their allocations. The broad distribution across 8 million addresses means significant liquidity will enter the market over the coming months, potentially capping price appreciation until unlock cycles complete.

Network Adoption & Growth Metrics

Early adoption signals are positive but nascent. Network metrics surged with a 1,617% increase in smart contract deployments, indicating increasingly rapid development and testing of network capabilities. A 1,617% surge in smart contract deployments and a 148% increase in wallet addresses in November 2025 suggest robust engagement.

Midnight (NIGHT) surpassed 350,000 transactions within its first 42 days of existence, with the figure reaching 354,124 transactions, underscoring a rapid adoption curve. Nearly 29,000 unique wallets currently hold Midnight tokens, demonstrating a broad and decentralized holder base within the Cardano ecosystem.

However, these metrics reflect early-stage activity. Transaction volume and wallet count remain modest compared to established Layer 1 networks, indicating the network is in its infancy relative to its long-term potential.

Market Comparables & Competitive Positioning

Privacy-focused blockchain projects provide relevant valuation benchmarks. The total market capitalization for privacy-focused assets surpassed $24 billion in early 2026, with Monero reaching a new all-time high and surging 81% in the past week to trade at $790.91, with market capitalization over $14 billion. Zcash surged more than 700% since late September, overtaking Monero to become the top privacy coin by market capitalization.

Midnight's current $973 million market cap positions it below established privacy coins but reflects its nascent stage. The privacy sector has demonstrated capacity to support multi-billion dollar valuations, particularly when projects offer regulatory compliance alongside privacy features—Midnight's core differentiator.

Enterprise Blockchain TAM Analysis

The addressable market for enterprise privacy solutions is substantial. The global enterprise blockchain market was $9.6 billion in 2023 and will reach $287.8 billion by 2032 at a 47.5% CAGR. Financial services lead adoption, holding 41% of revenue share in 2025, with payments driving 42% of application revenues.

With the enterprise blockchain sector projected to hit $287 billion by 2032, the hunger for privacy solutions is only growing. This expanding TAM directly benefits Midnight, as enterprises increasingly require privacy-preserving infrastructure for regulated workflows in finance, healthcare, and supply chain management.

Strategic Catalysts & Growth Drivers

Charles Hoskinson is positioning Midnight as a cross-chain privacy layer designed to add compliant privacy to networks such as Bitcoin and XRP, arguing the protocol could expand Cardano's reach, unlock institutional use cases like real-world asset tokenization, and challenge legacy finance.

The roadmap outlines a multi-gate rollout for 2026: Q1 2026 features the Federated Mainnet (Kūkolu) launching the Genesis block with privacy-enhancing DApps in a stable production environment; Q2 2026 includes an Incentivized Testnet (Mōhalu) to onboard Stake Pool Operators; Q3 2026 targets Full Decentralized Mainnet (Hua) with trustless bridges to Cardano and interoperability with major chains including Ethereum and Solana.

The Midnight Foundation partnered with Webisoft to develop an institutional-grade dark pool trading platform using Midnight's privacy technology to address execution risk where blockchain transparency creates problems, with the resulting decentralized exchange enabling confidential execution of large orders.

Limiting Factors & Realistic Constraints

Regulatory risk remains substantial. Governments are on the warpath, with South Korea's delistings, U.S. FinCEN rules targeting unhosted wallets for transactions over $500, and Tornado Cash sanctions highlighting a global push against untraceable tech. While Midnight's compliance-first architecture provides regulatory advantages over pure privacy coins, regulatory frameworks continue evolving unpredictably.

As of late 2025, Midnight remains in an advanced pre-mainnet phase, meaning the network has not yet reached full production deployment. Execution risk on the 2026 roadmap is material—delays or technical challenges could significantly impact adoption trajectories.

Competition from established privacy solutions and other emerging privacy-focused Layer 1s presents ongoing pressure. zk-based projects like Namada, Aztec, and Penumbra continue pushing the boundaries, offering alternative approaches to programmable privacy.

Price Potential Scenarios

Conservative Scenario: Modest Growth Assumptions

Assumptions:

Mainnet delays or slower-than-expected enterprise adoption
Regulatory headwinds limit institutional participation
Token unlock pressure suppresses price appreciation through 2026
Market cap reaches $2.5 billion by end of 2026

Price Target: $0.15–$0.18 per NIGHT
Implied Return: 155%–210% from current levels

This scenario assumes Midnight achieves functional mainnet status and demonstrates basic network utility, but enterprise adoption remains limited. The network operates successfully but fails to capture significant market share from competing privacy solutions.

Base Scenario: Current Trajectory Continuation

Assumptions:

Mainnet launches on schedule in Q1 2026 with functional privacy DApps
Enterprise partnerships materialize (dark pool DEX, institutional integrations)
Token unlock cycles complete without causing severe price collapse
Privacy sector continues gaining institutional interest
Market cap reaches $4.5–$5.5 billion by end of 2026

Price Target: $0.27–$0.33 per NIGHT
Implied Return: 360%–480% from current levels

This scenario reflects successful execution of the 2026 roadmap with meaningful enterprise adoption beginning. Midnight establishes itself as a functional privacy infrastructure layer with growing developer activity and institutional interest. The network demonstrates real utility beyond speculation, supporting higher valuations.

Optimistic Scenario: Maximum Realistic Potential

Assumptions:

Mainnet launches successfully with strong developer adoption
Major enterprise partnerships announced (financial institutions, healthcare networks)
Cross-chain interoperability with Ethereum and Solana operational
Privacy sector gains broader institutional acceptance
Midnight captures meaningful share of enterprise privacy market
Market cap reaches $8–$12 billion by end of 2026

Price Target: $0.48–$0.72 per NIGHT
Implied Return: 720%–1,130% from current levels

This scenario assumes Midnight executes flawlessly on its roadmap and achieves significant enterprise adoption. The network becomes a critical privacy infrastructure layer for regulated industries, driving substantial demand for NIGHT tokens. This valuation would position Midnight in the range of established privacy coins, reflecting its role as a leading compliance-friendly privacy solution.

Key Valuation Drivers

Positive Catalysts:

Successful mainnet deployment and stability
Enterprise partnerships in finance, healthcare, supply chain
Cross-chain interoperability activation
Regulatory clarity favoring compliance-first privacy solutions
Developer ecosystem growth and dApp launches
Institutional adoption through regulated channels

Negative Catalysts:

Mainnet delays or technical issues
Regulatory crackdowns on privacy technology
Failure to attract enterprise adoption
Competition from established privacy coins or emerging alternatives
Token unlock pressure creating sustained selling
Broader cryptocurrency market downturns

Supply & Market Cap Context

At current circulating supply of 16.61 billion tokens:

Conservative scenario ($2.5B market cap): $0.15 per token
Base scenario ($5.0B market cap): $0.30 per token
Optimistic scenario ($10B market cap): $0.60 per token

At full dilution (24 billion tokens):

Conservative scenario ($2.5B FDV): $0.10 per token
Base scenario ($5.0B FDV): $0.21 per token
Optimistic scenario ($10B FDV): $0.42 per token

The gap between current market cap ($973M) and FDV ($1.31B) reflects the token unlock schedule. As tokens thaw through 2026, this gap will narrow, potentially creating selling pressure unless demand growth offsets increased supply.

Conclusion

Midnight's price potential depends critically on execution of its 2026 roadmap and enterprise adoption trajectory. The project operates in a favorable structural environment—the enterprise blockchain market is expanding at 47.5% annually, privacy concerns are intensifying, and regulatory frameworks are gradually clarifying that compliance-friendly privacy solutions may be permissible.

However, the project faces material execution risk, sustained token unlock pressure, and regulatory uncertainty. The conservative scenario ($0.15–$0.18) reflects successful basic functionality with limited adoption. The base scenario ($0.27–$0.33) assumes on-time mainnet delivery and meaningful enterprise interest. The optimistic scenario ($0.48–$0.72) requires flawless execution and significant institutional adoption.

Realistic price appreciation through 2026 likely falls within the base scenario range, with upside driven by enterprise partnerships and downside driven by unlock pressure or execution delays. The token's long-term potential depends on whether Midnight becomes essential infrastructure for regulated industries requiring privacy—a thesis that remains unproven but structurally plausible.

Sources:

How to buy Midnight (NIGHT)?

Now I have comprehensive information to create the guide. Let me compile this into a structured, instructional format.

Comprehensive Guide to Purchasing Midnight (NIGHT)

Quick Overview of Purchase Options

NIGHT tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Midnight is OKX, where the most active trading pair NIGHT/USDT has a trading volume of $1,657,666.14 in the last 24 hours. Other popular options include Gate and Bybit. Additional exchanges include Kraken, Bitpanda, MEXC, and Bitrue.

For users who previously participated in the token distribution, the Redemption portal is the primary interface for most users. It is designed to be simple, allowing you to check your status and claim tokens in minutes.

Major Exchanges for Purchasing NIGHT

Exchange	Trading Pairs	Key Features	Website
OKX	NIGHT/USDT (primary)	Highest trading volume; advanced financial services	okx.com
Gate	NIGHT/USDT, NIGHT/USDC	Top 3 global exchange by volume; 46M+ users	gate.io
Bybit	NIGHT/USDT, NIGHT/USDC	Second-largest by trading volume; 70M+ users	bybit.com
Kraken	NIGHT/USD, NIGHT/USDT	Established exchange; staking available	kraken.com
MEXC	NIGHT/USDT, NIGHT/USDC	4,000+ trading pairs; low fees	mexc.com
Bitrue	NIGHT/USDT	Supports staking rewards	bitrue.com
Bitpanda	NIGHT/EUR, NIGHT/USD	European-focused; fiat on/off ramps	bitpanda.com

Step-by-Step Purchase Process: Using OKX (Most Popular Method)

Step 1: Create and Verify Your Account

Visit OKX.com and click "Sign Up"
Enter your email address and create a strong password
Verify your email through the confirmation link
Complete identity verification (KYC):
- Provide government-issued ID
- Complete facial recognition verification
- Wait for approval (typically 1-24 hours)

Step 2: Fund Your Account

Log into your OKX account
Navigate to "Buy Crypto" or "Deposit"
Select your preferred funding method:
- Bank transfer (SWIFT/SEPA)
- Credit/debit card (Visa, Mastercard)
- P2P transfer from another user
Enter the amount in your local currency
Complete the transaction and wait for funds to appear in your account

Step 3: Navigate to the Trading Market

Go to "Spot Trading" section
Search for "NIGHT/USDT" in the trading pairs
Review the current price and 24-hour trading volume

Step 4: Place Your Buy Order

Select "Buy NIGHT" or access the trading interface
Choose your order type:
- Market Order: Buy immediately at current price (faster)
- Limit Order: Set your desired price and wait for execution (more control)
Enter the amount of NIGHT you wish to purchase
Review the total cost in USDT
Click "Buy NIGHT" to confirm
Your NIGHT tokens will appear in your spot wallet within seconds

Step 5: Secure Your Tokens

After purchase, transfer NIGHT to your personal wallet (recommended for security)
Navigate to "Withdraw" in your account
Select NIGHT and enter your wallet address
Confirm the withdrawal

Recommended Wallets for Storing NIGHT

Hot Wallets (Online - Convenient but Less Secure)

Wallet	Type	Blockchain Support	Features
Blockchain.com Wallet	Web/Mobile	Cardano	Users can easily check for eligibility and redeem NIGHT tokens directly within their self-custodied wallet
Yoroi Wallet	Web/Mobile	Cardano	Community-driven; transparent security; decentralized innovation
NuFi	Web/Mobile	Multi-chain	Non-custodial; supports 2,500+ blockchains; full key control
Ctrl Wallet	Mobile	Multi-chain	Trusted by 600,000+ users to secure assets across 2,500+ blockchains, including Bitcoin, Solana, Ethereum, and Cardano
Exodus	Desktop/Mobile	Multi-chain	User-friendly interface; supports custom tokens

Cold Wallets (Offline - Maximum Security)

Ledger Nano S/X: Hardware wallet supporting Cardano and NIGHT
Trezor: Hardware wallet with Cardano support
Paper Wallet: Generate offline and store securely (advanced users only)

Recommendation: For small amounts, use hot wallets for convenience. For larger holdings, transfer to a hardware wallet for enhanced security.

Available Trading Pairs

NIGHT launched on Cardano as a Cardano Native Asset, making it available primarily through these pairs:

NIGHT/USDT (most liquid)
NIGHT/USDC (stablecoin alternative)
NIGHT/ADA (Cardano pair)
NIGHT/USD (fiat pair on select exchanges)

Fee Comparison Across Major Platforms

Exchange	Maker Fee	Taker Fee	Withdrawal Fee	Notes
OKX	0.02%	0.04%	Variable	Reduced fees for OKX token holders
Gate	0.2%	0.2%	Variable	Tiered fee structure available
Bybit	0.1%	0.1%	Variable	Lower fees for VIP members
Kraken	0.16-0.26%	0.26-0.36%	Variable	Tiered based on volume
MEXC	0.1%	0.1%	Variable	Ultra-low entry barriers
Bitrue	0.1%	0.1%	Variable	Competitive rates

Note: Withdrawal fees vary by network congestion. Check current rates before withdrawing.

Security Best Practices for Buying and Storing NIGHT

Before Purchasing

Verify Exchange Legitimacy: Only use official websites (bookmark them to avoid phishing)
Enable Two-Factor Authentication (2FA): Use authenticator apps (Google Authenticator, Authy) rather than SMS when possible
Use Strong Passwords: Create unique, complex passwords for each exchange
Research the Project: Understand NIGHT's technology and use case before investing

During Purchase

Double-Check Addresses: When withdrawing, verify wallet addresses character-by-character
Start Small: Test with a small withdrawal first before moving larger amounts
Avoid Public WiFi: Never access exchanges on unsecured networks
Use VPN: Consider using a reputable VPN for additional privacy

After Purchase

Transfer Off Exchange: Move NIGHT to a personal wallet you control
Backup Wallet Keys: Store seed phrases in a secure location (not digitally)
Use Cold Storage for Large Amounts: Hardware wallets provide maximum security
Monitor Activity: Regularly check your wallet and exchange accounts for unauthorized access
Keep Software Updated: Update wallet software and operating systems regularly

Ongoing Security

Never share private keys or seed phrases
Beware of phishing emails and fake websites
Verify URLs before entering credentials
Use hardware wallets for holdings exceeding your comfort threshold
Consider multi-signature wallets for institutional amounts

KYC Requirements Overview

Leading exchanges have received a portion of NIGHT tokens, of which they intend to distribute to their customers (including Kraken, OKX, Bitpanda, and NBX).

Standard KYC Process:

Identity Verification: Government-issued ID (passport, driver's license, national ID)
Proof of Address: Recent utility bill or bank statement
Facial Recognition: Selfie verification to confirm identity
Source of Funds: Some exchanges may ask about income source for large purchases

Verification Levels:

Level 1: Email verification only (limited trading)
Level 2: Full KYC (standard trading limits)
Level 3: Enhanced verification (higher limits, available on select exchanges)

Timeline: Most exchanges complete verification within 1-24 hours.

Regional Availability Notes

NIGHT is available globally on major exchanges, but regional restrictions apply:

United States: Available on OKX, Kraken, Bybit, Gate (check state-specific restrictions)
Europe: Available on all major exchanges; Bitpanda offers EUR pairs
Asia: Available on MEXC, Gate, OKX, Bybit
UK: Available on Kraken and major exchanges
Australia: Available on most exchanges; check local regulations

Restricted Regions: Some exchanges restrict access from certain countries. Verify your region's availability before creating an account.

Alternative Purchase Methods

1. Peer-to-Peer (P2P) Trading

Users can securely and conveniently buy or sell cryptocurrencies on platforms such as Bitget P2P without incurring transaction fees.

Available on Bitget, OKX, and other exchanges
Allows direct transactions with other users
No platform fees (only network fees)
Requires trust and verification

2. Staking and Rewards

Staking NIGHT allows you to earn passive rewards, participate in governance decisions, and enhance your involvement in the Midnight network.

Available on:

Kraken (staking rewards)
Bitrue (staking program)
Select other exchanges

3. Token Distribution (Glacier Drop - Closed)

The deadline to claim NIGHT was October 20, 2025, for the Glacier Drop and November 19, 2025, for the Scavenger Mine. These phases have ended, but the thawing period will end on December 4, 2026. A final 90-day window (Grace Period) follows the end of thawing for any final claims before the portal closes.

Official Resources

Midnight Official Website: https://midnight.network/
NIGHT Token Information: https://midnight.network/night
Redemption Portal: https://www.midnight.gd/
Documentation: https://docs.midnight.network/

Summary Checklist

Choose an exchange (OKX recommended for highest liquidity)
Complete account creation and KYC verification
Fund your account via bank transfer or card
Navigate to NIGHT/USDT trading pair
Place buy order (market or limit)
Withdraw NIGHT to personal wallet
Enable 2FA on your wallet
Backup seed phrase securely
Monitor your holdings regularly