Midnight Community, a privacy-focused blockchain leveraging zero-knowledge sensible contracts, revealed its tokenomics paper and unveiled its ‘Glacier Drop’ airdrop mechanism upfront of claims for the native NIGHT token beginning subsequent month.
The venture 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 can be obtainable 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 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 members 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 enable authentic claimants who missed the preliminary window to recuperate a part of their allocation by way 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 venture, mentioned the method 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 data is obtainable at midnight.community.
