Due to the impending distribution of Midnight, the project has confirmed that it has minted all its supplies in Cardano, but the cost is staggering.
In particular, Cardano community figure Ed n’ Stuff refreshed the minds of enthusiasts on the latest developments in the Midnight ecosystem. he is part of the midnight team 24 billion NIGHT tokens have already been minted This signals readiness for the widely anticipated event.
Token generation cost
The price per NIGHT token remains undisclosed, but many expect the entire supply of the token to be worth a huge amount. Interestingly, it cost the Midnight team only 0.80 ADA to mint the entire supply.
On-chain data shows that the minting event occurred on October 14th at 16:34 UTC at a height of 12,517,624. The team minted the entire supply of 24 billion for less than 1 ADA. According to on-chain data, the value at the time was $0.52.
NIGHT Mint transaction details
especially ed and staff recognized This is bullish. He provided further context in his reply, highlighting that minting 24 billion tokens with less than $1 in fees demonstrates the efficiency of proof-of-stake (PoS) networks.
Additionally, Cardano has proven to be cheap to use, scalable, and censorship-resistant. According to him, these are important elements of a “healthy money infrastructure.” Notably, Cardano founder Charles Hoskinson also shares a similar opinion with this analyst, arguing in several instances that: Cardano is sound money And only Bitcoin belongs to that category.
Meanwhile, Ed n’ Stuff further explained that the NIGHT token exists natively in both Cardano and Midnight. If the token is unlocked at midnight, its exact value will be locked into Cardano and vice versa, maintaining a total supply of 24 billion. This answers your question about how NIGHT will be cross-chain.
Midnight token distribution details
Surprisingly, according to the dates revealed by Hoskinson, the evening broadcast event is inching closer and closer. Founder of Cardano revealed Eligible users will receive their tokens on December 8th, and trading will also begin on the same day.
He had already noted that several Tier 1 crypto exchanges plan to list NIGHT tokens at launch. Hoskinson called Midnight. For this reason, it is the most transformative project in Cardano’s history, and many others with a growing list of partnerships.
Users will receive a portion of their bill on that day and the remainder will be issued in four equal installments over the next 12 months. This move will prevent unnecessary selling pressure on NIGHT and encourage long-term network exchange.
In particular, the Glacier Drop and Scavenger Mine phases are already over. The next phase is the redemption stage, where users who did not claim initially are finally given the opportunity to claim.