Overview
- Midnight, a privacy-first blockchain in the Cardano ecosystem, produced its genesis block as the mainnet went live Monday, introducing a hybrid ledger and zero-knowledge proofs generated on users’ devices.
- The network begins in a federated model with operators such as Google Cloud, MoneyGram, Worldpay, eToro and Blockdaemon, with a stated plan to transition toward full decentralization over time.
- Midnight uses a dual-token design with NIGHT for governance and DUST as a renewable transaction resource that recharges over time, which lets developers cover fees so people can use apps without holding tokens or managing private keys.
- Monument Bank said it will tokenize up to £250 million of retail deposits on Midnight in what it calls a first for a U.K.-regulated bank on a public blockchain, with the tokens remaining redeemable 1:1 in pounds and covered under FSCS protections.
- NIGHT jumped about 23% after the launch, according to market trackers, though it still trades more than 90% below a roughly $0.45 peak recorded shortly after the token’s 2025 debut.