The why is bitcoin going down todayCardano ecosystem team has released the whitepaper for the Midnight Network, outlining the NIGHT token allocation for XRP holders. 

In a 45-page whitepaper, the team confirmed that NIGHT, the primary token of the Midnight Network, will be distributed across eight blockchains. Eligible blockchains include XRP Ledger, Bitcoin, Solana, Cardano, Avalanche, BNB Chain, Ethereum, and Basic Attention Token.

Users holding at least $100 worth of native tokens across these blockchains, as of the time of Midnight’s June 11 snapshot, will be eligible to claim the tokens. In particular, XRP users with a minimum balance of $100 in XRP during the snapshot qualify for the airdrop. 

Notably, Cardano Founder Charles Hoskinson initially disclosed that the tokens would be distributed across 37 million wallets. 

Amount of NIGHT Tokens XRP Holders Will Receive 

According to the whitepaper, NIGHT has a total supply of 24 billion tokens, which eligible users can begin claiming next month. 

Of the total supply, 50%, or 12 billion NIGHT, will be allocated to Cardano’s ADA holders. Bitcoin holders can claim 20% of the tokens (approximately 4.8 billion NIGHT). 

The remaining 30%, or 7.2 billion NIGHT tokens, will be split equally among holders of XRP, BAT, ETH, BNB, SOL, and AVAX. This implies that XRP holders can claim roughly 1.2 billion NIGHT tokens. 

The amount of NIGHT individual participants will receive depends on their XRP holdings at the time of the snapshot. Those with large XRP holdings are likely to receive more NIGHT tokens than those with smaller holdings. 

Claim Timelines 

Starting July 2025, eligible users can claim their NIGHT allocation over a 60-day period during the initial phase.

Once the initial phase ends, the second phase of the airdrop, dubbed the Scavenger Mine, will begin immediately. This phase, expected to run for 30 days, will enable participants to earn unclaimed NIGHT tokens by completing computational tasks. 

Lastly, the Lost-and-found phase offers eligible users who missed the initial distribution a second chance to claim their tokens. If there are still unclaimed tokens after four years, the team will allocate them to the Midnight treasury. 

Although users can begin claiming NIGHT next month, all claimed tokens will be locked in a Cardano-based redemption smart contract to prevent an immediate sell-off. Notably, 25% of the claimed tokens will be unlocked in four installments over the course of a year. 

In the meantime, Midnight is still on testnet, with its mainnet launch planned for later this year. According to the whitepaper, the mainnet version of Midnight will go live 90 days after the Glacier Drop. 

Besides providing users with selective data disclosure, Hoskinson suggests that Midnight could also serve as the decentralized finance hub of the XRP ecosystem. 

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