24 Billion NIGHT Minted on Cardano, Midnight Spends Less Than 1 ADA

• Midnight team minted entire 24 billion NIGHT token supply for 0.80 Cardano on October 14.
• Token distribution scheduled for December 8 with trading commencing on same date confirmed.
• NIGHT will exist natively on both Cardano and Midnight with locked supply mechanism.

With Midnight distribution approaching, the project confirmed it has minted the entire supply on Cardano, and the cost of this operation is striking. Cardano community figure Ed n’ Stuff refreshed enthusiasts on latest developments in the Midnight ecosystem.

He confirmed the Midnight team has already minted the 24 billion NIGHT tokens for distribution on the Cardano network, indicating preparedness for the widely anticipated event. While the price per NIGHT token remains undisclosed, many expect the token’s whole supply to be worth considerable value.

Minting efficiency shows network capabilities

Interestingly, it only cost the Midnight team 0.80 ADA to mint the entire supply. On-chain data shows the minting event occurred at height 12,517,624 on October 14 at 16:34 UTC. The team minted the entire 24 billion supply for less than 1 ADA, which according to on-chain data was worth $0.52 at the time.

Ed n’ Stuff perceived this as a positive development. He provided further context in a reply, emphasizing that minting 24 billion tokens at a fee of less than $1 shows the efficiency of the proof-of-stake network.

Additionally, it confirms that Cardano is cheap to use, scalable, and resistant to censorship. According to the analyst, these are key components of a “sound money infrastructure.” Cardano founder Charles Hoskinson shares similar sentiment with this assessment, claiming in several instances that Cardano is sound money and exists in that category with only Bitcoin.

Ed n’ Stuff further explained that the NIGHT token would exist natively on both Cardano and Midnight blockchains. If a token is unlocked on Midnight, the exact value would be locked on Cardano and vice versa. This mechanism addresses questions about how NIGHT would function cross-chain