NIGHT · nothing is minted, and the float still grows. The airdrop is being handed over a quarter at a time.

Midnight never mints. Block rewards are meant to be paid out of a fixed reserve instead, and that reserve still holds 6,000,000,000.873988 NIGHT — the exact amount it was created with, down to the last decimal. Not one token has ever left it. The chain went live in March 2026 but still runs on a fixed set of 13 named block producers, and the reserve only opens when anyone can produce blocks.

The airdrop everyone claimed is still being handed over. 4,547.4M NIGHT was claimed in the Glacier Drop and Scavenger Mine, and each claim unfreezes in four equal quarterly steps that finish Dec 4 2026. One full step — a quarter of the whole pool — fell inside these 90 days. Two contracts still hold the rest: 1,333.5M in the redemption contract for people who have not claimed at all, and 1,243.4M frozen across 62,268 addresses waiting for their next step. Only 1,970.5M is actually loose so far, so this figure is the schedule and the ceiling.

No public evidence of release in window — monitored. This is the row to watch: the Midnight Foundation holds 8,400.0M NIGHT and Midnight TGE Ltd holds 3,660.0M, together 50.25% of everything, unlocked since Dec 10 2025 and free to move at their own discretion. Neither has published a transfer this quarter. Three more pools are locked by the protocol and were each read at their exact starting balance: the 6,000.0M reserve, the 1,200.0M treasury and the 192.6M unclaimed pool.

There is no bankruptcy estate, no trustee and no lockup contract due to expire. Nothing has ever been non-zero here for this coin.

On Jul 20 2026 an attacker drained 515.2M NIGHT from a third-party bridge in nine minutes and sold roughly 300M of it, halving the price that day. It is carried at 0 because no NIGHT was created — the chain shows one mint and zero burns — and these coins were already counted as circulating. It still matters: the wrapped version on the other chain reports 526.5M with nothing behind it, so we re-read this every rebuild.

There is no buyback. The whole supply design is one-way: tokens leave a fixed reserve and never come back. No purchase programme is defined, funded or announced anywhere in the project's own tokenomics.

NIGHT is never destroyed, and the chain proves it — the burn counter has read zero since the token was created in November 2025. What gets consumed on Midnight is DUST, a private, non-tradable resource that NIGHT generates just by being held. Spending DUST removes no NIGHT.

No public evidence of release in window — monitored. Neither the Foundation nor the token company has disclosed buying NIGHT on the open market. Both are net holders of a very large allocation, not buyers of it.

Staking NIGHT does not lock it. Delegation points your balance at a block producer and speeds up DUST generation, but the tokens stay in your own address the whole time — no contract takes custody, so nothing leaves the tradable float.