Social trading platform eToro added Midnight network's (NIGHT) token to its trading platform January 20, providing retail access to a privacy-focused blockchain that launched approximately four weeks earlier in December 2025.
The listing comes as the Cardano (ADA) ecosystem project distributes tokens through a multi-phase "Glacier Drop" airdrop program that allocated over 3.5 billion NIGHT tokens - representing 14% of total supply - to approximately 8 million wallet addresses.
NIGHT traded around $0.06 on eToro at the time of the listing announcement, placing the project near a $1 billion market capitalization despite limited operational history beyond its December 2025 testnet debut.
Network Structure
Midnight operates as a zero-knowledge proof-based blockchain developed by Input Output Global, the development arm behind Cardano, with NIGHT initially launched as a native asset on Cardano's network ahead of a planned independent mainnet deployment in 2026.
The network's privacy architecture uses zk-SNARKs cryptography to enable selective data disclosure for decentralized applications, positioning itself as infrastructure for use cases requiring regulatory compliance alongside data privacy.
Charles Hoskinson, Cardano founder, leads the project development, though Midnight functions as a separate blockchain rather than a Cardano scaling solution or sidechain.
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Distribution Mechanics
eToro automatically allocated NIGHT tokens to users holding at least $100 worth of ADA during the snapshot period, mirroring distribution mechanics already implemented by exchanges including Kraken, KuCoin, and LBank.
The Glacier Drop program operates through a vesting schedule that unlocks 25% of allocations every 90 days over a one-year period, with randomized start dates assigned between December 10, 2025 and early March 2026.
The token distribution concentrates heavily among early participants, with a subsequent "Scavenger Mine" phase requiring computational puzzle completion to claim additional allocations.
Market Context
eToro serves approximately 35 million registered users according to 2025 company disclosures, though only 3.5 million accounts held funded balances as of mid-2025.
The platform completed a $620 million Nasdaq IPO in May 2025 at a $4.3 billion valuation and recently expanded its European offerings to include 250 UCITS ETFs alongside cryptocurrencies and equities.
NIGHT's ascent to near-$1 billion valuation within weeks of launch follows a pattern common to tokens with limited initial circulating supply and multi-phase unlock schedules deferring significant selling pressure.
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