Midnight Glacier Airdrop FAQs

00:00 How many tokens will be distributed?
02:20 Do ETH Stakers in LIDO get NIGHT Airdrop?
03:11 Is Unstaked ADA Not Eligible?
04:24 Why Do I Need a New Wallet for the Destination Address?
06:39 Is ADA on Exchanges included in the Airdrop? 
08:36 Centralised Exchange Support for Cardano Native Tokens
10:08 How much ADA is in the Snapshot? 
12:07 How many NIGHT tokens will I get?
12:40 Wallet verifying process to claim tokens 
15:23 Verify the wallet by sending a transaction to your own wallet
18:38 What about liquidity providers?
20:15 When is the Midnight Mainnet launch? 
22:21 Got a question? Leave a comment.

Episode Transcript

Speaker 1 (00:00):
This bit out, I'm going to go through a couple
of details about the Midnight air drop. We're going to
have a look into potentially how much of the night
token you could possibly get, and also the idea a
model around the distribution. This is a video of the
President of the Midnight Foundation, and I've got some really
interesting questions that have come up from the community on

(00:22):
x and also on my YouTube channel as well. So
I go through some of the most frequently asked questions
here and hopefully or answer some of your questions. And
I might have a few assumptions here, but we'll get
some clarity very soon from the Foundation. All right, let's
get into this one. Hey everyone, I'm Peter. If it's
the first time here at hit that thumbs up, like
subscribe a notification bell and I'll keep you guys up

(00:44):
to date with everything that's happening in the Candana space,
Midnight space, and at cryptocurrency in general. All right, let's
get into this one here now. First off, let me
play you this video clip here. This is a post
from Lily and I believe this is at permissionless and
this is a clip of the president me seed from
the Midnight Foundation. Talking about this token distribution and their

(01:07):
goals around it. So let me just play this clip
for you.

Speaker 2 (01:10):
Guys. You'll be a Glacier drop to eight major blockchains.
We want all those blockchains to come and work with us.
It's not adversarial. We're not dropping to friends and family,
to insiders, to vcs. We're dropping it to everybody, and
we want you to come and look at what we're
giving you and look at the tools that augment your blockchains,
your services. And after the Glacier Drop, which well run

(01:32):
for sixty days, everybody else who's not part of the
eighth Decosystems can participate in the scavenger hunt a proof
of mine, a proof of work where everything that's left
you can come and collect. We don't want it, we
want usage, we want adoption. So we're going to give
this away. And after that, if you haven't come and
claimed it to the original people who forgot to claim

(01:54):
or were unable to claim, we're give them give in
four years in the lost and Found section to still
come back. Well, that does to give it away. If
we don't want it, we like it, we love it,
or we want.

Speaker 1 (02:05):
You to have it, right, So thank you so much
Lily for posting up that video. There a lot of
this content. I don't have access. I'm just not at
these events, But that really gives you an idea of
the token distribution and what they're trying to do with
this particular token, So how much we will be getting overall.
Each one of the eight blockchains has a separate distribution level.

(02:28):
The Kadana ecosystem has twelve billion of this plight, which
is fifty percent of the total supply of night token.
So there's a total twenty four billion. Kardana is getting
half of that. If you go back to the original
X post here where they talk about the air drop,
you can see here this is the distribution for all
the different blockchains. We got eighta Bitcoin, XP, BnB, avaxs Ethereum, Soul,

(02:53):
and bat. So there's a distribution that's fifty percent to
eight twenty percent to Bitcoin, and then all these other
chains here get the remaining thirty percent of that particular allocation.
So let me go through some of these questions here
that people have had on X and also my YouTube channel. Now,
my first question here is around eth holders. Now, this

(03:15):
one says, thanks for the update. Do you think it
is likely that Eath stake Throughlido's stake to Eath will
result in receiving these tokens. Imagine that would come down
to Loido who hold the keys. But imagine this would
affect a lot of people. So thought I would check
and you are right here, Robert, to think that because
Loido holds the keys, they are the ones that need

(03:37):
to sign the transaction and claim those particular night tooken
to their address. So I think it's kind of unlikely
that Lighter will go out of the way to claim
it for their earth steakers unless they kick up a
storm and really put pressure on them for these particular tokens.
So it could very well be possible they could do

(03:58):
that particular token distribute. That would have to set up
all these mechanisms for users to prove who they are
and claim those particular night tokens. But it could possibly
happen for centralized entities such as Lido or centralized exchanges
to go through that process and to make that all happen.
And I'll talk about the claiming process well so you

(04:20):
can get a better understanding of how that is supposed
to work. This next one here, So I had ada
for seven years, a lot of ATA. But because I
have not got its state and it's on my traser,
I am not eligible. So the Traser is a hardware
wallet for those that don't know, and that's a self
custody wallet. So that means this person here, Robert, got

(04:43):
a lot of robots here, Robert here, Okay, okay, a
lot of Roberts watching my channel. So we've got Robert
here at saying that he's got the AIDA on his traser.
So it's a self custody wallet, not on a centralized exchange.
So as long as you can go through the claiming
process with your wallet, you should be able to claim

(05:04):
it and get those night tokens. So I wrote here,
if it's a self custody wallet, then I don't see
why it wouldn't be included. There isn't any info about
Aida needing to be staked. I'm making assumptions as it's
easiest to snapshots staked Aida on pools. I'll clarify this
with everyone, so that's right. I've looked up for more
information about if it's staked Aida or not staked Aida,

(05:27):
and I couldn't find any information about that. But I
did make the assumption here because when you're using some
of the blockchain querying tools, it's easier to do a
quick snapshot of what's being staked state pools. I don't
know how they're doing that particular calculation, but it may
be the case. It may not be, but we'll find
out more information about if it's staked aider on staked ADA,

(05:50):
and if you have a lot of AIDA, why aren't
you staking it? That just doesn't make sense to me
if you're holding a lot of AIDER in a hardware wallet. Personally,
I think it should be staked so that you're earning
extra eight award. You're having like two three million eight
in your hardware wallet, take that thing. You'd be earning
thousands of eight to every epoch. Let's do it, which

(06:11):
makes sense to me. You might have reasons if it
comes down to like tax reasons or anything like that.
It's quite easy to follow how much AIDA rewards are
getting so that you can declare that and then pay
the tax on top of it as income. That's how
a lot of countries do it. They can call rewards

(06:32):
is classified as income and then you pay income tax
on top of that. So it's a if you're paying tax.
You're doing well. Next question here, thank you very much.
One question. Destination addresses for the Glacier Drop and skevenger
Mine claim phase must be a Cadana address and must
be unused. I have no transaction in history. What is

(06:53):
meant by this? Now? I did get clarity on this
one here and let me just pull up the answer
and this here is on page thirty five of the
Midnight Tokenomics Incentives of white paper. But this, this is
why you need. You're a brand new wallet that has
no transactions to provide an unused Kadano address with no

(07:15):
previous transaction history at the time of claim to serve
as a destination address for receiving the redeemed Night tokens.
This is best practice and works to protect your personal
data of the claimate. Now what that last sentence means
that if you're using a brand new wallet that isn't
linked to any of your other Aida Kardano transactions, then

(07:36):
it's completely clean. So when you start using that wallet
and for Night related transactions, it's completely clean. There's no
identifiable information that can be traced back. So if you
want to be completely anonymous, you've created this brand new wallets,
Night tokens get in there as long as you don't

(07:57):
interact with some of your old Kardano wallets that used
over the years. No one can tie back that particular
brand new Night wallet to the older transactions with can
don ecosystem and then pinpoint exactly who you are. So
that's a way to protect your identity. So it's a
good idea here now that we're interacting with the whole

(08:18):
brand new blockchain to create that brand new Condono wallet
and have only your Night interactions, so that will protect
your privacy. And the whole point of using this blockchain
is to protect your privacy, so that's the whole point there,
So a brand new wallet would be needed. Now this
next question here is about exchanges. I'm using coup Coin exchange.

(08:41):
Will I be able to claim the tokens? I don't
think so. The exchange would have to do the work
to distribute it to you. But it it you know,
it could possibly work, and like I said, with Lido,
they could set something up. They could possibly claim the transactions,
claim the tokens and then distribute it to you. But
if you have look at the white paper here, so
let me just clarify this tokens under third party custody.

(09:05):
Users whose tokens are under custody of a third party eg.
Held by a centralized exchange or other custodian will not
be able to participate in the glaciers drop directly, as
they cannot access the private keys needed to demonstrate ownership
of the qualifying asset. These users should contact their custodian
to confirm whether they will support Night token distribution. Custodians may,

(09:30):
at this sole discretion, choose to participate and distribute the
night Claimed Night tokens amongst those on whose behalf they
hold assets in custody. So that's what I'm saying before
with LADO, if they decide to set something up for
the claiming and distribution, they may allow for it. So
if you have allowed enough voice, if you really want
these tokens, if you can gather the community sentiment to say,

(09:53):
hey we want these tokens, do something about it, or
else we will move our liquidity elsewhere, that you have
much choice with the staking on the ETH. But you
know that's the case, and that is the same with
all the centralized exchanges. Now I'll add on to this,
a lot of the centralized exchanges out there do not

(10:14):
support Kadano native tokens. If the exchange that you're on
supports s neck, then it's highly likely they'll be able
to support night token. Snack the meme coin. Let me
just pull it up and here we go. So the
Snack team have done so much work to get their

(10:35):
token listed on as many centralized exchanges as possible, and
it has taken a bit of work to actually get
that happening. There was extra code that needed to be written,
and the Kadano Foundation helped with that with improving and
updating the code for the resetta. I can't remember what

(10:55):
the brand new coin based name for it, but it's
a code to integrate tokens across the coin based ecosystem
and a lot of other exchanges use that and that's
how they got listed onto Kraken because cracking uses that codebase.
So if any of these tokens do support Condno native assets,

(11:15):
then the night token will be able to work on
there as well. I don't see coup cooin on here yet,
but I do know that there is some inner workings
that might actually make that happen, so hopefully we do
see more exchanges pick up condondin native assets condundinaive tokens,
and then we'll be able to see the night token

(11:38):
distributed more widely. Now, I also know that Midnight have
been working with a lot of the centralized exchanges, and
we may very well see more Condundo tokens being launched
on those centralized exchanges because of the work that the
Midnight Foundation are doing to try and push condundinaive assets
condondave tokens to those centralized exchanges. So we may see

(12:00):
a big influx of brand new tokens on the centralized
exchange is because of this night token launch. Now, I
thought this was a really interesting question from Eden's stuff.
Do we know the size of the AIDA snapshot pool?
Has that been confirmed? I had read publicly reported estimates
of the AIDA snapshot pool was fourteen point seven billion

(12:21):
eight Not too sure though, and there hasn't been any
responses on this one. I am curious myself, so I
will try and follow that one and find it out.
But we do need to know how much AIDA was
in that snapshot so we can do our calculations. So
let's go through the possible calculations so that you can
work out how much night tokens you'll get for the

(12:44):
amount of ADA you have in your wallet. So from
the white paper itself, this is the formula. And we
don't need to go to into too much depth here
into how this formula works. It's quite a pretty basic
one really. But to EN is your allocation. This is
your night tokens that you'll get the SJ night total

(13:05):
night allocated to the CONDONA network, So fifty percent in
this case twenty four billion. Fifty percent of twenty four
billion is twelve billion. So this is the amount of
night tokens per network. So if you're looking at Bitcoin
for example, it's twenty percent of the total supply. So
the v I hear your ADA balance, so you put
in your aid to balance on top here and then

(13:27):
the total AIDER held by eligible addresses at snapshot. So
this is what ED was asking and this is why
he's asking. So fourteen point seven billion is what you
need to put down here. So En, you got the
twelve billion here, fourteen point seven billion here, and then
the amount of ADA that you have on top, So
amount of eight divided by a total amount of ADA

(13:49):
that is in the eligible addresses, multiply that by the
twelve billion allocation for your particular blockchain is your night tokens.
So I put this through chat DTP to give me
a calculation based on one thousand and eight. So the
night token allocation, we're estimating that it is that twelve
billion night wall, not estimating we know it is, and

(14:11):
then we're estimating the snapshot being fourteen point seven billion eight.
So this is the formula. These are numbers plugged in
and the estimate night tokens that I would get for
one thousand and eight is roughly eight hundred and sixteen
point four to four night tokens, so not too bad.
I think I'm not too sure, but you know, if

(14:32):
you have a lot more ada than a thousand, that
will go up quite a lot. So it's a probably
an overall okay distribution. The interesting thing here is that
it is going to millions of wallet and if people
don't claim the night tokens in that first distribution, we
can go through the scavenger hunt phase and anyone else

(14:55):
can start participating in the scavenger hunt to claim those tokens.
And that's distributed on a daily basis. So it's going
to be interesting that thirty days is going to be
really active. It looks like you can put in some
mining power to actually claim some of those tokens as well,
So I'll do more videos about that. So make sure

(15:16):
you hit that thumbs up like subscribe notification bell so
we can find out how we can go through the
scavenger hunt and claim some more of these night tokens.
All right, So the next one here is the mechanics
and the exercising the claim. And I want to talk
about this because I have a lot of questions here
about external wallets, Can they claim exchanges? What happens there?

(15:38):
People with the tracer kind of talked about that before,
but then also the big full node wallet Daedalus and
how that might actually work as well, because the full
node is what a lot of people use since the
very early days and they're still using it out there.
But I do want to go through that claiming mechanism.

(15:59):
So let's talk about this now. When the distribution window opens,
the Night Claim Portal, a website dedicated to the claims
will be published. Detail instructions and how to participate will
be provided as each phase begins. Once the Glacier drop
claim period begins, eligible participants may exercise their claim by
using that website too, demonstrate custody over their respective eligible

(16:22):
blockchain addresses by signing a message using their private key,
and then this is what I said a little bit
earlier about providing a clean destination address. But let's have
a look at the actual claim portal at the moment.
So this is what it looks like. This is off
the Midnight Token Nomics website, but if we zoom into

(16:47):
the actual Glacier Drop dashboard, this may be what looks like.
It might not be the final but we can see
here choose an origin address and it says disconnect. So
this person, this demonstration, this figma mock up, I'm assuming
has already connected to a particular wallet, and in the
Condona ecosystem, there's a couple of ways that it can

(17:08):
connect to wallet. So this may also be a MENO
mask connect. But you may see a lot of DAPs
out there that will allow you to connect to a
website with a SIP thirty enabled wallet. So these are
hot wallets. These are a lot of them in the
Condona ecosystem. I've got Eternal and Lace installed, but when

(17:31):
we click on that, the website will connect to the wallet,
read the data, and they will ask me to sign
a particular transaction. So let me just show you what
the wallet transaction looks like here. So this is confirming
the data and you can see I'm not actually signing
or sending any assets in this case. I'm just confirming

(17:53):
that this is my wallet by signing it and allows
me to log into this website. So let me just
sign there.

Speaker 2 (18:00):
We go.

Speaker 1 (18:00):
Okay, so I'm signed in, the website gets verified, and
I can then connect this particular web website. And in
this case it's my derep profile and I can click
on delegate and will delegate this wallet to this my
de rep profile. So if you're in the Condona space
and you need a de rep to delegate, to check
out my website. Here, this is derep dot Learnedcadana dot io.

(18:24):
You can click on that you can find out my
derep IDs. You can delegate manually, or you can use
this website to delegate directly there too. So it's so
that's how I think the Glacier drop process will work
by simply connecting a wallet. Now, in the early days
of Caduna launching, before all of these SIP thirty wallets
were enabled. There was a very simple claiming process where

(18:48):
you could send ADA to your own address, where this
interface here would say something like send zero point to
ADA to your own address within a certain time period,
and if they see that appear on chain, then they
know that you have sent that ADA to your own
address and that you can prove that you are the

(19:08):
owner of the private keys and can claim the tokens.
So I believe if they do implement something like that,
then we will see a DATALSS and all those other
older wallets have the ability to actually claim the night tokens. Now,
if you do have a data list wallet and you
do want to claim your night tokens, you can restore

(19:32):
your datalless wallet into a wallet such as Eternal or
EUROI there are multi address wallets, and then from here
it will be a very similar experience. You can connect
your wallet with Eternal or Lace or whatever it might be.
I reckon they'll be pushing Lace personally, but then from
that process you can start claiming your night tokens. So

(19:52):
I really think they will be trying to push their
wallets themselves. So I know Lace supports Kadano and will
also support midnight, so it kind of makes sense. But
we will see and I will update you guys with
tutorials and everything else on how to actually connect and
claim your night tokens within this glacier drop when it

(20:14):
comes out. Now, my next question here is about liquidity providers.
So there's a lot of people that have participated within
the Kadana ecosystem, a lot of people that provide liquidity DEXes.
They're providing AIDA to borrowing lending protocols, playing around with
the strike finance perpetuals, they're doing long short so they've
got all this AIDA locked up within the Cadano ecosystem,

(20:39):
either buying tokens and they have tokens with candinatd tokens
sitting in their wallet, and then also all of the
liquidity and DeFi that's happening out there. So unfortunately, I
don't think any of that will be possible for the
claiming process unless all those DEXes out there work out

(21:02):
a way to claim and then distribute the rewards to
all their holders. So for example, min Swap, one of
the biggest DEXes in the Candata ecosystem, have a massive
amount of AIDA. They use that AIDA to vote on
governance actions such as Project Catalyst on behalf of their community.

(21:25):
Because they have the signing keys of that AIDA, it's
possible for them in their giant, ginormous aider wallet that's
holding all that liquidity to claim that particular Night token
and then they might work in a way to distribute
that Night token to their holders. So it's the same

(21:46):
process with a centralized exchange orlidos, a third party, third
party custodial provider, they would have to work out a
way to distribute those tokens to their holders and will
reward them accordingly. So liquided providers may be missing out
at this point unless all those DEXes out there work

(22:07):
out a way to distribute those Night tokens to their holders.
A little unfortunate, but again, if you put pressure onto
these DEXes out there, they may work out a way
to make that happen. All right. My last question here
when may neet? I don't know. I have absolutely no idea,
but I'm assuming because they're talking about this token distribution now,

(22:32):
it is coming up very soon, and I highly suspect
that they'll line up the launch of the Midnight Network
with some sort of major event out there, such as
where Evo or the Cadano summits, or maybe even Token
twenty forty nine in Singapore later this year, So one
of those really big events where they can go in hard,

(22:54):
spend a lot of money on marketing and get as
much reach and impact as possible. So I really think
that's probably a strategy that they may deploy to try
and gain as much traction as possible. So when may
net launch. I'm predicting sometime September around Token twenty four
to nine. That's probably the biggest event. And then we've
got follow up events with the Kadano Summit this year

(23:15):
in November in Berlin, so possibly then, So September or
November is my prediction, could be even earlier. Never know. Anyway, guys,
hopefully that has helped answer some of your questions out there,
or again may have created more questions, but I'm here
to help answer them. And if you have any more questions,

(23:36):
please leave a comment down below. I'll try and get
answers to them. I'll scour the internet, I'll ask the
teams and I'll try and gather them, collate them and
let you guys know exactly what's happening within this major
major air drop within the crypto space. All right, if
you enjoyed the video here that thumbs up light, subscribe
Notifaication Bell and I'll see you guys in the next video.

Speaker 2 (24:00):
Eight