So @MidnightNtwrk is doing a TGE with 100% community distribution (zero VCs behind this) But will it solve the problem of why majority of the enterprise blockchain happens on closed networks. Let's find out 🧵 ➢ A manufacturer on Ethereum can reveal all supplier relationships to competitors ➢ A hedge fund can expose its trading strategy ➢ Healthcare providers can't share research data without violating HIPAA ➢ Financial institutions breach GDPR by broadcasting customer transactions This is why most of the enterprise blockchain adoption happens on closed networks that sacrifice decentralization specifically to gain privacy. The European Data Protection Board confirmed in April 2025 that blockchain transparency fundamentally conflicts with GDPR principles. ➠ What did they build? Midnight is a L1 chain whose mechanism works through ZK proofs. Instead of broadcasting your networth to qualify for regulated DeFi, you generate a proof on your device without exposing the actual number. It has a dual ledger architecture👇 1. Public ledger → Transaction validation, governance, auditable state changes 2. Private ledger → Encrypted data that proves facts without revealing underlying information ➠ How does the token model work? Midnight uses two tokens that solve a fundamental problem in other chains. They used this approach as on Ethereum, when ETH price rises 10x, gas fees become relatively expensive. Users lose their investment just to transact. Midnight separates these concerns. NIGHT can appreciate as an asset while transaction costs stay predictable because DUST regenerates automatically regardless of NIGHT's market price. 1. $NIGHT is the governance token ‣ 24B total supply ‣ 100% community distributed ‣ Zero VC allocation ‣ It's used for staking, governance, and protocol participation 2. $DUST is the execution resource ‣ NIGHT holders continuously generate DUST, which pays for private transactions and smart contract execution ‣ DUST is privacy-preserving, decays over time, and isn't tradable ‣ Importantly, DUST can be leased to pay fees on behalf of others Community allocations don't hit all at once. Tokens unlock gradually over 360 days through four phases (25% each phase). The first unlock is randomly assigned within a 90 day window to prevent market shock, with remaining unlocks every 90 days after. Users can claim as tokens unlock or wait until fully thawed. Trading is also live now. ➠ How does this compare to other privacy solutions? 1. OG privacy coins Built as alternative currencies, not smart contract platforms while it requires cryptography expertise to develop + regulators block them as obfuscation tools. 2. ZK rollups Solve scaling by batching transactions offchain but privacy is secondary, like an opt-in feature. 3. FHE Strongest cryptographic privacy compute on encrypted data without decrypting but computationally expensive, Midnight's approach is as privacy as infra for business logic. Programmable selective disclosure show what regulators need + hide competitive data. ➠ What's the market opportunity? Blockchain adoption, primarily will be mainly driven by financial services/chains needing compliance. Current DeFi holds $120B TVL. Privacy-specific DeFi represents less than 2%. Enterprises need blockchain benefits (auditability, programmability, tokenization) without blockchain transparency (competitive exposure, regulatory violations). The privacy market is growing so opportuity will grow too. The applications which Midnight allows are... ‣ Cross-institutional clinical trials aggregating patient data without exposing individual records (HIPAA compliant, blockchain auditable) ‣ Medical history proofs that maintain patient privacy ‣ Supply chain verification that proves ethical certification without revealing supplier identities to competitors ‣ Regulated DeFi where users prove compliance without broadcasting personal data ➠ What's next for them? Midnight is following a four-phase roadmap throughout 2026, moving from token launch to full decentralization. We're in phase 1 rn which has the token liquidity and network activation. NIGHT launched on Cardano December 4th and began trading December 8th. Community token unlocks start December 10th. ➢ Phase 2: Federated mainnet with controlled validators (IOG, partners, Fortune 500 company). They will be the first dApps go live but will not be fully decentralized ➢ Phase 3: Mōhalu (Q2 2026) - Incentivized testnet, DUST economic model activates, validator set begins decentralizing ➢ Phase 4: Hua (Later 2026) - Full decentralization, crosschain bridges to Ethereum/Solana/Bitcoin/XRP, becomes privacy layer for multichain apps ➠ Conclusion Remember privacy isn't the opposite of compliance and selective disclosure can satisfy both. If regulators accept ZK proofs as sufficient, blockchain regulation fundamentally changes. If TypeScript accessibility works, privacy development goes mainstream instead of staying niche. For @MidnightNtwrk, architecture is great and distribution was massive. Enterprise partnerships are happening so let's see how this goes in 2026 and beyond.

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