The Midnight Network plans to distribute its native 24 billion NIGHT tokens to users across multiple blockchains in an airdrop initiative called the “Glacier Drop.”

The airdrop targets holders of bitcoin (BTC), ethereum (ETH), cardano (ADA), solana (SOL), binance chain (BNB), ripple (XRP), and avalanche (AVAX), with eligibility based on holding at least $100 worth of native tokens at the time of a pre-announced snapshot.

This story is an excerpt from the Unchained Daily newsletter.

NIGHT is minted on Cardano, which represents 50% of the airdrop allocation. While NIGHT will serve as the native utility token, it will be used to generate another token called DUST, a resource used to pay for transactions.

“Traditional tokenomic models rely on a single token and require users to spend tokens for every transaction, creating economic uncertainty due to token price volatility,” said the Midnight Network in its white paper.

“This adversarial approach focuses too much on competition, and too little on cooperation.”