Cardano (ADA) founder Charles Hoskinson announced the mainnet launch of Midnight, a privacy-focused blockchain tied to the Cardano ecosystem, saying the network had already produced more than 163,000 blocks with average block times of roughly six seconds and a finality gap of about two blocks.
Midnight Mainnet Launch
The project confirmed the launch via X on Mar. 30, stating that the genesis block had been produced and that developers, partners and institutions could now deploy applications and migrate assets onto the network. The release follows a timeline set in February, when Midnight said mainnet was scheduled for late March 2026. It also comes after the December 2025 debut of NIGHT, the network's native token, on Cardano.
Hoskinson described the current phase as a "guarded era" rather than an immediate shift to open decentralization.
A federated network is running core infrastructure, with more than 130 post-launch bug fixes already queued. None were described as critical, but the team expects to spend two to three weeks hardening the system.
Federated node partners include Worldpay, Bullish, MoneyGram, Pairpoint by Vodafone, eToro, AlphaTON Capital, Google Cloud, Blockdaemon and Shielded Technologies. The network will progress toward a more decentralized model in later stages.
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Midnight Privacy Architecture
Midnight is built around what the project calls programmable privacy. The network combines public and private data through a hybrid ledger and uses client-side zero-knowledge proofs so sensitive information stays on user devices. It supports both shielded and unshielded assets, along with selective disclosure for auditors and regulators.
The chain uses a dual-token model.
NIGHT serves as the governance and utility token, while DUST functions as a renewable transaction resource that regenerates over time based on NIGHT holdings.
A full recharge takes seven days — a design intended to make costs more predictable for businesses.
Hoskinson Lace Update
Hoskinson used the livestream to announce a free book on zero-knowledge proof systems titled "Proving Nothing: A Complete Guide to Zero-Knowledge Proof Systems," aimed at non-technical readers. He also said the Lace wallet would receive a Midnight-compatible update, with version 136.2 already submitted to the browser extension store. Lace v2 and a mobile release are both expected in April.
Monument Bank Deposit Tokenization
The launch has already attracted institutional interest.
Monument Bank, a UK lender regulated by the Bank of England, said it will tokenize up to £250M ($335M) in retail deposits on Midnight — the first time a UK-regulated bank has done so on a public blockchain while maintaining deposit insurance protection.
The deposits will remain interest-bearing, fully backed in sterling and covered under the UK's Financial Services Compensation Scheme, with Monument planning a three-phase rollout that starts with tokenized deposits, then adds investment products and eventually blockchain-based lending.
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