Midnight is a token. It has no blockchain of its own and no consensus of its own — it rents both from the chains it is issued on, which is why it is listed separately from the cryptocurrencies.
| CoinSpectrum Grade | C · 56/100 · provisional |
|---|---|
| Type | Token |
| Class | Other |
| Backing | Non-backed |
| Market capitalisation | $669M |
| Price | $0.0403 |
| Circulating supply | 16,607,399,401 NIGHT |
| Issued on | 2 chains |
Market data rebuilt every six hours; this build 28 October 2026. Live prices on the ranking.
C — 56 out of 100, provisional (from 8 of 10 criteria, 28 October 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 44 to 64 (D to B).
| Criterion | Score | Basis |
|---|---|---|
| Leading Consensus Mechanisms | 4.2 | group average |
| Host chain | 6.6 | Issued on Cardano (B, 66/100) |
| Asset class (below every coin family) | 1.8 | Tokens: below every native coin family on the consensus ladders, 0.9 of 10 by largest asset and 2.7 by combined market cap |
| Network security | 0 | No network of its own: secured by its host chain, scored above |
| Decentralisation | 7.5 | group average, 3 of 4 measured |
| Minting and supply (who can mint more) | 10 | Binance Research gives a fixed 24B total, and block rewards come from the pre-minted Reserve. The BSC representation has an owner mint() used for bridging.; fixed maximum supply source |
| Premine (pre-issued at launch) | 2.5 | 75% of supply pre-issued at launch. Everything except the 6B Reserve, which is paid out as block rewards, was allocated at launch (drops, Foundation, Treasury and the TGE bucket). source |
| Fundraising | 10 | No sale, no investor allocation source |
| Holder concentration | — | Not yet measured |
| Supply & Demand | 6.8 | group average |
| Supply & Demand | 7.6 | average of 5 measures |
| Exchanges (10 or more: 10) | – | exchanges not yet counted |
| Daily volume ($10K 0, $1B or more 10) | 6.1 | $15,792,836 traded in 24 hours; #130 by volume on the exchanges the site reads (scored on the median day of the last 2, $11,527,162) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 7.3 | 1.6% of its market cap a day, median of the last 3 days |
| Order-book depth (bids and asks within 2% ÷ market cap, 1%: 10) | 9 | $3,280,936 within 2% of the price on 8 exchanges, 0.49% of its market cap, median of the last 2 days |
| Market cap ($1M 0, $10B or more 10) | 7.1 | $669M, 7.1 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 8.5 | futures, options and margin positions 2.3% of its market cap |
| Supply (smaller is better) | 5.9 | fixed maximum supply of 24 billion |
| Record (origin, claims, halts) | — | Not yet reviewed |
Ten criteria, weighted equally — for a token, the host chain replaces the developer share, the asset class stands in for the consensus ladders, and who can mint more for the Cryptocurrency Standards. Provisional: criteria marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
| Pre-issued at launch | 75% of supply |
|---|---|
| To team, investors and treasury | 35% of supply |
| Sold to the public or to investors | 2.1% of supply |
| Who can mint more | Fixed supply — no one can mint more |
| Fundraising | No sale and no investor round |
Everything except the 6B Reserve, which is paid out as block rewards, was allocated at launch (drops, Foundation, Treasury and the TGE bucket).
There was no token sale and no external investors. Charles Hoskinson/IOG funded it (USD 100M+, including an USD 85M IOG loan).
Binance Research gives a fixed 24B total, and block rewards come from the pre-minted Reserve. The BSC representation has an owner mint() used for bridging.
publicLaunchPct is the 2.1% market-maker/liquidity float reported by Binance Research. What makes up the 3.66B TGE bucket (exchange distributions etc.) is not itemised.
Sources: midnight.network · binance.com · decrypt.co. Researched 2026-10-23, medium confidence.
It is issued on 2 chains, which means 2 separate issuances of the same claim. Linked names are chains that are themselves cryptocurrencies with a page here.
CoinSpectrum counts an asset once. A token has neither its own blockchain nor its own consensus mechanism, so it fails both of the site's two conditions — it is a thing issued on a chain, and the chain is what is counted. The methodology states the rule, and the argument for it is set out in full.
Listed, not hidden. The point is that it is measured as what it is.