How to Claim GlacierDrop, Midnight Airdrop with Your ADA

00:00
We now have the details of the big Glacier drop. This is the midnight airdrop that we’ve all been waiting for. A lot of people on my YouTube comments keep on saying, Pete, what are the details? When are you going to do a video about it? Now I can because the tokenomics and all those details have been officially released. Let’s get to it. Hi everyone, I’m Peter. If it’s your first time here, thumbs up, like, subscribe, notification bell. I’ll keep you up to date with everything that’s happening on Cardano and in the crypto space. And this midnight chain,

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is a brand new chain. It’s separate from Cardano, but a lot of it ties back into the Cardano blockchain. So this is really cool stuff. So this is the tweet here. This is the tokenomics release of Midnight. And let me just go through the tweet quickly here or the post, I should say. And then we go into the white paper where I’ll dig into the details of how the Glacier Drop will work. The tokenomics incentives paper is here. Here’s a high level breakdown.

00:54
Two tokens are coming out of this. So, NIGHT is the native utility token and DUST is the renewable shield resource used to pay for transactions. And it’s really interesting how it breaks apart. So, unlike to typical models, DUST is not a token. It’s a non-transferable resource designed to provide predictable transaction costs, avoid speculation and preserve privacy by shielding metadata.

01:21
And Midnight’s model enables rational privacy. Generates DUST for transactions. DUST decays over time and cannot store or transfer value. Midnight transactions do not expose user metadata. Privacy first without compromising compliance. Next bit here, a NIGHT token also plays a key role in block producer rewards, ecosystem incentives and future on-chain governance. It’s multi-chain native,

01:49
existing on both Cardano and Midnight. Midnight’s Corruptive Tokenomics and model enables sponsored transactions, multi-chain payments, even fiat, DUST marketplace, cross-chain capacity access. Okay, so lots of interesting things there. Now, this is the bit that people are mostly interested in. So token distribution is free, transparent and rolled into three phases. Firstly, the Glacier Drop claim phase. This is the big claim that everyone’s looking for. The Scavenger Mine claim phase,

02:19
and then the Lost and Found claim phase. Now it’s a bit weird how they’re doing this, but I’ll get into it. And then the next bit here, they say holders of the following native tokens are eligible for the GlacierDrop claim phase. ADA, BTC, XRP, BNB, AVAX, SOL and BAT. When’s the snapshot? It’s already taken place. On June 11th at midnight UTC, they took a snapshot of all of these chains

02:45
and looked at the balances in the wallets. And if it met the criteria, which I’ll talk about in a moment as well, then those wallets are eligible for this particular GlacierDrop. Want to go deeper? Get into the Midnight Tokenomics. Now they built a standalone website for this to go through all of the tokenomics. This is it here. You can get to it at midnight.gd. Links down below for you in the show notes. But this is the—I’ll go through the claim process because I know that’s what you guys want.

03:15
So there will be a separate website for this, the Glacier Drop, and you need to connect your wallet to it. And you’ll be able to see exactly how many NIGHT tokens you’ll be able to get from this. This is the redemption side here. Claimants then redeem their tokens as they thaw or unlock. This is a vesting period. During the redemption period, thus transferring their tokens to their destination address. How to claim. This is the process. So this is the details for claim phase one, the Glacier Drop.

03:45
Up to 100% of the total supply claimable by eligible GlacierDrop participants in proportion to the tokens held across key networks as per the breakdown below. And you can see the breakdown here. The ADA holders are the most fortunate with 50% of this allocated supply to ADA holders, 20% to BTC, and then the remaining 30% split across ETH, SOL, XRP, BNB, AVAX, and BAT. I guess that’s where that partnership with

04:15
Brave came in. Anyway, the next part here is the Scavenger Mine. And I thought these ones were quite interesting. During this phase, 100% of the unclaimed tokens from the Glacier Drop phase will be processed and appropriated between participants, core network constituents, Midnight Foundation, Midnight TGE, Reserve and On-chain Treasury, and the third claim phase. Okay, so if you don’t claim any of your tokens in the Glacier Drop,

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maybe your wallet is too small and you didn’t think it was worth claiming. Then the scavenger miners—anyone that participates afterwards—will be able to claim those unclaimed tokens. That’s an interesting approach there. And then the last bit here, claim phase three, Lost and Found. The amount of tokens remaining in the Lost and Found pool will be claimable by those GlacierDrop-eligible individuals who missed the first claim phase, as a fraction of their original entitlement.

05:12
So if you do miss out, you still have a chance to get some back, but it probably won’t be anywhere near as much as the first GlacierDrop participants. Now, from what I’ve read, you have 60 days from the start of this GlacierDrop to actually claim those tokens. So it’s a small window, two-month period. So if you’re not watching, you could possibly miss this. So that’s a call out. Make sure you hit that subscribe button down below. I’ll keep you guys up to date with when that actually happens. Get ready for it.

05:41
So you can claim these tokens. Now I’ll scroll down further to the timeline itself. See, you can see here it’s a 60-day period for that particular claim. Scavenger mining process is 30 days and the thaw redemption period is 450 days. That’s the vesting schedule period. That’s how long you have to hold on to your tokens and the allocation gets unlocked. That’s a long time, guys. Going to be waiting a while. And then the last Lost and Found duration—four years.

06:09
Anyone that didn’t claim still has four years to claim it afterwards. But wow, that’s a long thawing redemption period for this. Let me go into the details here. During the redemption period, GlacierDrop and Scavenger Mine claims thaw following a staggered schedule in four instalments over the course of 360 days. The date of the claimed allocation’s first instalment is randomly determined to fall over a range of 1 to 90 days,

06:37
with subsequent instalments following every 90 days. Allocation thaws happen in equal 25% shares. That’s a really interesting approach. But the date of the claimed allocation’s first instalment is randomly determined to fall over a range of 1 to 90 days. Is that random for every person? Staggered over the 1 to 90 days?

07:04
That means some people will be really lucky and be able to claim early on day one, sell their tokens if needed and sell on the market—and other people will be way down the track, 90 days later. That’s a really interesting approach. And I think the benefit of that is that you don’t see a massive amount of tokens all dumping on the market at the exact same time. So you see with a lot of airdrops and with a lot of token generation events, as soon as the tokens

07:32
are generated and distributed to users because of a certain date that is set for that token distribution, it hits the market and then you see the sudden price drop. So this is a way to control that market volatility that you would see if everyone had access to the tokens at the same time. But this is something that does two things. One, controls that price.

07:57
Then two, also keeps people engaged over a longer period of time because you have to keep on checking in for when your tokens get thawed in this one to 90-day period. So really interesting approach and probably a good one there too. The claimants may choose to redeem each share of the allocated tokens as they thaw or wait until they fully unlock to redeem the whole allotment at once. Each redemption involves a Cardano transaction, thus requiring the claimant to cover the cost of

08:27
the Cardano network transaction fee. The redemption period concludes with a 90-day grace period during which the NIGHT claim portal website will remain operational, allowing the redemptions to continue beyond thawing of the last tokens. Okay, so it’ll be around for a while. Lost and Found, let me just go through this one as well, because I thought this was interesting. The Lost and Found phase will be sometime after Midnight mainnet launch, giving original GlacierDrop

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eligible participants who did not claim during their initial 60-day claim period another chance to claim a fraction of their original allocation. Participants claiming during this phase will have to use their own means to interact with the Midnight Network smart contracts that will hold their allocated tokens and to submit and process their claims. Unclaimed tokens after the four-year period will be reallocated to the on-chain treasury.

09:20
That’s an interesting one there. I guess I’ll take down the claiming process. Let me just read that again. Participants claiming during this phase will have to use their own means to interact with the Midnight Network smart contracts. So if the websites are down—if the GlacierDrop portal is down—then you’ll have to work out how to write your own contracts to actually get that working.

09:44
Some of this code might be open source or some smart people might come up with a way to claim the tokens afterwards and maybe take a fee off the top, something like that. I’m sure there’ll be a nice user-friendly way to actually claim your tokens if that portal isn’t available. But we’ll see. We’ll see. That’s a business opportunity for someone out there. That’s interesting. Then after that, the claiming process gets sunsetted, but there’s a four-year duration to actually claim all these tokens. So it’s going to be around for a while, guys. Now let’s have a look at the actual

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white paper itself. Now the next part here I go through the entire white paper. I look at the NIGHT token, look at the DUST token, but it’s actually pretty boring to go through and the editing of this process was actually quite painful. But I might put it on as a members-only video. But essentially, what you need to know from here is that the DUST token is

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used to pay for transactions and you shouldn’t really be holding it. You just use it to pay for those transactions. And the NIGHT token is the one that you’re actually after. If you want to earn some of the NIGHT tokens, you can be a block producer on the Midnight Network and it’s quite easy. I put links to the GitHub repo for the Docker container that you can fire up. So if you are technical, you can fire up a Docker container with the Midnight node and start running that one. Otherwise,

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if you are a participant in the Cardano ecosystem and delegating to an SPO, contact your stake pool operator—such as myself, I’m an operator for ADAOZ. And eventually, at some point in time, they’ll need to interact with a smart contract on Midnight to enable their stake pools to earn some of the NIGHT tokens as well. So any of the delegates of those particular stake pools can earn some of those NIGHT tokens. So I thought that was pretty interesting to point out and something that you should

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be aware of. So contact your stake pool operator and make sure that they are aware of this so that they can be eligible for NIGHT token distributions too. Now there’s not too much more in the white paper that is really interesting that I haven’t gone through already with its token distribution and the GlacierDrop claim process. So if you just go through the website itself, it pretty much covers everything. But if you want more details, go to the white paper itself

12:02
and you’ll be able to get a big breakdown of everything there. Okay, let’s get back to the outro here. All right, so that’s it guys. So this is the big Midnight token distribution here—this GlacierDrop. We’ve been waiting for the details about this one for such a long time. We’ve been teased for almost a year on this one, but we finally have the details. So 50% to the ADA holders, 20% to BTC holders,

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and 30% amongst all the other blockchains out there. So really, really cool stuff. So make sure you hit that like, subscribe, notification bell. I’ll keep you up to date with when this GlacierDrop is actually happening. We only have that 60-day period for that first claim phase as well. So you’ve got to act fast on this one to make sure that we get that supply that’s allocated to us. And that’s all I have for this particular video update. Hopefully you found it useful and I’ll see you guys in the next video.