At Consensus 2025, Cardano founder Charles Hoskinson unveiled the Midnight "Glacier Drop" airdrop – the largest in cryptocurrency history – targeting 37 million wallets across eight blockchains while explicitly excluding venture capitalists. The initiative will distribute 1.2 billion NIGHT tokens (5% of total supply) and DUST tokens, with significant allocations reserved for eligible ADA and XRP holders based on a June 11, 2025 snapshot.
Hoskinson emphasized this self-funded approach counters traditional financing models: "Instead of doing an ICO or venture capitalizing, I will spend my own money, build it, release, finish, and do an airdrop to these eight different chains." The tokens serve dual purposes: NIGHT for governance and DUST for privacy within Cardano's Midnight privacy network, currently in beta development.
The airdrop strategically prioritizes retail participants from major ecosystems including Cardano, XRP Ledger, Bitcoin, and Ethereum to combat crypto tribalism and enhance cross-chain liquidity. Hoskinson stated: "We want to end crypto tribalism with real, cross-chain collaboration." Historical precedents like Uniswap's airdrop suggest potential short-term price volatility and increased network engagement across affected chains.