Deep Dive
1. Kūkolu Launch (Q1 2026)
Overview:
The Kūkolu phase will activate Midnight’s genesis block, enabling the first privacy-preserving decentralized applications (dApps) on its mainnet. This includes zero-knowledge (ZK) smart contracts for sectors like healthcare (private patient data exchange) and finance (ZK-KYC solutions). Developers are already stress-testing these features on Testnet-02, which saw a 1,617% surge in smart contract deployments in November 2025 (Midnight blog).
What this means:
Bullish for NIGHT as functional dApps could drive demand for its utility token and DUST resource. Risks include delayed mainnet stability or regulatory pushback on privacy tech.
2. Mōhalu Phase (Mid-2026)
Overview:
Mōhalu introduces a scaled incentivized testnet, rewarding validators and users for stress-testing network capacity. A key feature is the DUST Capacity Exchange, allowing NIGHT holders to trade excess DUST (used for transaction fees) in a secondary market. This phase also integrates Cardano stake pool operators (SPOs) to secure Midnight’s network.
What this means:
Neutral-to-bullish – while liquidity from DUST trading may stabilize fees, success hinges on SPO participation. Recent SPO sentiment surveys show 68% readiness to support Midnight (CryptoJournaal).
3. Hua Integration (Late 2026)
Overview:
Hua focuses on cross-chain interoperability, enabling “hybrid dApps” that embed Midnight’s privacy layers into Ethereum, Solana, and other ecosystems. For example, a DeFi protocol on Ethereum could use Midnight to anonymize transaction details while settling on-chain.
What this means:
Bullish long-term, as cross-chain adoption could position NIGHT as a privacy backbone. However, competition from established ZK projects like Aztec may slow uptake.
4. Lost-and-Found Claims (2026–2030)
Overview:
Unclaimed tokens from the Glacier Drop (252M NIGHT) will be distributed over four years to eligible wallets that missed initial deadlines. Exchanges like Kraken and OKX will facilitate claims, potentially adding 5–10% to circulating supply by 2027.
What this means:
Bearish short-term due to gradual sell pressure, but neutral long-term if offset by ecosystem growth.
Conclusion
Midnight’s roadmap prioritizes privacy-as-a-service for regulated industries, balancing technical innovation (ZK proofs) with compliance tools. The phased approach reduces execution risk, but developer adoption remains critical. With $1.03B market cap and recent listings on eToro/Coinbase, NIGHT is positioned for volatility around mainnet milestones.
Will enterprises embrace programmable privacy, or will regulatory hurdles stall adoption?