At the TOKEN2049 event held on October 7–8, 2026, Cardano founder Charles Hoskinson introduced the Night Frame framework. This system is built on Midnight, a privacy-focused partner chain developed by Input Output Global (IOG). The framework integrates zero-knowledge proofs, multi-party computation, and trusted execution environments to support programmable smart contracts with selective disclosure.
Midnight launched its genesis block on March 17, 2026, with Hoskinson personally investing approximately $200 million into its development. The network utilizes two tokens: NIGHT, which has a fixed supply of 24 billion for governance and utility, and DUST, a shielded token used for transaction fees. Permissionless smart contracts were deployed on the mainnet in early October 2026.
The project is expanding beyond the Cardano ecosystem through a planned integration with Solana wallets for private swaps. This cross-chain strategy aims to increase transaction volume by attracting users from other networks. However, the project faces challenges, including the complexity of its privacy technologies, reliance on hardware-based execution, and the need for developers to adopt the Compact programming language.
During the conference, Hoskinson highlighted governance tensions between IOG and the Cardano Foundation, noting that Midnight was excluded from the community-funded Cardano booth. Investors are currently monitoring the volatility of the NIGHT token as the team continues to roll out network updates and new products, including Midnight Passport, the Collateral Warehouse, and Offer Files.
