Claim NIGHT: ADA BTC ETH SOL BNB AVAX XRP BAT Eligible 🤯

Jonathan Morgan The Litepaper

12 hours ago

11 MIN READ

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OVERVIEW

Claim NIGHT: ADA BTC ETH SOL BNB AVAX XRP BAT Eligible 🤯

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

And here’s a look at crypto’s total market and altcoin market cap charts:

Source: TradingView

NEWS
Midnight: Two Tokens, Zero Whales 🧠

If there’s one airdrop and new chain that’s been discussed off an on with a lot of interest, it’s Midnight. 🌑

Cardano’s Charles Hoskinson has talked about it at length over the last few years, and, now, it’s a thing.

But if you’re a VC, insider or someone who likes to get in on the airdrop game early – well, sucks to be you. 😆

Because this very, very anticipated airdrop was made by adults and not your normal crypto bro dressed like he just walked off the set of The Hunger Games as an extra for The Capitol.

Because, let’s face it, 99% of airdrops are just legalized front running and theft by the people who run the airdrops. 👎️

It’s actually quite genius and simple:

The Anatomy Of Legally Front Running Retail Via Airdrops

Step One: Accumulate your own token, i.e., ABCD.
Step Two: Announce an airdrop that is coming soon, building some FOMO.
Step Three: Announce a new airdrop called SUCKA, but to get any SUCKA tokens you need to have ABCD for the snapshot by . For those new to this, it’s like needing to own a stock before the ex-dividend date to get the dividend.
Step Four: Slowly sell your ABCD into the pamp leading up to the snapshot.
Step Five: After the snapshot, laugh and roll in your money because you’ve sold all your ABCD at the top.
Step Six: Now, all you have to do is keep up appearances by posting to social that the SUCKA drop is coming soon!

But secretly, you don’t care, because you’ve already made your millions on selling ABCD into the pamp before the snapshot. 😡

So, What Is Midnight? 🤔

Cardano’s R&D house (IOG) built a separate chain where your transactions ride under zero-knowledge camouflage, powered by a two-token loop: static NIGHT quietly mints expendable DUST, the fee fuel that decays if you move or unstake.

Or, simply, it’s Cardano’s privacy chain.

When Does It Drop And Who Gets It?

Calendar: Oct 1 → Nov 30, 2025 claim window, snapshot already sealed, randomly taken on June 11, 2025, so no whale could cram wallets later.
Pot: every single NIGHT token – yes, 100% of supply – hits the community in phase one.
Split And Who Get Is:
- Cardano (ADA) – 50%
- Bitcoin (BTC) – 20%
- Ethereum (ETH), Solana (SOL), BNB (BNB), Avalanche (AVAX), XRP (XRP), Brave BAT (BAT) share the remaining 30%.
Eligibility: any address on those chains with at least $100 in native tokens at the snapshot.
Vesting: four equal unlocks on Day 0, 90, 180, 360; miss an unlock’s 90-day grace and the Treasury thanks you for the tip.

Cleanup Phases 🧹

Unclaimed bags tumble into Scavenger Mine (Dec 10, 2025 → Jan 8, 2026) where puzzle-solvers grab at least 1% of supply while the Foundation, Treasury, and Reserve scoop fixed slices. Four-year Lost-and-Found follows, giving Glacier slackers one last prorated bite before leftovers head to the Treasury vault.

Why This Airdrop Matters 🧠

No presale, no VC wallpaper.
Snapshot happened before the tokenomics and incentives whitepaper dropped, so bot farms got zero prep time.
Eight different chains qualify, turning the usual tribal token drop into a pan-ecosystem land grab.
And because gas runs on DUST, dumping NIGHT doesn’t jack up network fees, neutering the classic “airdrop then rug” chart pattern.

Midnight hands the keys to the crowd while keeping privacy compliant and fees flat – good luck finding another giveaway that ballsy. 🎉

TECHNICAL ANALYSIS
Fed Dumps Reputational Risk From Bank Exams 🏦

The Fed just yanked “reputational risk” from its playbook, swapping vibes-based scolding for hard-number scrutiny. 👨‍🏫

What changed: The Board is stripping every reference to reputational risk from its examination manuals and slotting in concrete financial-risk
Timeline: Press release hit yesterday afternoon (June 23, 2025). Examiner retraining and manual rewrites start now.
Coordination: Fed says it will sync with FDIC and OCC so the whole alphabet soup keeps the story straight.
No free pass: Banks still need “strong risk management” to stay solvent and lawsuit-free – just minus the PR sermon.

Why You Should Crap

Wall Street can quit sweating tomorrow’s headline panic and focus on the balance sheet. For years, “reputational risk” let examiners wag fingers over brand damage for sins as mild as a spicy TikTok ad. 📺️

That fuzzy yardstick became a stealth morality test – one that never applied evenly to crypto firms, who got roasted anyway.

Training seminars roll out this summer so examiners don’t improvise new buzzwords on the fly. The real fun arrives in Q4 when banks file risk statements minus the PR gloss and regulators hunt for a fresh hook. 🪝

DEFI
Curve Founder Says “Hold My Beer” to Impermanent Loss 🍺

About damn time someone took a flamethrower to impermanent loss. 🔥

Curve’s Michael Egorov just rolled out Yield Basis, a 2x-leveraged AMM trick that claims to nuke the “LPs-get-rekt” tax once and for all.

Why This Hateful Bug Still Hurts

Nearly 49.5% of Uniswap v3 providers lost money after fees thanks to impermanent loss.
DEX TVL cratered from $85B (2021) to $21B while lenders boomed – traders got sick of bleeding. 🩸

How Yield Basis Fights Back

Permanent leverage lock – pools auto-rebalance at a 2x ratio, erasing the price-divergence math that causes IL. Egorov: “Keep the leverage precise and the impermanent loss disappears.”
BTC-native yield – LPs can farm real Bitcoin fees or flip on YB emissions for the Curve-Wars-2.0 crowd.
Capital efficiency – Directional exposure + swap fees means fewer idle coins rotting in cold wallets. 👍️

So what could break?

Leverage isn’t free. Smart-contract eff-ups or fat-fingered re-leverage loops could still crater a pool faster than you can shout “rug.” And yes, another token is always fighting for your attention.

If Yield Basis works, sidelined whales finally have a pool that doesn’t eat their lunch during every pump. Egorov also funnels 10% of YB’s supply to Curve DAO, so expect fresh vote-bribes and even spicier CRV wars.

Bottom line: Impermanent loss has mugged LPs for years; Yield Basis might be the pepper spray. If it holds in prod, DeFi gets its liquidity back – and your bags finally earn without crying. 🥲

NEWS IN THREE SENTENCES
Crypto News 🗞️

🎁 World Drops 1M WLD on Day-One Mini-App Builders

Early teams that herded 10k verified humans each just found surprise tokens in their wallets. The one-off payout salutes those who shipped before hype, while active grants keep backing the next wave. Missed the retro party? start building before the next snapshot sneaks by. Worldcoin.

🚀 Solana Brags: 16 Months Up, Firedancer Warming Up

New report from claims 1,100 TPS, zero downtime since last year, and a Nakamoto coefficient that still dwarfs Ethereum’s. Validators pocket 100% of priority fees, break-even stake plummeted to 16k SOL, and app revenue topped a billion a quarter. Solana.

NEWS IN THREE SENTENCES
AI, Stablecoins, & Privacy News 🕵️

💵 Ondo’s Yieldcoin USDY Lands on Turkish Exchange ICRYPEX

ICRYPEX traders can now grab Treasury-backed USDY and pocket 4.29% APY without fleeing into dollars. The token already holds $680M in TVL and offers daily liquidity for non-US investors craving stable yield. Ondo.

NEWS IN THREE SENTENCES
Metaverse, NFT, & Gaming News 🎮️

🎨 Zero One Turns Likes Into Rent Money for Artists

Finally, an algorithm that pays painters instead of boosting another Slack meme. This social-marketplace hybrid makes would-be collectors upload their own artwork before they’re allowed to buy anything. Built on a gas-free Avalanche L1, it quietly pipes perpetual royalties to 55k creators from Tehran to Tokyo. Avalanche.

🪶 Ronin’s Feather Fan Upgrade Lets Ordinary Wallets Pull Ninja Tricks

Going live at block 46557383, Kotaro drags in every Pectra EIP and lines Ronin up with Ethereum’s latest moves. EIP-7702 lets plain EOAs moonlight as smart contracts, so batched payments, auto-restaking and subscriptions drop in without clunky contract wallets. Validators who skip the upgrade will learn fast that outdated nodes make terrible samurai. Ronin.

NEWS IN THREE SENTENCES
DeFi, DEX, & Lending Protocol News 🏦

🧪 Neo X TestNet Pumps ZK Muscle into dBFT
Version 0.4.0 stuffs zero-knowledge DKG straight into the KeyManagement contract and even teaches dBFT to speak it. Anti-MEV plumbing got rewired, signature formats went canonical, and panic-inducing bugs took a hike. If your test rig still crashes after this, maybe the bug is wearing your hoodie. NEO.

LINKS
Links That Don’t Suck 🔗

👝 Ledger Reveals Recovery Key for Flex and Stax Wallets

🤠 Texas Becomes Latest U.S. State To Adopt A Bitcoin Reserve

🧷 Aptos Labs and Jump Crypto launch Shelby, a decentralized hot-storage protocol built for speed

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Author Disclosure: The author of this newsletter holds positions in ADA, IMX, COPI, MIN, AGIX, ALGO, ZEC, XLM, and NEAR. 📋

Claim NIGHT: ADA BTC ETH SOL BNB AVAX XRP BAT Eligible 🤯

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OVERVIEW

Claim NIGHT: ADA BTC ETH SOL BNB AVAX XRP BAT Eligible 🤯

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NEWS
Midnight: Two Tokens, Zero Whales 🧠

The Anatomy Of Legally Front Running Retail Via Airdrops