Nightshade Launches Order Book Trading on Midnight Mainnet

Nightshade confirmed the launch on Midnight’s official forum on November 11. Users can trade tokens and provide liquidity directly from a browser. The launch coincides with a sale of the exchange’s SHADE token, which accepts NIGHT on Cardano and delivers SHADE on Midnight.

What traders can use on mainnet

Nightshade’s public order book supports token swaps, limit orders, stop orders, and automated liquidity provision. A limit order lets traders set the price they are willing to accept, with execution depending on available orders. Nightshade lists Lace, 1AM, and its own passkey wallet as connection options.

According to Nightshade’s documentation, the user’s device generates a cryptographic proof that Midnight verifies before settlement. Generating the proof in a browser can take one to four minutes. Nightshade charges a 0.2% fee when an order takes liquidity from the book, and Midnight network fees are paid in DUST.

Private trading awaits a security audit

Nightshade retains a maintenance key that can replace the logic of its mainnet contracts. The project’s documentation states that an upgrade can change how the contracts handle tokens. The contract source code has yet to be published.

The planned private order book would conceal who is trading. The dark pool would also keep order amounts and participants out of public view onchain, while Nightshade’s operator would retain visibility into the terms of individual orders. Both features are planned for release after a security audit.

[NEWSBREAK]

Cardano handles payments for the SHADE sale

Nightshade has allocated 42 million SHADE, or 42% of the token supply, to the sale. Buyers deposit NIGHT into a Cardano escrow contract at a stated price of 0.285714 NIGHT per SHADE. The sale closes on November 16 at 20:00 UTC, with SHADE distributed to buyers’ Midnight addresses after settlement.

The sale caps total proceeds at 12 million NIGHT. If deposits exceed that cap, allocations are scaled proportionally and excess NIGHT is returned. If deposits fall below 1,190,476 NIGHT, the sale is canceled and payments are refunded under the published terms. Nightshade’s documentation states that the Cardano escrow enforces the cap, minimum individual payment, and sale window. The project’s settlement software applies the price and minimum fundraising threshold.