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Does Midnight of Cardano live up to expectations?
On June 23, the Midnight Foundation announced the first tokenomics document for the Midnight project. Earlier, in early June, Charles Hoskinson – the founder of Cardano (ADA) – stated that Midnight is "the biggest event in Cardano's history," emphasizing: "if it succeeds."
Although the altcoin market has undergone a correction this week and the crypto market is currently fragmented with tens of thousands of tokens, Midnight remains a noteworthy project, especially as the Biden administration – which has been seen as a major hurdle for the crypto industry – has left office, replaced by the Trump administration that strongly supports crypto.
Cardano needs Midnight to break through
Cardano is often considered slower than Ethereum or Solana. According to DefiLlama, Cardano currently ranks 20th in total value locked (TVL) with 360 million USD across approximately 50 dApps, while Solana reaches 10 billion USD across 240 dApps, still about 8 times lower than Ethereum.
The reason partly comes from the academic and cautious approach to developing smart contracts, aiming to ensure absolute safety for the network. Additionally, Cardano lacks stablecoins – a factor for which Hoskinson once proposed a solution to convert 100 million USD ADA into the stablecoin USDM issued by Moneta Digital LLC.
Hoskinson predicts that when Cardano successfully scales and stablecoins flow in after the Genius and Clarity laws are passed, the altcoin market could reach a valuation of trillions of USD – and Cardano will play a crucial role. Midnight is the missing piece for this vision.
Midnight – fourth generation blockchain for privacy and compliance
Midnight is a project under Input Output Global (IOG) – the technical unit behind Cardano. Led by Fahmi Syed, former Chief Operating Officer of Fifthdelta (UK), who contributed to Polkadot and Kusama. Midnight positions itself as a "fourth-generation blockchain for secure, compliant, and private decentralized applications."
Difference:
The ultimate goal is to connect public and private ledgers, eliminating the risk of on-chain information leakage. The key tool for this goal is the Zswap ledger – a system that supports atomic swaps between tokens.
Ecosystem and tokenomics
Midnight currently lists 52 dApps spanning infrastructure, DeFi, DAO, wallets, NFTs, gaming, AI… The project operates with two tokens:
The supply of NIGHT is fixed at 24 billion tokens, minted on Cardano and reflected to Midnight, with no increase when trading demand rises.
Airdrop “Glacier Drop”
The initial phase of the airdrop takes place from July to August 2025, allocation:
Every 3 months, 25% of the NIGHT will be unlocked, completed after 360 days, to avoid supply shock. Holders with a minimum of 100 USD in assets on the above chains can receive NIGHT. After Glacier Drop, the project will implement two more phases: Scavenger Mine and Lost-and-Found.
Prospects
Features such as atomic swap, privacy, and cross-chain interoperability have been pillars of the cryptocurrency industry since its early days. For example, Komodo launched its open-source AtomicDEX in mid-2019. However, Midnight Network seems to be more comprehensive by integrating all three of these factors.
More importantly, Midnight is associated with Cardano – an ecosystem that still possesses strong capital potential. Cardano is also known for establishing partnerships with various organizations and government agencies. In early 2025, asset management company Grayscale filed to convert the Grayscale Cardano Trust into a publicly traded spot ETF.
In the context of Gary Gensler leaving the SEC, legal pressures are easing, creating a more favorable environment for Cardano and related projects. Therefore, both the ADA and NIGHT communities should approach with cautious optimism – being aware of the risks but not overlooking opportunities, especially when combined with analyses from reputable investment newsletters that help decode emerging trends.
Analysis by Shane Neagle, Editor-in-Chief of The Tokenist, published on CryptoSlate.
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