Citing CoinRepublic, Cardano founder Charles Hoskinson has addressed concerns that the Midnight (NIGHT) token could undermine ADA. The Midnight token has seen a surge in trading volume and market cap, peaking near $2 billion before cooling to $700 million. Hoskinson stated that Midnight is not a replacement for ADA but a privacy extension for the Cardano ecosystem, and he predicts it could 10X Cardano’s DeFi growth. Midnight’s daily trading volume currently exceeds ADA’s, raising questions about its impact on ADA’s price and network activity.
Cardano Founder Charles Hoskinson Addresses Midnight Token's Impact on ADA Ecosystem
The Coin RepublicShare
Summary
Cardano founder Charles Hoskinson responded to concerns about Midnight (NIGHT) token’s rising trading volume and its effect on ADA. NIGHT’s market cap briefly hit $2 billion before falling to $700 million. Hoskinson said Midnight is a privacy tool, not a competitor, and could boost DeFi growth on Cardano. On-chain data shows NIGHT’s daily trading volume now exceeds ADA’s, sparking debate over its role in the ecosystem.
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