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A token for Cardano’s privacy-focused network, Midnight (NIGHT), entered active market trading, recorded more than $1 billion in 24-hour volume and market cap, even ranking ahead of XRP by turnover on Bybit.
Of course, the main man behind Cardano, Charles Hoskinson, reacted to the astonishing milestone, though in a laconic manner, saying that $1 billion in volume is an "absolutely remarkable" achievement for a new token.
Now to NIGHT, which traded at around $0.069 across major exchanges, pushing its market capitalization above $1 billion. The volume-to-market-cap ratio currently stands at 96.5%, so to say that the trading activity for the token many may see as the "new ADA" is hot is to underestimate it.
As was mentioned above, Bybit, the second largest cryptocurrency exchange in the world, alone accounted for over $650 million in turnover, with Binance, Alpha, OKX, KuCoin and Gate following close behind. This confirms that the activity was widespread, not isolated.
Midnight is not marketed as a meme or a short-term narrative asset. It is positioned as a programmable privacy network built on zero-knowledge proofs, dual-ledger architecture and selective disclosure tooling aimed at enterprises, identity systems and compliant DeFi.
NIGHT price chart reflects hype
After trading below $0.05 for most of the session, NIGHT surged into the $0.07 zone in a near-vertical move, then entered a consolidation band between $0.066 and $0.071.
For traders, the $1 billion print indicates that Midnight has joined the conversation about liquidity with top-tier Layer-1 ecosystems. For developers, it suggests an early commitment of capital ahead of mainnet tooling and the rollout of zero-knowledge (ZK) applications.
For Cardano itself, Midnight’s breakthrough redefines the ecosystem as a multi-network stack in which privacy, compliance and scalability can coexist without compromises.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team