Input Output Global CEO Charles Hoskinson has taken to the X social media network to boast about NIGHT, the native token of the privacy-focused Midnight network, outperforming both XRP and SOL.
According to CoinGecko data, the 24-hour trading volume for the red-hot token has surged to a whopping $4 billion.
Stunning launch
The NIGHT token officially launched Dec. 8 following months of anticipation. It swiftly became available for trading on centralized exchanges of the likes of Kraken, Bybit and various Cardano DEXs. Hoskinson has described the token's debut as an incredible success.
Midnight uses a "thawing" period, with tokens being unlocked in waves over 450 days. This keeps users actively checking, claiming and trading small amounts constantly.
Shattering "ghost chain" narrative?
The frenzy contradicts the oft-repeated "ghost chain" narrative that has been plaguing Cardano due to the apparent lack of users.
It should be noted that the network is mostly in a "bootstrap" phase. The upcoming Kūkolu Phase is expected to happen in the first quarter of 2026. Privacy-preserving smart contracts will actually go live during the implementation of this phase.
Hoskinson has predicted that the network could see a huge uptick in TVL (total value locked) and MAUs (monthly active users). He is confident that privacy solves the biggest pain points of the DeFi (decentralized finance) space.
"When Midnight turns on, imagine the 12-month rolling average TVL, transactions, and MAUs. A lot of people want private prediction markets, stablecoins, and DEXes," he said.
For instance, you can place a massive bet without revealing your identity or the exact size of your position. A "regulatory-friendly" private stablecoin allows for digital cash that is private to the public but still compliant for audits.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team