The Cardano ecosystem just witnessed an impressive surge in user engagement as over 11,000 people redeemed 250 million $NIGHT tokens in a single day through the Midnight Network. This massive participation in the Glacier airdrop caught even Cardano founder Charles Hoskinson off guard, prompting him to share his amazement on social media.
“Already 11,000 redemptions for 250,000,000 NIGHT! I’m blown away by the progress,” Hoskinson wrote on X, highlighting the unexpected scale of community involvement.
Charles Hoskinson estimates that Midnight will have a market cap of around $10B.
If 50% of NIGHT is claimed after the first claiming phase, NIGHT would be around $0.83.
For every 1K ADA you held at the snapshot, you can get, according to my rough estimate, 200 to 400 NIGHT. pic.twitter.com/7mDNRnOPOl
— Cardano YOD₳ (@JaromirTesar) July 5, 2025
Structured Approach to Token Distribution
The Midnight Network has implemented a carefully planned token rollout strategy spanning multiple phases. The initial Claim Phase will last 60 days, followed by a Scavenger Mine phase where users can earn unclaimed tokens through blockchain activities. A four-year Lost-and-Found period will accommodate late redemptions once the mainnet launches.
The team designed the system to prevent immediate selling pressure by distributing redemptions across four random unlock events over 360 days. This approach aims to benefit genuine users rather than quick profit-seekers.
Midnight Foundation President Fahmi Syed described the initiative as revolutionary for the crypto space. “This airdrop is a rethink of how value and access can be distributed across chains, communities, and use cases,” he explained.
Institutional Interest Growing
Hoskinson recently revealed that major financial institutions are showing strong interest in Midnight’s privacy features. In a video update, he described meetings with top-tier firms who expressed enthusiasm about private trading capabilities.
“Wall Street f***ing loves it. We met with the big guys… they’re like, wait a minute, I can do crypto trading and nobody knows that I’m trading?” Hoskinson stated. He suggested that companies like BlackRock and Goldman Sachs are actively seeking untraceable trading solutions, which Midnight’s privacy layer could provide.
The protocol leverages zero-knowledge proofs and selective disclosure technology, giving users complete control over their data sharing preferences. This approach addresses growing privacy concerns while maintaining compliance capabilities for regulatory requirements.
Major platforms are already exploring integration opportunities, with Brave considering potential connections to Brave Ads and Brave VPN services. However, the crypto community remains divided on the project’s prospects, with some viewing it as groundbreaking while others question the eight-chain airdrop approach.
This development follows another significant milestone for Cardano, as ADA holders recently participated in their first direct vote to approve core development funding. The approved budget will support improvements in scalability, interoperability, and developer resources.
Currently, ADA trades at $0.72 with slightly reduced volume, though market watchers continue monitoring the psychologically important $1 threshold. With 24 billion $NIGHT tokens planned for distribution across eight different blockchains and growing institutional attention, Midnight represents a crucial component of Cardano’s long-term strategy.
Crypto Market Sentiment
The strong user participation in Midnight’s token redemption demonstrates solid community engagement within the Cardano ecosystem. However, the mixed reactions from the broader crypto community suggest investors remain cautious about the project’s ultimate market reception.
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