NIGHT, with a Daily Trading Volume of Nearly $10 Billion, Actually Comes from the 'Outdated' Cardano?

marsbitPublished on 2025-12-24Last updated on 2025-12-24

Abstract

The NIGHT token, associated with Cardano's privacy-focused sidechain Midnight, recently achieved a 24-hour trading volume of nearly $10 billion shortly after its listing on major exchanges like Binance, OKX, and Bybit. Its price surged over 3x from around $0.025 to approximately $0.114 within two weeks, though it later corrected to about $0.08. Developed by Cardano’s parent company IOG, Midnight emphasizes "programmable data protection" using zero-knowledge proofs (ZKPs) accessible via TypeScript APIs, targeting enterprise adoption with optional privacy features. The project employs a dual-token model: NIGHT for governance and generating DUST, which serves as gas and privacy fees. A significant airdrop to 37 million addresses across multiple blockchains and partnerships with exchanges distributed nearly 30% of the total 24 billion NIGHT supply, fueling market excitement. Cardano plans to boost its ecosystem in 2026 with scalability upgrades, Midnight’s mainnet launch, native stablecoin integrations, and enhanced interoperability—all supported by increased funding for marketing, investments, and DeFi liquidity.

Recently, a token called NIGHT, which was listed for spot or contract trading on Bitget, Binance, OKX, and Bybit at the beginning of the month, saw its 24-hour global trading volume exceed $9 billion, approaching $10 billion. Bybit even surpassed Binance in 24-hour spot trading volume thanks to NIGHT.

NIGHT was officially launched on December 9. According to CoinGecko data, the token's price rose from around $0.025 to nearly $0.114 in less than two weeks, a increase of over 3 times. Its FDV also once exceeded $2.5 billion, which could rank it within the top 50 by market capitalization. As of the time of writing, the price of NIGHT has retreated to around $0.08.

Such performance from a token simultaneously listed on several major exchanges is not entirely unexpected, but what's interesting is that NIGHT is the token of Midnight, a privacy sidechain of Cardano. A project labeled with both "Cardano" and "privacy" having such explosive power truly surprising to most.

What Makes Midnight "Valuable"?

Midnight is a sidechain developed by Input Output Global (IOG, the parent company of Cardano) with "programmable data protection" as its core selling point. It packages zero-knowledge proofs (ZKP) into a ready-to-use TypeScript API, allowing Web2 developers to implement "selective disclosure" on-chain without needing to learn cryptography. The entire network uses Cardano as its consensus foundation and Halo2 as its ZK backend, adopting a dual-token model (NIGHT+DUST). Its goal is to first implement the "data availability without visibility" that enterprises care about most, and then gradually expand to scenarios like DeFi, RWA, and on-chain compliant identity.

Overall, it doesn't seem particularly unique. It uses ZKP for privacy technology, but it doesn't natively protect privacy; instead, it makes privacy features optional to meet practical needs.

IOG first publicly announced the plan to develop Midnight in November 2022, but it wasn't until nearly two years later, in October 2024, that the testnet was launched. This is indeed IOG's style—it took almost 5 years from announcing that Cardano would introduce smart contracts to actually implementing them, finally gaining smart contract functionality in September 2021, long after the bull market had cooled.

In May of this year, Midnight established a foundation, with Fahmi Syed, former CFO of the Polkadot development team Parity, as its chairman, indicating that the first step towards TGE had been taken. Just two days after announcing the foundation's establishment, Cardano founder Charles Hoskinson revealed plans to airdrop tokens to 37 million addresses on 8 major blockchains, stating that the airdrop would only target retail investors, with no VC participation in the project.

Perhaps what truly ignited market sentiment was Midnight's "massive airdrop." In addition to the airdrop, Midnight also distributed nearly 3 billion NIGHT tokens in cooperation with Binance, OKX, and Bybit. This large-scale approach, which contrasts sharply with the recent popular ICO models, has garnered a positive market response.

According to the block explorer, aside from the top three addresses which likely belong to IOG or the Midnight Foundation, the remaining top NIGHT holding addresses are relatively decentralized. Based on data provided on the official website, the author estimates that the tokens distributed through NIGHT's own airdrop and cooperative activities with exchanges amount to nearly one-third of the total supply (24 billion tokens), which can indeed be considered a massive effort.

Midnight's tokens are not limited to NIGHT; it uses a dual-token model of "NIGHT+DUST." This rare design is not due to some whimsical idea but rather to ensure compliance with regulatory requirements. NIGHT can be used for network governance, incentives, and generating another token, DUST. NIGHT itself is not related to privacy and supports on-chain auditing.

DUST, generated by holding NIGHT, is used to pay transaction fees, similar to Gas. Additionally, DUST will be used to pay for privacy fees—if one wants to add optional privacy features to on-chain transactions, they must pay DUST as a fee. DUST is automatically distributed to NIGHT holders' accounts as blocks are produced and "decays" over time to prevent malicious hoarding and network attacks.

Thus, Midnight's "equity" token, NIGHT, does not participate in paying on-chain transaction fees but exists solely as a governance token and for generating DUST, the actual on-chain fuel. DUST itself, as a "renewable resource" generated by NIGHT and decreasing over time, would be considered a resource rather than an asset under regulatory policies, meeting regulatory requirements in various regions.

Cardano to Heavily Invest in On-Chain Ecosystem Next Year

According to Cardano's roadmap, next year will be all about boosting on-chain activity.

First and foremost, as a foundation, Cardano will undergo a network upgrade to increase throughput to 1,000–10,000 TPS through parallel block processing and a layered structure for vertical scaling, while maintaining security and decentralization. Next is the mainnet launch of the protagonist of this article, Midnight. Cardano believes that Midnight's launch will bring more DeFi activity and TVL through its optional privacy features. Additionally, the Cardano Treasury will allocate funds to support the native issuance of major stablecoins like USDT and USDC on Cardano.

The last point, which the author finds most important, is that Cardano plans to focus on interoperability—not simple cross-chain functionality, but allowing users from other chains to interact directly with DApps on Cardano by consuming the Gas token of the source chain.

Last week, Cardano achieved atomic swaps between BTC and ADA through Fluid, not via cross-chain bridges, wrapped tokens, or centralized custody, but directly through underlying script-to-script transactions, which also somewhat benefits from Cardano's own UTXO ledger model. Two days ago, interactions between Cardano's stake pool operators and a Solana co-founder on X confirmed this development direction.

Accompanying the strategic and product plans is financial investment. The Cardano Foundation plans to increase its marketing budget by 12% and "make an appearance" at events like TOKEN2049 and Consensus. Venture Hub will also invest 2 million ADA to support startups and ecosystem projects. Furthermore, the Cardano Foundation plans to inject tens of millions of ADA into on-chain DeFi to improve liquidity and attract institutional participation.

From this perspective, driving up the price of NIGHT might just be the appetizer Cardano is serving for a series of plans. Perhaps in 2026, it's worth keeping an eye on this project, which launched its mainnet back in 2017 and has been almost forgotten by the mainstream Web3 market.

Related Questions

QWhat is the 24-hour trading volume of the NIGHT token and on which major exchanges was it recently listed?

AThe NIGHT token had a 24-hour trading volume of nearly $10 billion. It was recently listed on major exchanges including Bitget, Binance, OKX, and Bybit for spot or perpetual trading.

QWhich blockchain is the NIGHT token associated with, and what is the core feature of its parent project, Midnight?

AThe NIGHT token is the native token of Midnight, which is a privacy-focused sidechain of Cardano. The core feature of Midnight is 'programmable data protection' using zero-knowledge proofs (ZKPs) to enable selective data disclosure.

QWhat is the unique dual-token model used by the Midnight network and what are the roles of each token?

AMidnight uses a dual-token model consisting of NIGHT and DUST. NIGHT is the governance token used for staking and generating DUST. DUST acts as the gas token for paying transaction fees and for optional privacy features on the network.

QWhat was a major market event that significantly boosted interest in the NIGHT token?

AA major event that boosted market interest was a large-scale airdrop of NIGHT tokens to 37 million addresses across 8 major blockchains, specifically targeting retail users with no VC participation. Additionally, nearly 3 billion NIGHT were distributed through collaborations with Binance, OKX, and Bybit.

QAccording to the article, what are some of Cardano's key plans for improving its ecosystem in the coming year?

ACardano's key plans for the coming year include a network upgrade to increase throughput to 1,000-10,000 TPS, the mainnet launch of Midnight, treasury funding for the native issuance of major stablecoins like USDT and USDC on Cardano, and a focus on interoperability to allow users from other chains to interact with Cardano dApps directly.

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The custody of actual Shopify shares ensures that token holders retain authentic economic exposure, safeguarding their investments in line with recognized legal structures. The smart contracts employed in managing $SHOPON handle various functions, including automatic dividend reinvestment and ownership transfer, offering instant settlement and increased liquidity, marking a significant departure from conventional trading systems plagued by multi-day settlement delays. By providing interoperability with other decentralized finance applications, $SHOPON empowers holders with potentially lucrative opportunities for advanced investment strategies, including lending and automated market making. This complex integration presents a unique value proposition, catering to both traditional and crypto-native investors. The innovative structure of $SHOPON also allows for real-time settlements and transactions documented on the blockchain, delivering unparalleled transparency and security—a major advancement over standard equity trading practices. Timeline of Shopify Tokenized Stock (Ondo) March 2021: Nathan Allman establishes Ondo Finance, initially focusing on decentralized finance yield optimization. August 2021: Completion of a $4 million seed funding round led by Pantera Capital. January 2023: Launch of initial tokenized treasury security products, laying the groundwork for future equity tokenization. July 2025: Announcement of the Ondo Catalyst initiative, a strategic investment program valued at $250 million, aimed at propelling the development of tokenization in capital markets. September 3, 2025: Launch of Ondo Global Markets featuring over 100 tokenized U.S. stocks and ETFs, including $SHOPON. Technical Implementation and Blockchain Infrastructure Shopify Tokenized Stock (Ondo) operates on a technical architectural framework that marries blockchain protocols with traditional financial custody arrangements. The ecosystem leverages Ethereum's smart contract capabilities, providing seamless transaction management while ensuring compliance with regulatory standards through established financial custodians. Central to this architecture are security measures and transparent transaction records that affirm the legitimacy of each tokenholder's economic stake. With automated features managed by intricate smart contracts, $SHOPON not only streamlines ownership transfers but also allows for the tactical reinvestment of dividends—a hallmark of modern investment strategies. Moreover, the incorporation of LayerZero technology facilitates cross-chain interoperability, making $SHOPON accessible across multiple blockchain environments while preserving its functional robustness. This forward-thinking technical design positions $SHOPON as an adaptable asset within the larger DeFi milieu. Regulatory Framework and Compliance Architecture $SHOPON's regulatory framework is built upon the meticulous navigation of existing financial regulations that govern securities. The custody arrangements for the underlying Shopify shares are managed by U.S.-regulated broker-dealers, ensuring compliance and protection for investors. By maintaining a separation between the blockchain tokenization process and traditional custody, $SHOPON adheres to legal requirements while offering innovative functionalities that challenge conventional constraints. This dual-layered compliance approach enhances investor confidence and underscores Ondo Finance's commitment to regulatory integrity. Notably, the availability of $SHOPON is tailored to international investors from regions such as Asia-Pacific, Europe, and Africa, as regulatory parameters in the U.S. and U.K. present challenges in accessing tokenized securities. Market Access and Global Distribution Strategy The distribution strategy of $SHOPON is keenly designed to optimize global access while conforming to regulatory standards. The platform aims to establish comprehensive coverage for eligible investors across multiple regions, effectively dismantling traditional barriers through the implementation of blockchain technology. Integration with various cryptocurrency wallets and exchanges also promotes user-friendliness and accessibility, establishing a streamlined experience for investors to manage their holdings. Moreover, the 24/7 trading capabilities afforded by the tokenized model allow participants to react promptly to market shifts, fundamentally transforming how global equities are accessed and traded. Technology Integration and Cross-Chain Functionality The remarkable technological underpinnings of $SHOPON propagate its multi-chain functionality, set to expand its reach beyond Ethereum to networks such as Solana and BNB Chain. Such cross-chain capabilities allow users flexibility when navigating between blockchains, concurrently leveraging distinct network attributes to optimize their trading experience. LayerZero serves as the backbone for ensuring decentralized transfers between networks while providing the requisite security and speed, quintessential for maintaining investor trust. This comprehensive interoperability illustrates $SHOPON's commitment to being a versatile, user-centric asset in the evolving investment landscape. Ecosystem Integration and DeFi Compatibility Incorporating $SHOPON into broader DeFi protocols signifies its potential beyond traditional stock ownership. Token holders can leverage their holdings for various sophisticated strategies and applications, enhancing investment returns and liquidity management. By establishing a presence in lending protocols and automated trading systems, $SHOPON effectively democratizes access to advanced financial strategies previously limited to institutional investors. Such integration contributes to a more competitive and dynamic financial landscape, where individual investors can capitalize on tools typically reserved for larger entities. Risk Management and Security Framework Security remains paramount in the operational infrastructure of $SHOPON. The tokenization framework employs multiple layers of protection—beginning with regulated custody of the underlying Shopify shares. The operational protocols establish rigorous auditing, key management, and transaction monitoring standards, thus safeguarding against potential vulnerabilities. Moreover, meticulous adherence to evolving regulatory requirements provides an extra layer of security, fortifying investor protections and institutional compliance. Market Impact and Industry Implications The introduction of Shopify Tokenized Stock (Ondo) heralds a transformative shift in how financial markets operate, emphasizing the potential of tokenized securities to reshape traditional investment paradigms. The successful integration of $SHOPON encapsulates the efficiencies inherent in blockchain technology and opens avenues for new user demographics previously barred from extensive market participation. The impact extends beyond the immediate benefits to token holders, indicating broader trends that may challenge the status quo of investment services, particularly in addressing geographic restrictions and operational costs typically associated with traditional brokerage platforms. Undeniably, $SHOPON encapsulates the potential for traditional institutions to innovate further, leveraging the increasing demand for seamless blockchain access to complement existing financial infrastructure. Future Development Roadmap and Strategic Vision As Ondo Finance looks forward, the trajectory of $SHOPON rests on ambitious goals aimed at broadening the spectrum of available tokenized assets significantly. Over the next few years, plans are in place to expand to more than 1,000 tokenized securities, further enhancing market participation and investment options for individuals worldwide. Continued integration with traditional financial actors, development of specialized institutional products, and enhancements in automated trading capabilities will ensure that $SHOPON maintains its position at the forefront of financial innovation. Regulatory collaboration will also remain a focal point, establishing a framework that not only supports the compliance requirements but also promotes a healthy environment for tokenized asset proliferation. Conclusion and Market Significance In summary, Shopify Tokenized Stock (Ondo), represented by the ticker $SHOPON, is more than merely a tokenized equity offering; it embodies the innovation possible when traditional finance collides with modern blockchain applications. With a robust technical architecture, a commitment to compliance, and a clear strategic vision, $SHOPON exemplifies the potential for tokenized assets to enhance liquidity, accessibility, and functionality in capital markets. As the global investment landscape evolves, the transformative implications of $SHOPON extend beyond individual investors to revolutionize how financial instruments are perceived, traded, and utilized within both traditional and decentralized frameworks.

2.6k Total ViewsPublished 2025.12.05Updated 2025.12.05

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