NIGHT, with a Daily Trading Volume of Nearly $10 Billion, Actually Comes from the 'Outdated' Cardano?

marsbitPublicado em 2025-12-24Última atualização em 2025-12-24

Resumo

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.

Criptomoedas em alta

CitreaCTR

wrapped stUSDTWSTUSDT

Velodrome FinanceVELODROME

BrevisBREV

ZRX（0X）ZRX

PancakeSwapCAKE

Perguntas relacionadas

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.

Leituras Relacionadas

STAR 50 Soars 10.73%, Why Did A-Shares Stage a "V-Shaped Reversal"?

After a prolonged decline, the Chinese A-share market staged a strong rally on July 21. The STAR 50 index surged 10.73%, its largest single-day gain in nearly a year, leading a broad-based "V-shaped" reversal. The Shanghai Composite Index rose 1.79%, the Shenzhen Component Index gained 4.81%, and the ChiNext Index jumped 7.05%. Total market turnover reached 2.97 trillion yuan, an increase of 256.1 billion yuan from the previous session, with over 3,100 stocks advancing. The semiconductor sector spearheaded the rebound, with related ETFs posting significant gains. Analysts attribute the surge to three converging factors. First, coordinated capital inflows from "national team" institutions, insurance funds, listed company buybacks, and fund house self-purchases have bolstered market liquidity and confidence. Second, supportive policy signals, including commitments from regulators to ensure stable market operations, provided a favorable backdrop. Third, a stabilization and recovery in overseas markets, notably South Korea, created a positive external environment. Institutions suggest the most severe panic selling phase for the tech sector has likely passed, following a significant digestion of crowded positions and leveraged funds. While short-term volatility may persist, the medium to long-term outlook remains underpinned by enduring trends like AI computing demand expansion and semiconductor localization. The market's focus now shifts to the sustainability of supportive fund flows, earnings reports, and upcoming catalysts from the global AI industry chain.

marsbitHá 26m

STAR 50 Soars 10.73%, Why Did A-Shares Stage a "V-Shaped Reversal"?

marsbitHá 26m

U.S. Tech Momentum Stocks Post Largest Single-Day Gain Ever, But Is the Plunge Over?

US tech momentum stocks staged a sharp rebound on Tuesday (July 21st). Morgan Stanley's TMT Momentum Factor surged over 12%, marking its largest single-day gain on record, exceeding even peaks from the 2000 dot-com bubble. Key momentum indices from Goldman Sachs also posted their strongest daily performances in years. The rally was led by semiconductors, with the Philadelphia Semiconductor Index jumping 4.6%. This rebound followed three consecutive down days and a cumulative 33% plunge in momentum stocks, one of the steepest drawdowns since the dot-com era. Analysts attribute the surge largely to a short squeeze. Heavy selling had pushed high-beta momentum stocks into deeply oversold territory, forcing many short sellers, particularly in Asia, to cover their positions, creating a self-reinforcing buying spiral. However, the rebound's internals appear weak. Trading volume was notably low, and advancing stocks still lagged decliners on the S&P 500, indicating a narrow, concentrated rally rather than broad market participation. Diverging views emerge on the outlook. BTIG warns the bounce has hit key resistance and recommends selling into strength, citing extreme volatility and historical parallels to past market tops. Conversely, Goldman Sachs and UBS believe the momentum unwind is nearing its end, suggesting it may be time to gradually add exposure, as positioning has been significantly reduced. They caution, however, that high volatility warrants a measured approach, potentially using defined-risk strategies. The upcoming earnings season, particularly reports from major tech firms like Alphabet, is seen as a critical test for the rally's sustainability. Simultaneously, bond markets flashed a warning, with yields rising partly due to spiking oil prices. Analysts note that if long-term Treasury yields break decisively higher, it could pose a significant headwind for equities, especially growth stocks.

marsbitHá 34m

U.S. Tech Momentum Stocks Post Largest Single-Day Gain Ever, But Is the Plunge Over?

marsbitHá 34m

U.S. Tech Momentum Stocks Record Largest Single-Day Gain Ever, but Has the Rout Ended?

U.S. tech momentum stocks staged a dramatic rebound on Tuesday, July 21st. Key momentum indices like the Morgan Stanley TMT Momentum Factor and Goldman Sachs' High Beta Momentum Long Index posted historic or near-historic single-day gains, fueled largely by semiconductor stocks. This sharp rally followed a severe three-day sell-off that saw momentum stocks plunge 33%, marking one of the steepest pullbacks since the dot-com bubble. Analysts attribute the bounce primarily to a short squeeze, as forced covering from over-leveraged traders, particularly in Asia, created a buying spiral. However, the rally's health is questioned due to weak market breadth—overall trading volume was low, and decliners outnumbered advancers in the S&P 500 despite the index's gain—suggesting a narrow, concentrated surge rather than broad recovery. Opinions on the sustainability diverge. BTIG strategists warn the rebound has hit key resistance levels, citing extreme volatility and historic stock dispersion as signs of an ongoing broader correction, and recommend selling into strength. Conversely, Goldman Sachs and UBS view the aggressive momentum unwinding as nearing its end, noting reduced positioning and a lack of new fundamental catalysts. They suggest the sell-off presents a selective opportunity to add exposure, albeit cautiously and gradually using defined-risk strategies. The immediate trajectory hinges on the ongoing earnings season, with market focus on Alphabet's capital expenditure guidance for AI investment clarity. Meanwhile, bond markets present a risk, with rising Treasury yields—potentially heading toward 5.5%—and widening credit spreads for mega-cap tech companies posing a threat to equity valuations. The combination of technical factors, earnings results, and macro conditions leaves the durability of the rebound in doubt.

链捕手Há 36m

U.S. Tech Momentum Stocks Record Largest Single-Day Gain Ever, but Has the Rout Ended?

链捕手Há 36m

Bitcoin flashes 3 macro-bottom signals – But can BTC reach $70K?

The article discusses Bitcoin's recent price movement above $66,000 and a shift in market analysis from focusing on a local bottom to a potential macro-cycle bottom. It cites a crypto analyst noting that BTC has flashed three historical technical signals that previously coincided with major market bottoms in 2015, 2019, and 2022, suggesting the current zone could be a strong long-term accumulation area. However, the article also highlights a significant challenge: despite the price breakout, on-chain data shows a lack of supporting liquidity. Stablecoin dominance is rising while the total stablecoin market cap is shrinking, with capital continuing to leave exchanges. This divergence indicates that while the technical setup is bullish, the rally may struggle to sustain enough momentum for a decisive move into the $70,000 region without an influx of fresh capital.

ambcryptoHá 38m

Bitcoin flashes 3 macro-bottom signals – But can BTC reach $70K?

ambcryptoHá 38m

Long-Divided Must Unite, Long-United Must Divide: When L1 Becomes Its Own Rollup, What Is Ethereum's Endgame?

"The Inevitable Cycle: When L1 Becomes Its Own Rollup – What is Ethereum's Endgame?" For years, the Ethereum community grappled with concerns that L2s were fragmenting the ecosystem and eroding L1's value. While L2s provided cheaper execution, they also splintered liquidity and the unified user experience of a single chain. This has prompted a fundamental reassessment of the relationship between L1 and L2. Ethereum's roadmap is evolving. The "Scale" initiative merges L1 and L2 expansion into a holistic framework. L1 itself is advancing with higher gas limits, statelessness, and zkEVM verification, no longer content to be just a low-throughput settlement layer. Consequently, the primary value proposition of L2s is shifting from merely providing cheap blockspace to offering L1 cannot easily provide: application-specific optimizations, privacy features, and flexible governance models. L2s are becoming a spectrum of execution environments with varying degrees of security inheritance from Ethereum. A critical challenge in this multi-chain future is interoperability. The vision is to make Ethereum "feel like one chain again." This relies on advancements in native account abstraction (like EIP-7702) and intent-based architectures (Open Intents Framework), where users declare desired outcomes, and solvers handle the complex cross-chain execution. Furthermore, shortening Ethereum's finality time from minutes to seconds is crucial, as it underpins trust between chains for bridges, stablecoins, and cross-chain applications. Perhaps the most provocative idea is that Ethereum L1 itself could become a form of "its own Rollup." As zkEVM and proof systems mature, high-performance nodes could execute transactions and generate validity proofs. Regular validators would then verify these proofs instead of re-executing all transactions. This blurs the traditional L1/L2 hierarchy, making "Rollup" more of a general execution-verification architecture. Native Rollup aims to integrate L2 validation more directly into the Ethereum protocol, allowing L2s to inherit L1's security more fully and move away from reliance on security councils. In the end, L2s are not destined to replace L1 or be made obsolete by it. The likely future is a unified system where diverse execution environments—each optimized for specific use cases like DeFi, gaming, or privacy—coexist. They will share a common foundation of security, liquidity, and verifiable state, seamlessly connected to restore a cohesive user experience. The next phase for Ethereum is not just about scaling through separation, but about intelligently reintegrating what was separated back into a coherent whole.

链捕手Há 52m

Long-Divided Must Unite, Long-United Must Divide: When L1 Becomes Its Own Rollup, What Is Ethereum's Endgame?

链捕手Há 52m

Trading

Spot

Artigos em Destaque

Como comprar O

Bem-vindo à HTX.com!Tornámos a compra de O1 exchange (O) simples e conveniente.Segue o nosso guia passo a passo para iniciar a tua jornada no mundo das criptos.Passo 1: cria a tua conta HTXUtiliza o teu e-mail ou número de telefone para te inscreveres numa conta gratuita na HTX.Desfruta de um processo de inscrição sem complicações e desbloqueia todas as funcionalidades.Obter a minha contaPasso 2: vai para Comprar Cripto e escolhe o teu método de pagamentoCartão de crédito/débito: usa o teu visa ou mastercard para comprar O1 exchange (O) instantaneamente.Saldo: usa os fundos da tua conta HTX para transacionar sem problemas.Terceiros: adicionamos métodos de pagamento populares, como Google Pay e Apple Pay, para aumentar a conveniência.P2P: transaciona diretamente com outros utilizadores na HTX.Mercado de balcão (OTC): oferecemos serviços personalizados e taxas de câmbio competitivas para os traders.Passo 3: armazena teu O1 exchange (O)Depois de comprar o teu O1 exchange (O), armazena-o na tua conta HTX.Alternativamente, podes enviá-lo para outro lugar através de transferência blockchain ou usá-lo para transacionar outras criptomoedas.Passo 4: transaciona O1 exchange (O)Transaciona facilmente O1 exchange (O) no mercado à vista da HTX.Acede simplesmente à tua conta, seleciona o teu par de trading, executa as tuas transações e monitoriza em tempo real.Oferecemos uma experiência de fácil utilização tanto para principiantes como para traders experientes.

167 Visualizações TotaisPublicado em {updateTime}Atualizado em 2026.06.29

Como comprar PROS

Bem-vindo à HTX.com!Tornámos a compra de Pharos (PROS) simples e conveniente.Segue o nosso guia passo a passo para iniciar a tua jornada no mundo das criptos.Passo 1: cria a tua conta HTXUtiliza o teu e-mail ou número de telefone para te inscreveres numa conta gratuita na HTX.Desfruta de um processo de inscrição sem complicações e desbloqueia todas as funcionalidades.Obter a minha contaPasso 2: vai para Comprar Cripto e escolhe o teu método de pagamentoCartão de crédito/débito: usa o teu visa ou mastercard para comprar Pharos (PROS) instantaneamente.Saldo: usa os fundos da tua conta HTX para transacionar sem problemas.Terceiros: adicionamos métodos de pagamento populares, como Google Pay e Apple Pay, para aumentar a conveniência.P2P: transaciona diretamente com outros utilizadores na HTX.Mercado de balcão (OTC): oferecemos serviços personalizados e taxas de câmbio competitivas para os traders.Passo 3: armazena teu Pharos (PROS)Depois de comprar o teu Pharos (PROS), armazena-o na tua conta HTX.Alternativamente, podes enviá-lo para outro lugar através de transferência blockchain ou usá-lo para transacionar outras criptomoedas.Passo 4: transaciona Pharos (PROS)Transaciona facilmente Pharos (PROS) no mercado à vista da HTX.Acede simplesmente à tua conta, seleciona o teu par de trading, executa as tuas transações e monitoriza em tempo real.Oferecemos uma experiência de fácil utilização tanto para principiantes como para traders experientes.

160 Visualizações TotaisPublicado em {updateTime}Atualizado em 2026.06.29

O que é VERONA

I. Introdução ao Projeto VERONA é uma blockchain construída para todos, em todo o lado, através da abstração da cadeia. Utilizando a sua camada de Abstração Generalizada, a VERONA distingue-se por integrar funcionalidades complexas de blockchain, como contas, assinaturas e interoperabilidade, diretamente ao nível do protocolo. Esta abordagem permite a interação com aplicações de blockchain sem a necessidade de compreender as tecnologias subjacentes.1) Informação Básica Nome: VERONA (VERONA)III. Links Relacionados Link do site oficial: https://xion.burnt.com/ Whitepaper: https://xion.burnt.com/whitepaper.pdf Exploradores: https://explorer.burnt.com/ Mídias Sociais: https://x.com/burnt_xion Nota: A introdução ao projeto provém dos materiais publicados ou fornecidos pela equipa oficial do projeto, que é apenas para referência e não constitui aconselhamento de investimento. A HTX não se responsabiliza por quaisquer perdas diretas ou indiretas resultantes.

778 Visualizações TotaisPublicado em {updateTime}Atualizado em 2026.06.22

Discussões

Bem-vindo à Comunidade HTX. Aqui, pode manter-se informado sobre os mais recentes desenvolvimentos da plataforma e obter acesso a análises profissionais de mercado. As opiniões dos utilizadores sobre o preço de A (A) são apresentadas abaixo.