Midnight (COIN: $NIGHT) is an innovative blockchain created by Cardano founder and Ethereum co-founder Charles Hoskinson. The blockchain uses zero-knowledge (ZK) proof technology to power real utility without compromising data ownership.
The blockchain is designed using a public-private due-state ledger architecture designed to overcome privacy limitations inherent to existing blockchains. As such, many analysts have called Midnight a privacy-based blockchain, like Zcash (ZEC).
Midnight Goes Live
The long wait for the $NIGHT token launch finally came to an end, with the token listings on numerous tier-1 exchanges on December 8, 2025. Shortly after the listing, the price of Cardano (ADA) shot up. Given that the project was founded by the Cardano founder, it was not unexpected.
One thing that makes $NIGHT stand out compared to other privacy coins is that it balances regulatory compliance with privacy. The project is highly interoperable with other chains and has already been successfully integrated with Bitcoin, Solana, Ethereum, and many others. That will ensure cross-chain transactions, while maintaining privacy.
The Glacier Airdrop, which was announced months ago, distributed 4.5 billion tokens amongst 8 million wallets, across 8 chains. The was an impressive achievement for the crypto community. A major benefit of the Midnight Network is that it successfully fills the Cardano privacy gap and is expected to positively impact Cardano (ADA).
How Midnight Works
The Midnight Network is powered by the two core assets of NIGHT and DUST. The NIGHT token is the native utility token, and a fixed supply of 24 billion. A portion of the NIGHT tokens will be held in reserve and used as block rewards. Unlike the usual gas tokens, NIGHT is not used to pay for transactions. Instead, its main goal is to generate DUST, which is used for transaction fees. In essence, holding NIGHT gives users the ability to use the Midnight Network.
Midnight ($NIGHT) Market Performance
Following its launch on major exchanges on December 8, 2025, the $NIGHT tokens soared to an over $1.2 billion market cap. However, in the past 24 hours, the token has pulled back slightly, and the market cap is now $758.90 million as of Friday, December 12, 2025. However, this is an impressive achievement, given the current sideways movement of the overall crypto market.
24-hour trading volume remains impressive at $250 million, while the price has dipped 39.6% in the past 24 hours to $0.04584.
Is Midnight ($NIGHT) A Buy?
The current price performance reflects the initial take profit by those who received airdropped tokens. However, that could potentially change going forward as projects launch on the Midnight Network.
Backed by Charles Hoskinson and built with interoperability, the project could potentially be one of the big names of 2026. As such, adding $NIGHT to your portfolio could potentially deliver great results in the medium term as utility ramps up.
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