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Cardano’s Hoskinson Celebrates $NIGHT Redemptions Milestone: “I’m Blown Away”
Charles Hoskinson, the founder of Cardano, has expressed his astonishment and excitement over the recent milestone achieved by Midnight Network, a privacy-focused layer-2 protocol. In just 24 hours, over 11,000 users have redeemed a total of 250 million $NIGHT tokens.
This remarkable achievement marks a significant step forward for the Cardano ecosystem and its vision to reshape the way value is distributed across various chains, communities, and use cases. The Midnight Foundation’s President, Fahmi Syed, has emphasized that this airdrop aims to rethink how access and value are shared in the crypto market.
Notably, Hoskinson revealed that institutional investors have taken notice of this innovative approach. In an exclusive video interview, he explained that large institutions such as BlackRock and Goldman Sachs are eager to explore the potential benefits of private trading without being tracked. As a result, the focus on privacy has sparked immense interest from these firms.
In response to the overwhelming response, Midnight’s token rollout is structured in phases to keep users engaged over an extended period. The first phase, Claim Phase, will run for 60 days before moving on to Scavenger Mine and eventually the four-year Lost-and-Found window for late redemptions after the mainnet launch.
The project’s design allows for a more gradual release of tokens, preventing sudden price spikes or market manipulation. This approach aims to encourage real users to participate in the process rather than incentivizing quick flips.
As Midnight continues to gain traction, the Cardano community remains divided on its potential impact. Some are hailing this milestone as a game-changer, while others have expressed concerns over the project’s ability to create actual utility and its reliance on a multi-chain strategy.
The impressive start of the $NIGHT token redemptions comes hot on the heels of another significant development for Cardano, which saw ADA holders directly vote to approve core development funding.
Source: coinpedia.org
