TLDR
- Charles Hoskinson announced Midnight, Cardano’s privacy sidechain, with a “Glacier Drop” airdrop targeting 37M wallets across 8 blockchains
- The airdrop will distribute NIGHT and DUST tokens to retail users only, completely excluding venture capitalists
- Midnight allows developers to pay fees in native tokens (ETH, BTC, etc.) and validators from any chain can earn rewards
- The CCV risk model shows a score of 42 for Cardano, last seen before previous bull runs, suggesting potential price growth
- ADA currently trades at around $0.789, with technical analysis pointing to potential targets of $1.667 and $2
Charles Hoskinson, the founder of Cardano, has revealed details about Midnight, a privacy-focused sidechain, and its upcoming “Glacier Drop” airdrop during his appearance at Consensus 2025. The airdrop will target 37 million wallets across eight different blockchains, distributing NIGHT and DUST tokens to users.
Hoskinson made it clear that the airdrop will bypass venture capitalists entirely. Instead, tokens will go directly to everyday crypto users across BTC, ETH, ADA, XRP, SOL, BSC, AVAX, and POL chains.
“Instead of doing an ICO or venture capitalizing, I will spend my own money, build it, release, finish, and do an airdrop to these eight different chains,” Hoskinson stated at the conference.
The move represents a departure from typical token distribution methods in the crypto space. By excluding VCs from the airdrop, Hoskinson aims to prioritize retail users and promote broader decentralization.
Cardano founder unveils details on Midnight airdrop
At Consensus 2025 in Toronto, Cardano founder Charles Hoskinson unveiled fresh details about Glacier Drop, the upcoming airdrop for Midnight, Cardano’s privacy-focused sidechain, according to CoinDesk.
Aimed at reducing crypto…
— CoinNess Global (@CoinnessGL) May 15, 2025
Midnight is still in testnet phase, with a mainnet launch expected by the end of 2025. The project features two tokens: NIGHT, which focuses on governance, and DUST, which handles privacy features.
Cross-Chain Economic Model
One of Midnight’s key innovations is its economic model that enables cross-chain collaboration. Developers can pay network fees using their native tokens such as ETH, SOL, or BTC.
“If you are an Ether user or developer, you spent Ether for that transaction, and the same with Solana with SOL, Bitcoin, so forth,” Hoskinson explained.
This design allows builders from different blockchain ecosystems to work together without needing to convert their tokens. Validators from any chain can also earn rewards by supporting the network.
Hoskinson frames this approach as a move away from the tribalism that has characterized much of the crypto industry. “This is the project I’m having the most fun with,” he said. “It’s where I get to be friends with everybody.”
Technical Analysis Points to Potential Price Growth
As Hoskinson unveils the Midnight details, technical indicators suggest ADA might be poised for price growth. The Crypto Capital Venture (CCV) risk model recently displayed a score of 42 for Cardano.
Cardano getting ready to leave the station
CCV $ADA Risk Model now at a 42 score (hold)
Seat buckles on… pic.twitter.com/aiLWPAYyxG
— Dan Gambardello (@cryptorecruitr) May 13, 2025
This score was last seen before Cardano’s major bull runs in late 2017 and 2020. Some analysts interpret this as a signal that ADA could experience another significant price increase.
Currently, ADA trades at approximately $0.789, following a 233% recovery from its 2023 low of $0.2348. Despite this recovery, ADA remains 92% below its all-time high of $3.0998.
Based on Fibonacci analysis, key price targets include $1.667 (the 0.50 Fibonacci level) and $2.01 (the 0.62 level). Market observers note that ADA currently trades in what’s considered a “discount zone” below the $1.667 mark.
The combination of the Midnight announcement and these technical factors has created buzz around Cardano’s future prospects. The Glacier Airdrop could expand Cardano’s developer base and potentially increase network activity.
If successfully deployed, the Midnight project could drive further interest in the Cardano ecosystem. The retail-focused airdrop strategy aligns with Cardano’s philosophy of gradual, research-based development.
Hoskinson’s decision to use his own resources to fund the project rather than seeking venture capital reflects his long-term vision for Cardano. The Midnight rollout represents another step in Cardano’s roadmap focused on building lasting blockchain infrastructure.
The Midnight mainnet launch, expected later in 2025, will be a key milestone to watch for those following Cardano’s development and ADA’s price action.
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