Key Insights:
- Cardano is down 4.02% as NIGHT token airdrop begins.
- Midnight allocates 50% of NIGHT tokens to ADA holders.
- Ledger users face issues with claiming due to message signing limitations.
Cardano (ADA) dropped 4.02% over the past 24 hours, continuing a broader crypto market decline. The token recently traded at $0.72, down from a session high of $0.760. It saw increased volatility during this period, with a 5.32% range between session lows and highs, according to CoinMarketCap.
Despite short-term rebounds to $0.755, ADA met resistance and fell to $0.7196, below the key $0.7340 support. Derivatives trading volume reached 1.86 billion as bears continued to pressure the asset.
The broader sell-off coincides with the launch of the Midnight Network’s NIGHT token airdrop. ADA holders form the largest recipient group in this event, receiving 50% of the total token supply.
NIGHT Token Launch Adds Utility, Faces Ledger Issue
The Midnight Foundation officially launched the NIGHT airdrop, targeting holders of ADA, BTC, ETH, XRP, and others. To qualify, wallets must have held at least $100 in supported assets during a verified snapshot. Eligible users can now claim tokens through the portal at midnight.gd, as announced by the Midnight Network via X.
NIGHT is designed to power private transactions and generates DUST, a non-transferable resource for processing activity on the Midnight blockchain. Tokens will unlock gradually during the Redemption period to maintain fairness and limit abuse.
Meanwhile, a technical issue affected ADA holders using Ledger wallets due to a signing limit in Ledger’s software. Cardano founder Charles Hoskinson addressed the issue via X, noting Ledger’s CIP-8 message signing only supports up to 31 bytes, while the airdrop payload is 251 bytes.
To address this, developers will deploy a workaround using null transactions with metadata, common in NFT tools. The Glacier Drop portal will be updated to support this process for ADA Ledger users. Hoskinson confirmed users will not lose eligibility and may return at the end of August to complete claims.
The Midnight team and IOHK are hosting a Spaces session to guide users through the claiming process. This follows confirmation from the Midnight Foundation on X, with Hoskinson recognizing the six-year effort behind the project.
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Source: https://coincu.com/analysis/cardano-drops-4-amid-night-airdrop-launch-faces-ledger-support-issues/