Cardano’s Midnight network, a new privacy-focused blockchain project, has come under fire from critics after speculation spread online about insider advantages in its token airdrop.
A meme circulating on X suggested that the distribution of NIGHT tokens was stalling and could ultimately benefit insiders, including Cardano founder Charles Hoskinson.
Hoskinson wasted no time responding. He dismissed the claims as “misinformation” and pointed to verifiable data that shows active community participation. According to figures from the Glacier Drop program, more than 69,000 wallets have already claimed over 1.3 billion NIGHT tokens. This represents about 5.5% of the total supply, a far stronger level of engagement than suggested by the rumors.
Airdrop Progress and Institutional Backing
The airdrop, launched in early August, gained early momentum with more than 250 million NIGHT tokens claimed within the first 24 hours. Although growth has slowed in recent weeks, Hoskinson highlighted that the 60-day claim window was designed to be inclusive, meaning many participants may wait until the final days to stake their claim. Analysts also noted that fewer early claims leave larger payouts for later participants, which could trigger a surge in activity as the deadline approaches.
Meanwhile, Midnight has taken steps to build credibility among institutions. The Midnight Foundation recently partnered with Fireblocks, a top digital asset security firm, to provide secure custody solutions for NIGHT tokens. This collaboration is intended to bring professional infrastructure to the project and encourage adoption beyond the retail crowd.
Market Implications for ADA
Beyond Midnight itself, analysts say the success or failure of the airdrop could have direct consequences for Cardano’s ADA token. A strong finish to the airdrop campaign could boost ADA’s reputation as a growing ecosystem, while sluggish adoption might reinforce existing skepticism.
With ADA currently trading around $0.48, three possible scenarios are being discussed by market analysts:
- Bullish Case: If the airdrop gains traction and institutional involvement expands, ADA could climb toward $0.75–$0.85 in the coming months.
- Base Case: If adoption continues at a steady pace without a late surge, ADA may hover in the $0.50–$0.60 range.
- Bearish Case: If the airdrop underperforms and fails to inspire confidence, ADA could slip back toward $0.40–$0.42 support levels.
A Decisive Period Ahead
Hoskinson has emphasized that transparency remains central to Midnight’s launch, pointing to participation data and growing partnerships as proof that adoption is moving forward. Still, the coming weeks will be crucial. As the airdrop deadline approaches, the level of engagement could shape not only Midnight’s trajectory but also Cardano’s broader market narrative heading into the final quarter of 2025.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
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Source: https://coindoo.com/cardano-founder-pushes-back-against-midnight-airdrop-rumors/