Cardano’s Hoskinson Unveils Midnight Airdrop, ADA Surges Toward $2 Target

• Cardano founder Charles Hoskinson revealed that the upcoming Midnight sidechain and its Glacier Airdrop aim to airdrop 37 million Midnight tokens.
• Midnight is a sidechain explicitly designed for the Cardano platform by Input Output Global to provide enhanced data protection.

Consensus 2025 kicked off in Toronto on May 14 and concludes tomorrow. The event brings together some of the world’s most impactful figures in cryptocurrency to discuss fundamental issues shaping the future of the industry.

This year’s hot topics are regulation, tokenization’s breakout, and the evolving stablecoin function. Bo Hines, chairman of the Presidential Council of Advisers for Digital Assets, and Eric Trump join the speakers list.
One of the conference highlights was a presentation by the founder of Cardano (ADA), the current ninth-largest market-cap cryptocurrency valued at $27 billion.

Midnight and the Glacier Drop: New Developments

The two new tokens being distributed are NIGHT, intended for governance and potentially network security, and DUST, which facilitates private transactions through selective disclosure mechanisms.

Unlike the typical airdrops, Hoskinson highlighted that Midnight‘s distribution plan expressly excludes venture capitalists and insiders. It instead rewards everyday users in what he describes as a more moral and decentralized method of launching tokens.

Referring to this approach as a pushback against what he calls “VC Ponzi” schemes, Hoskinson emphasized the importance of fairness and accessibility. Recipients of the tokens will not face any restrictions; they can trade, hold, or even discard them freely.

“Every Consensus, there’s a new token claiming superiority,” Hoskinson noted, encouraging the crypto community to move beyond constant competition and adopt a more cooperative economic mindset.

He added that Midnight is the project he’s currently “having the most fun with” and highlighted its potential to attract the next generation of crypto users, especially as large technology companies increase their involvement in the space.

What Sets Midnight Apart?

Midnight is unique in utilizing zero-knowledge cryptography, which allows users to prove facts without revealing underlying data. This innovation paves the way for private smart contracts and decentralized apps that are still in line with legislation such as GDPR. Unlike privacy coins, which hide everything, Midnight employs selective disclosure so users can choose when and with whom they would like to share information.

Regulatory changes remain a priority. There are 72 crypto ETF applications awaiting consideration by the U.S. Securities and Exchange Commission (SEC) currently. Among them is Grayscale’s application for a Cardano ETF, under NYSE Arca Rule 8.201-E, which governs the listing of shares of commodity-based trusts.

On the trading side, ADA is sitting at $0.82, up 3.7% in the last 24 hours and nearly a 21% rise in the past week. However, the trading volume has fallen by over 12%, currently sitting at $1.1 billion. With all these happenings still in the cooking pot, ADA can stretch its limits and shoot to $2.

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