‘New ADA’ Breaks into Top 10 by Volume, Cardano Creator Reacts to ‘Incredible Success’

Midnight’s NIGHT token launched just last week, but it has already produced numbers that are difficult to ignore. The native token of the Cardano-based privacy network pushed past $1 billion in market capitalization and maintained more than $1 billion in 24-hour trading volume, placing it among the top 10 cryptocurrencies with the highest trading volume, according to CoinMarketCap.

Charles Hoskinson called the launch an “incredible success,” likely because of how well the network is developing and holding up, not because of the price. 

According to Midnight Explorer, the network has already produced nearly three million blocks and processed over 405,000 transactions on the network, while maintaining an average block time of about six seconds. 

On the price side, though, at the time of trading, NIGHT changed hands at nearly $0.063, up almost 26% for the week, with a fully diluted valuation of nearly $1.51 billion. The circulating supply is 16.6 billion tokens out of a fixed 24 billion. 

With a volume-to-cap ratio above 100% and volume exceeding market cap, Midnight is experiencing a continuous two-way flow instead of the one-directional launch-chasing pattern that is more typical of established networks than fresh listings.

Is Cardano season upon us?

All things considered, the “new ADA” managed to sustain engagement beyond launch-hour attention. Midnight is positioned as a privacy-focused execution network with selective disclosure and an enterprise-facing design. With the revival of the privacy narrative, thanks partly to the Zcash (ZEC) renaissance, the timing of NIGHT’s launch could not be better.

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For Cardano, this “incredible success” transforms the ecosystem into a multinetwork structure in which new layers can simultaneously attract liquidity, usage and infrastructure validation, turning the “new ADA” from a label into one of the hottest tokens right now.