Cardano founder Hoskinson: Midnight could become bigger than ADA
Cardano founder Charles Hoskinson believes that Midnight could become bigger than ADA. According to him, the growth of NIGHT will actually strengthen the Cardano ecosystem in the long term.
Charles Hoskinson, the founder of Cardano (ADA), believes that the Midnight crypto project could eventually become larger than Cardano itself. According to him, that would not pose a threat, but rather demonstrate how successful the Cardano ecosystem is. These statements come after a period of strong growth for Midnight and its NIGHT cryptocurrency.
During a surprising Q&A session, Hoskinson responded to criticism that he pays too much attention to Midnight.
The blockchain network focuses on privacy and the secure processing of sensitive data. According to Hoskinson, Midnight is now the largest project within the Cardano ecosystem. He emphasized that NIGHT is a cryptocurrency that was distributed using Cardano technology. Holders currently use a Cardano wallet to store their NIGHT.
According to Hoskinson, Cardano was specifically intended as a platform on which large projects could emerge. As Midnight grows, it can attract new users, transactions and developers. The growth is now evident. In October, Midnight surpassed one million transactions on its mainnet.
Midnight also received a major update on November 6. The so-called Ledger 9 upgrade introduced new features for smart contracts and enhanced technical capabilities for developers.
Hoskinson does not rule out the possibility that Midnight will eventually have a higher market value than Cardano. According to the market data provided, Midnight is valued at approximately $708 million, compared to $6.58 billion for Cardano. This means that Cardano is currently more than nine times larger.
To make up for this shortfall, the NIGHT price would have to rise to around $0.40, according to an earlier calculation, assuming the same number of coins in circulation and a constant market value for ADA.
Hoskinson does not see such a development as a loss for Cardano. According to him, interest in privacy and regulation can help Midnight grow, while Cardano benefits from the expansion of the broader ecosystem. However, whether more activity on Midnight actually leads to greater demand for ADA has not yet been demonstrated.