Cardano Founder Highlights Midnight Success as FDV, Volume Surpass All Other CNT Combined

Cardano founder Charles Hoskinson has highlighted the Midnight native token’s overwhelming success compared to other CNTs.

NIGHT, the native token of Cardano’s sidechain Midnight, finally made its debut on December 9. After just a day of trading, NIGHT is already outpacing other Cardano native tokens (CNTs) in several metrics.

NIGHT Dwarfs Other CNTs in FDV, Volume

Notably, Hoskinson highlighted this in his recent broadcast, lauding the success of the Midnight native token. He identified an “overwhelming level” of trading volume for NIGHT, using the Cardano-focused analytical platform TapTools.

At the time of his podcast, the NIGHT token had a volume of $9.78 million, which he noted was more than the combined volume of all the other CNTs. The closest to NIGHT is the SNEK meme coin, which has a trading volume of $1.41 million.

Meanwhile, these numbers have spiked since Hoskinson’s disclosure. At press time, TapTools data shows a trading volume of $14.2 million, as more market users continue to show interest in the token.

This large disparity between NIGHT and other CNTs also extends to the fully diluted valuation (FDV). Currently, it has an FDV of $1.16 billion, down from $1.5 billion when Hoskinson recorded the podcast. Yet, it trounces SNEK’s FDV at $88 million. The Cardano founder stated that it surpasses the combined total of every other CNT.

Hoskinson emphasized that NIGHT is already posting these volumes despite just making its market debut. He noted that “the makers are just starting to turn on” and trading is just beginning. Also, he highlighted that the Japanese market has not started trading NIGHT, and the Midnight mainnet has not even gone live.

This builds on his earlier assertion that Midnight would bring massive traction to Cardano, more than any other ecosystem native token has.

Cardano Can Launch Multi-Billion Dollar Project

Hoskinson noted that this stellar performance suggests that Cardano still has what it takes to create a multi-billion-dollar project and attract leading exchanges. Remarkably, NIGHT reached an over $1 billion valuation yesterday, before recent downsides pushed its market cap to $776 million.

Further, Hoskinson heaped praises on “dominant” Midnight even as it secured Binance’s listing. The leading exchange by trading volume launched NIGHT on Binance Alpha on December 9 before listing it for perpetual trading.

Meanwhile, he also predicted that Midnight would reach greater heights in the near future, including a 10x valuation boost. The Cardano founder stated that NIGHT would become a $10 billion project and grow beyond being a Midnight native token into “something bigger.”