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Crypto News Flash (EN)

11/06/2023

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Cardano (ADA) Holders Brace for Midnight Protocol Airdrop

Source: Cryptographer -Shutterstock The Cardano community is gearing up for a possible airdrop on the Midnight network, although the details about eligibility remain scant. Cardano hit a high of $0.45...

Cardano (ADA) Holders Brace for Midnight Protocol Airdrop

Airdrop

Source: Cryptographer -Shutterstock

  • The Cardano community is gearing up for a possible airdrop on the Midnight network, although the details about eligibility remain scant.
  • Cardano hit a high of $0.45 this year before dipping to $0.24, but it has been recovering and has now hit a four-month high.

The Cardano community is gearing up for a probable airdrop on the Midnight Protocol, an event that could push the ADA price to new highs.

The news was first leaked on X by a renowned member of the Cardano community. Known only as Peyton, he is the founder of Atrium Labs, a platform that focuses on onboarding users to the Cardano ecosystem. Peyton is widely respected in the ecosystem and has close links to the founder, Charles Hoskinson, and IOHK, the company behind the ecosystem’s developments.

In case you didn't hear, all $ADA holders will get an token airdrop from Midnight. 👀 #Cardano #Midnight

— big pey (@bigpeyYT) November 4, 2023

Midnight is a privacy-focused sidechain that aims at decentralized data protection. It builds on Cardano’s Layer 1 blockchain for settlements, making it secure, scalable, and decentralized.

As Hoskinson describes it in an interview with Peyton, Midnight borrows from projects such as Hyperledger Fabric, Cosmos, and Gavin Wood’s parity substrate to “create a dual-token model and a multi-resource consensus framework that allows you to plug a purpose-built blockchain into Cardano as a partnership.”

Peyton now says that all ADA token holders will get a token airdrop from the Midnight Protocol. He attributed the announcement to Eran Barak, the CEO of Midnight. Barak reportedly made the announcement at the Cardano Summit 2023, which took place on 2-4 November in Dubai.

Peyton admitted that details on the airdrop are scant, but pledged to reveal any new information he receives. It’s unclear whether the token owners need to hold them in specific wallets.

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“Details aren’t the most clear, but from my understanding of the two podcasts I recorded. If your SPO [staking pool operator]is running at Midnight, stakers will receive DUST. This could change,” he tweeted.

More details on the airdrop will be revealed in an upcoming interview with the Midnight CEO that drops today, Peyton added.

The airdrop is exciting many in the ADA community. The token has been on an uptrend in recent weeks and an airdrop could be the catalyst for a sustained price spike.

ADA is trading at $0.35 at press time for a market cap of $12.4 billion. In the past week, it has shot up by 17%, placing it in the top 20 gainers over that time. It has gained 33% in the past month. ADA is now trading at a four-month high, riding the wave of positive news and increasing trading volume.

A Big Year for Cardano (ADA)

The Midnight Protocol is one of the biggest developments in the Cardano ecosystem this year. It introduces privacy at an advanced level for Cardano users.

“We have a shielded ledger that allows you to put confidential information on-chain, and we also have an unshielded ledger that allows you to put public information on-chain. That means you can mix both private and public information together, giving you selective disclosure,” explained CEO Barak at the recent Cardano Summit.

Midnight merges “identity and privacy in the right way,” adds Hoskinson.

Other developments include the launch of DJED, the ecosystem’s first algorithmic stablecoin. Hydra, its Layer 2 scaling solution, launched on the mainnet in May. It allows the network to process over a million transactions in a second.

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