Cardano News: ADA Founder Unveils Midnight 'Glacier Airdrop' To 37M Wallets - Everything You Need To Know

The ADA community sentiment stands at 89% bullish amid recent Cardano news of the launch of the Midnight Glacier Drop. This sentiment shift comes as ADA's recent upshot faces headwinds in the $0.8 zone, casting doubts about its ability to rise above $1 in the near term.

Let's dig into how the Glacier airdrop and Midnights cooperative economics might influence Cardano's prospects.

Cardano News: Charles Hoskinson launches Glacier Drop 

According to recent Cardano news, the Cardano founder, Charles Hoskinson, unveiled the upcoming Midnight airdrop called Glacier Drop during Consensus 2025 in Toronto. 

Source: CoinDesk

Speaking on stage, Hoskinson said that Midnight tokens, both the NIGHT governance token and the DUST transaction token, will be airdropped to 37 million crypto wallets across eight major blockchains.

Unlike typical crypto launches, the Glacier Drop offers zero allocation to venture capitalists. Midnight's tokens will be distributed entirely to the retail community, with the Cardano founder saying he intends to use this airdrop to end crypto's tribal warfare.

Hoskinson made it clear that recipients are free to keep, trade, or discard their tokens, saying, "You already have it, congratulations, it's yours. It's your property." He further dismissed venture capital interest in Midnight, saying he has no time for their ponzi, and telling them to "get the hell out."

Charles believes that this VC-free airdrop will bring peace and cooperation in the blockchain circles, where he says, " the Nash equilibrium is competitive, not cooperative.".

Midnight's cooperative economics

Further, the Glacier Drop underscores Midnight's economic model, pitched by Hoskinson as cooperative economics. It fosters cross-chain collaboration, enabling developers to pay fees in their native tokens. For instance, Ethereum developers will pay in ETH, Solana's in SOL, and Bitcoin's in BTC, Hoskinson said.

On the other hand, Validators, regardless of their blockchain affiliation, will be able to collaboratively maintain the network security and earn rewards across different blockchains. 

It's easy to see why the Cardano founder terms Midnight as the project that he has the most fun with right now, saying it will help him “be friends with everybody.” The project is currently under construction, with its mainnet launch anticipated by the end of this year.

Impact of the Glacier Drop on ADA price

Source: CoinMarketCap

Cardano's news of the Glacier Drop found the ADA price in correction mode. That’s after pulling a more than 60% upshot from its recent dip to retest the $0.85 resistance zone.

While everyone expected this event to push ADA past $1, it appears like the excitement surrounding this VC-free airdrop had already been priced in, passing with little impact on the ADA price.

CoinCodex ADA price prediction now shows that the Cardano price might continue to struggle below $1 for the rest of the year, sparking ADA holders to seek new presale gems like Remittix (RTX), tipped for gigantic yields in 2025.

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