Founded in 2015 by Charles Hoskinson and Jeremy Wood, IOHK is one of the world's pre-eminent blockchain infrastructure research and engineering companies. We are a fully decentralised remote working organisation committed to the highest principles of academic rigour and evidence-based software development. The company builds high-assurance blockchain infrastructure solutions for public, private sector and government clients. It is also the driving force behind the decentralised and smart contract platform, Cardano.

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Input Output

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<p><strong>The Midnight NIGHT token claim encountered a Ledger-related Bitcoin address recognition bug during the August distribution; Midnight has now resolved the issue so all eligible Bitcoin addresses managed by the same Ledger wallet can claim, though each address requires an individual claim per account.</strong></p>
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<li>
<p><strong>Midnight NIGHT token claim: Ledger bug initially blocked multiple Bitcoin addresses.</strong></p>
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<li>
<p>Resolution confirmed: Midnight patched the claim portal so all eligible Ledger-managed addresses are recognized.</p>
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<p>Distribution details: eligibility based on a June 11 snapshot across eight blockchains, including Bitcoin and Cardano.</p>
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<p><em>Midnight NIGHT token claim resolved for Ledger users; verify each Bitcoin address and claim individually. Read full update and next steps from COINOTAG.</em></p>
<h2>What is the Midnight NIGHT token claim issue with Ledger devices?</h2>
<p><strong>Midnight NIGHT token claim</strong> refers to the distribution of NIGHT tokens by Midnight, a privacy-focused Cardano sidechain, to wallets holding at least $100 across eight blockchains as of a June 11 snapshot. A Ledger-related recognition bug initially prevented some Bitcoin addresses from being detected for claims.</p>
<h3>How was the Bitcoin Ledger claim problem discovered and fixed?</h3>
<p>The bug surfaced after the August distribution began, when some users saw an error stating “no eligible addresses were found or not all eligible addresses are recognized.” Midnight investigated and deployed a fix that now allows all eligible Bitcoin addresses controlled by the same Ledger-managed wallet to be claimed. Each eligible address still requires an individual claim action.</p>
<p>At the start of August, Midnight initiated its first NIGHT token distribution for wallets that held at least $100 in crypto across eight blockchains: Bitcoin, Ethereum, Solana, BNB Chain, Cardano, Avalanche, XRP Ledger, and Brave, based on a June 11 snapshot.</p>
<p>Shortly after the distribution began, Midnight confirmed awareness of a complexity issue affecting Bitcoin claims with Ledger devices. The issue primarily affected wallets with multiple Bitcoin addresses under the same Ledger-managed account.</p>
<p>Previously, when submitting a claim from a Ledger wallet with multiple eligible Bitcoin addresses, the portal recognized only the first-used address and only for the first Bitcoin account. Midnight’s update corrected address recognition logic so all eligible addresses managed by the same Ledger wallet can be processed.</p>
<p>Important user instruction: for multiple eligible Bitcoin addresses connected to a Ledger device, an individual claim must be completed for each address. Users should confirm each address in their Ledger interface before submitting a claim.</p>
<h2>Why is this important for Cardano and the wider ecosystem?</h2>
<p>Midnight’s distribution highlights multi-chain eligibility mechanics and the need for robust wallet integration testing. Input Output’s parallel work on Cardano smart contract security underscores ongoing ecosystem efforts to improve tooling and formal verification for smart contracts.</p>
<p>Input Output has announced a progressive tool rollout throughout 2025 to support a full Cardano development lifecycle. Formal verification will target Plinth first and expand to Aiken and other Cardano smart contract languages. Each release will include documentation and examples to broaden access to advanced security techniques.</p>
<h2>Frequently Asked Questions</h2>
<h3>How do I claim NIGHT tokens if I use a Ledger device?</h3>
<p>Connect your Ledger, open the Midnight claim portal, and verify each eligible Bitcoin address in your Ledger app. Submit an individual claim per address. If you see an address recognition error, refresh the portal and retry; Midnight has deployed a fix to address prior issues.</p>
<h3>When was the snapshot for eligibility taken?</h3>
<p>The eligibility snapshot was taken on June 11. Distribution began at the start of August and targeted wallets holding at least $100 in crypto across the eight supported blockchains.</p>
<h2>Key Takeaways</h2>
<ul>
<li><strong>Distribution scope</strong>: Eligibility required $100 across eight blockchains based on a June 11 snapshot.</li>
<li><strong>Ledger bug resolved</strong>: Midnight fixed the recognition issue so multiple Ledger-managed Bitcoin addresses are now supported.</li>
<li><strong>User action</strong>: Claim each eligible Bitcoin address individually and verify addresses in the Ledger interface before submitting.</li>
</ul>
<h3>Conclusion</h3>
<p>Midnight’s NIGHT token distribution encountered and resolved a Ledger-related Bitcoin address recognition bug. Users who held at least $100 across eligible chains as of June 11 should verify each address and claim individually. COINOTAG will monitor developments and report further updates on Cardano security tooling and Midnight distributions.</p>
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Coinotag

Midnight NIGHT Token Claim: Ledger Issue Resolved — COINOTAG

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								<p>Cardano’s first full‐cycle ecosystem budget has reached its finish line. On August 19, 2025, Intersect—Cardano’s member-based organization that facilitated the process—announced: “Our ecosystem budget and withdrawal process has now reached its conclusion… DReps have approved ₳264m in ecosystem funding.” In the same <a href="https://x.com/IntersectMBO/status/1957455935338934328" target="_blank">statement</a>, Intersect said the pipeline began with 194 proposals submitted through GovTool and the Ekklesia poll, was refined off-chain to 40, and ultimately produced 39 on-chain treasury withdrawals—37 of which cleared the required thresholds.</p>
<p>Intersect added that “more than 30 vendors have now signed contracts,” with those agreements being published for public review. The live “Intersect Administered Contracts” ledger confirms a growing roster of counterparties and amounts—ranging from the ₳64.3 million “Catalyst 2025” program to infrastructure and tooling efforts such as a ZK bridge and maintenance of key developer libraries. Intersect says additional contracts will be posted in the days ahead “together with the funding of related smart contracts.”</p>
<p>The conclusion caps a months-long governance sequence that combined off-chain deliberation and on-chain ratification. In July, Intersect submitted <a href="https://bitcoinist.com/cardano-39-proposals-under-new-budget-framework/" target="_blank">39 Treasury Withdrawal governance actions</a> for DRep and Constitutional Committee scrutiny; throughout late July and early August, proposals began surpassing the 67% DRep supermajority threshold that marks passage under CIP-1694’s current regime. Intersect’s development updates documented the first wave of supermajorities and directed participants to follow each proposal’s progression epoch by epoch.</p>
<p>With votes cast and thresholds met, Intersect has outlined what happens next. After a proposal passes, it is ratified at the epoch boundary, then enacted one epoch later, moving funds from the Treasury to designated smart-contract holding addresses. Intersect’s administration team finalizes legal agreements, deploys vendor-specific contracts with milestone schedules, and co-signs them alongside an oversight committee. Intersect’s August guidance emphasized the three-stage sequence—ratification, enactment, administration—and pledged status updates as each vendor’s contract goes live on-chain.</p>
<p>The mechanics behind those disbursements have been built for transparency. Intersect’s knowledge base details an end-to-end flow: withdrawals fund partitioned “Treasury Contracts”; vendors sign written agreements; “Vendor Contracts” encode milestones and payment dates; the oversight committee holds keys to provide checks and balances; and vendors withdraw only as milestones mature. Funds sit effectively in escrow, are auditable on-chain, and unclaimed balances time out back to the Treasury.</p>
<p>To monitor the delivery phase, Intersect points the community to two public dashboards. A Smart Contract dashboard exposes milestone breakdowns, dates, and payment events for each funded project, while a Cardano Treasury dashboard tracks flows from the <a href="https://bitcoinist.com/cardano-foundation-659-million-treasury/" target="_blank">Treasury</a> into the reserve and project contracts.</p>
<p>The now-published contract catalog provides a first look at how the approved ₳264 million will be administered across core infrastructure, governance tooling, developer experience, and ecosystem programs. Entries include continued development for the AdaStat explorer, ongoing maintenance of PyCardano, and a ZK bridge prototype—illustrating the mix of large-scale programs and targeted technical workstreams that made it through the final on-chain filters.</p>
<h2>IOG Takes The Lead</h2>
<p>Cardano’s single largest allocation goes to Input Output’s core protocol program. Intersect’s contract ledger lists ₳96,817,080 for the “2025<a href="https://bitcoinist.com/cardano-iog-13-4-million-funding-2025-roadmap/" target="_blank"> Input Output Engineering Core Development” proposal</a>, dedicated to “engineering, maintenance, and development services to enhance and secure the Cardano protocol and its core infrastructure,” explicitly framed as delivery of the community-endorsed technical roadmap. A companion research track, “Input Output Research (IOR): Cardano Vision – Work Program 2025,” adds ₳26,840,000 for multi-year research and technology validation.</p>
<p>Intersect also shows two further IOG-administered items—₳5,159,000 to overhaul Project Catalyst’s technical stack and ₳1,300,000 to decentralize the Blockfrost API via a gateway and “Icebreaker” network—bringing Input Output–family contracts to roughly ₳130.1 million, just under half of the approved ₳264 million budget.</p>
<p>Input Output characterizes the engineering mandate as the first community-authorized core development program in Cardano’s history, approved with 73.93% support. In its newsroom statement, IOE says the funded roadmap will advance scalability, developer experience, and interoperability through initiatives including <a href="https://bitcoinist.com/cardano-leios-11000-tps-infinite-scalability/" target="_blank">Ouroboros Leios</a>, <a href="https://bitcoinist.com/cardano-next-steps-hydra/" target="_blank">Hydra</a>, Mithril enhancements, nested transactions, and Project Acropolis—a modular re-architecture of the node—with “faster sync times, lower RAM usage, and reduced operational costs for stake pool operators.”</p>
<p>At press time, ADA traded at $0.92.</p>
<figure><img src="https://bitcoinist.com/wp-content/uploads/2025/08/ADAUSDT_2025-08-19_15-03-09.png?resize=1024%2C471" alt="Cardano price" srcset="https://bitcoinist.com/wp-content/uploads/2025/08/ADAUSDT_2025-08-19_15-03-09.png?w=3628 3628w, https://bitcoinist.com/wp-content/uploads/2025/08/ADAUSDT_2025-08-19_15-03-09.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2025/08/ADAUSDT_2025-08-19_15-03-09.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2025/08/ADAUSDT_2025-08-19_15-03-09.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2025/08/ADAUSDT_2025-08-19_15-03-09.png?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2025/08/ADAUSDT_2025-08-19_15-03-09.png?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2025/08/ADAUSDT_2025-08-19_15-03-09.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2025/08/ADAUSDT_2025-08-19_15-03-09.png?w=1140 1140w, https://bitcoinist.com/wp-content/uploads/2025/08/ADAUSDT_2025-08-19_15-03-09.png?w=3000 3000w" /><figcaption>ADA retests key support, 1-week chart | Source: <a href="https://www.tradingview.com/x/UyHtyjmb/" target="_blank">ADAUSDT on TradingView.com</a></figcaption></figure>
<p>Featured image created with DALL.E, chart from TradingView.com</p>
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Bitcoinist

Cardano Closes 264 Million ADA Budget Cycle, IOG Takes Lead

<div><div><ul><li><a target="_blank" href="https://defi-planet.com/2025/08/cardano-price-prediction-2025-2030-decentralized-governance-technical-upgrades-and-investment-outlook/#Coinbase_Bridges_Cardano_to_the_Base_Network">Coinbase Bridges Cardano to the Base Network</a></li><li><a target="_blank" href="https://defi-planet.com/2025/08/cardano-price-prediction-2025-2030-decentralized-governance-technical-upgrades-and-investment-outlook/#Starting_With_the_Numbers_Cardano_Price_Prediction_2025%E2%80%932030">Starting With the Numbers: Cardano Price Prediction 2025–2030</a></li><li><a target="_blank" href="https://defi-planet.com/2025/08/cardano-price-prediction-2025-2030-decentralized-governance-technical-upgrades-and-investment-outlook/#Breaking_New_Ground_Decentralized_Treasury_and_Governance_Breakthrough">Breaking New Ground: Decentralized Treasury and Governance Breakthrough</a></li><li><a target="_blank" href="https://defi-planet.com/2025/08/cardano-price-prediction-2025-2030-decentralized-governance-technical-upgrades-and-investment-outlook/#Technical_Upgrades_Powering_Growth_and_Price_Momentum">Technical Upgrades Powering Growth and Price Momentum</a></li><li><a target="_blank" href="https://defi-planet.com/2025/08/cardano-price-prediction-2025-2030-decentralized-governance-technical-upgrades-and-investment-outlook/#Cardano_Ecosystem_Growth_and_Institutional_Adoption">Cardano Ecosystem Growth and Institutional Adoption</a></li><li><a target="_blank" href="https://defi-planet.com/2025/08/cardano-price-prediction-2025-2030-decentralized-governance-technical-upgrades-and-investment-outlook/#Why_Does_Governance_Matter_for_Price">Why Does Governance Matter for Price?</a></li><li><a target="_blank" href="https://defi-planet.com/2025/08/cardano-price-prediction-2025-2030-decentralized-governance-technical-upgrades-and-investment-outlook/#Price_Prediction_Anchored_by_Community_and_Innovation">Price Prediction Anchored by Community and Innovation</a></li><li><a target="_blank" href="https://defi-planet.com/2025/08/cardano-price-prediction-2025-2030-decentralized-governance-technical-upgrades-and-investment-outlook/#Concluding_Thoughts_Balancing_Hope_with_Due_Diligence">Concluding Thoughts: Balancing Hope with Due Diligence</a></li></ul></div><p><span>As Cardano (ADA) moves deeper into the current decade, it holds a compelling narrative shaped by its groundbreaking approach to decentralized governance and technical advancements, fueling optimism about its price trajectory through 2025 to 2030. This piece will weave together the latest developments and expert insights to offer crypto investors a grounded yet forward-looking perspective on ADA’s price prediction, reflecting real market sentiments and community hopes.</span></p><h2><span></span><span>Coinbase Bridges Cardano to the Base Network</span><span></span></h2><p><span>Coinbase has made a significant move to bridge the gap between two major blockchain ecosystems by bringing a wrapped version of </span><span>Cardano</span><span> (ADA) to its Base network. This initiative allows Cardano holders to trade their assets on the Ethereum-based layer-2 network and gain access to the vast DeFi ecosystem. </span></p><div><figure><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdNfGGMAdmf_Nw3Y0RvpFT_xPEmvIJgBRXzhSN0ikjkmP4RgGeJCLhxN2WjBtT7JoImb7Goe5LGbYDhvxSADCTZirZ9FG8ce04eQsQTGMUBQrAtvvX-j3umA5AR5aDE2404JBc?key=0sVFQpoGWJFNqrzsWwr0Kw" alt="Coinbase bridges Cardano to the Base network." /><figcaption><b>Source:</b> <span><a target="_blank" href="https://x.com/CoinbaseAssets/status/1937905846551183360?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1937905846551183360%7Ctwgr%5E695e103d3a3ca8a6f7d68ee4296fba25a924abf8%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fdecrypt.co%2F327210%2Fcoinbase-brings-cardano-litecoin-base-joining-doge-xrp"><span>X</span></a></span></figcaption></figure></div><p><span>The newly introduced token, called cbADA, is an ERC-20 token, which is backed on a 1:1 basis by the native Cardano token. This development is already seeing traction, with approximately $1.6 million worth of cbADA wrapped since its launch.</span></p><h2><span></span><span>Starting With the Numbers: Cardano Price Prediction 2025–2030</span><span></span></h2><p><span>Various expert forecasts paint a cautiously optimistic picture for ADA’s future price:</span></p><p><span>By the end of 2025, ADA prices are projected to reach between $0.80 and $1.00, with some analyses suggesting a potential average around $0.90. This reflects anticipated benefits from ongoing network upgrades and growing institutional interest.</span></p><p><span>Looking further ahead, 2030 could be transformative if Cardano’s technical roadmaps and governance reforms successfully translate into widespread adoption. Projections vary widely, with forecasts ranging from $5.50 to upwards of $10 per ADA token.</span></p><p><span>Some bullish voices highlight Cardano’s potential to approach or surpass $10 by 2030, contingent on its </span><span>DeFi ecosystem</span><span> expansion, partnerships, and broader </span><span><a target="_blank" href="https://defi-planet.com/2021/08/introduction-to-blockchain-technology-overview-working-principle-properties/"><span>blockchain</span> </a></span><span>adoption dynamics.</span></p><p><span>While price predictions vary, each scenario underlines the importance of Cardano’s ongoing <a href="https://defi-planet.com/glossary/decentralization/" target="_blank">decentralization</a> and technical enhancements as primary drivers.</span></p><h2><span></span><span>Breaking New Ground: Decentralized Treasury and Governance Breakthrough</span><span></span></h2><p><span>One of Cardano’s recent game-changers is the community’s </span><span><a target="_blank" href="https://x.com/cardanofeed/status/1952037747595612651?s=46"><span>approval</span></a></span><span> of over $70 million in </span></p><p><span>treasury funds directly to Input Output Engineering (IOE). This isn’t just a financial vote but a re-definition of governance itself — a milestone that positions Cardano as a beacon of decentralized decision-making.</span></p><blockquote><p>The Cardano community just made history.</p><p>For the first time ever, core development funding has been directly approved by the community – ushering in a new era of decentralized governance.</p><p>Thank you all for your support. This is more than a vote of confidence, it’s a shared…</p><p>— Input | Output (@InputOutputHK) <a target="_blank" href="https://twitter.com/InputOutputHK/status/1951773204998967531?ref_src=twsrc%5Etfw">August 2, 2025</a></p></blockquote><p><br /> <span>Unlike traditional funding channels prone to centralization, Cardano’s governance model places power squarely in the hands of its community. With milestone-based disbursements overseen by the “Intersect” governance body, it ensures transparency and accountability. This radical shift aims to accelerate protocol upgrades in key areas like <a href="https://defi-planet.com/glossary/scalability/" target="_blank">scalability</a> (Hydra), speed, modular architecture (Project Acropolis), and developer tools.</span></p><p><span>This model fosters a sense of shared ownership — an ethos that resonates deeply with decentralized finance advocates and investors looking for long-term project viability. For many in the community, this marks a watershed moment, affirming that Cardano isn’t just a blockchain but a living experiment in democratic finance.</span></p><h2><span></span><span>Technical Upgrades Powering Growth and Price Momentum</span><span></span></h2><p><span>The decentralized treasury fuels an ambitious technical roadmap that could materially impact ADA’s market value:</span></p><ul><li><span>Hydra Layer-2 scaling promises to reduce transaction costs and increase throughput, features that are critical for DeFi applications to flourish.</span></li><li><span>Ouroboros Leios, Cardano’s next-generation staking and consensus upgrade, aims to enhance network security while enabling more efficient processing.</span></li><li><span>Mithril improvements are reducing node bootstrap times, lowering barriers for new participants.</span></li></ul><p><span>These enhancements address some of the traditional criticisms surrounding earlier versions of Cardano — mainly scalability and speed delays compared to Ethereum and Solana.</span></p><p><span>Furthermore, the integration of Cardano into major exchanges like Coinbase expands retail and institutional access, serving as a catalyst for investor interest and price discovery.</span></p><h2><span></span><span><br /> </span><span>Cardano Ecosystem Growth and Institutional Adoption</span><span></span></h2><p><span>The Cardano ecosystem is expanding beyond simple currency transfers into a full-stack platform supporting DeFi, NFTs, identity management, and gaming ecosystems:</span></p><p><span>Over 70 DeFi projects are emerging, gradually strengthening network effects that could drive sustained ADA demand.</span></p><p><span>Partnerships in developing regions, especially Africa, showcase Cardano’s drive to bring blockchain tech to underbanked populations — a move that underpins ADA’s real-world utility and potential adoption spike.</span></p><p><span>Importantly, institutional adoption is growing. Transparent governance and treasury models inspire confidence among professional investors increasingly wary of opaque projects. These developments add a layer of legitimacy that often correlates with price appreciation in the crypto space.</span></p><h2><span></span><span>Why Does Governance Matter for Price?</span><span></span></h2><p><span>Governance often feels abstract, but for </span><span>ADA holders</span><span>, it is central to the token’s value. The community’s ability to steer the network’s future directly affects investor confidence — decentralized treasury approval leads to faster, more accountable development. This signals to the market that Cardano is prepared for long-term innovation without the bottlenecks that plague less decentralized projects.</span></p><p><span>Tools like onchain voting and milestone oversight align incentives among developers, users, and investors, reducing risks of project delays or mismanagement. This governance transparency has become a rare and prized asset in the crypto world.</span></p><h2><span></span><span>Price Prediction Anchored by Community and Innovation</span><span></span></h2><p><span>ADA’s price shows a potential double top near $1.00, with engineered liquidity at $1.05. It’s pulling back to $0.70 support. A break could lead to a deeper drop to $0.50-$0.55. A speculative projection suggests a sweep above highs followed by a sell-off. This isn’t bullish; a stop-hunt above $1.00 could precede shorting opportunities.</span></p><p><span>While market forces and macroeconomic trends certainly play their part,</span><span> Cardano’s price</span><span> outlook embeds a powerful narrative of democratic innovation and technological promise. For investors, this means beyond charts and numbers, ADA’s worth lies in its ongoing transformation from a promising blockchain to a resilient, developer-friendly ecosystem supported by an empowered community.</span></p><p><span>Still, investors should weigh risks — slower adoption relative to Ethereum, regulatory environments, and competition from Layer-1 and Layer-2 networks could impact price trajectories.</span></p><p><span>Visual Pointer: ADA Price Key Levels (2025–2030)</span></p><h2><span></span><span>Concluding Thoughts: Balancing Hope with Due Diligence</span><span></span></h2><p><span>Cardano’s journey from 2025 to 2030 is more than price speculation — it’s a test of decentralized governance intertwined with technical innovation. The approved treasury funding is a milestone that transforms theory into action, supporting upgrades that could define ADA’s market value for years.</span></p><p><span>For investors watching the ADA price curve, this means keeping an eye on governance milestones, layer-2 rollout progress, and institutional moves is as important as monitoring price charts. Cardano’s future hinges on its community’s continued engagement and the broader crypto market’s response.</span></p><p><i><span>If you would like to read more articles like this, visit </span></i><span><a target="_blank" href="https://defi-planet.com/"><i><span>DeFi Planet</span></i></a></span><i><span> and follow us on </span></i><span><a target="_blank" href="https://twitter.com/PlanetDefi"><i><span>Twitter</span></i></a></span><i><span>, </span></i><span><a target="_blank" href="https://www.linkedin.com/company/defi-planet/"><i><span>LinkedIn</span></i></a></span><i><span>,</span></i><span><a target="_blank" href="https://www.facebook.com/DeFi-Planet-129907662611402"><i><span> Facebook</span></i></a></span><i><span>, </span></i><span><a target="_blank" href="https://www.instagram.com/defi.planet/"><i><span>Instagram</span></i></a></span><i><span>, and </span></i><span><a target="_blank" href="https://coinmarketcap.com/community/profile/DeFiPlanet/"><i><span>CoinMarketCap Community</span></i></a></span><i><span>.</span></i></p><p><i><span>Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.</span></i></p><div><p>Don't miss out!</p><p>Subscribe To Our Newsletter</p><p><span><em>Give it a try. You can unsubscribe at any time.</em></span></p></div> </div>

DeFi-Planet

Cardano Price Prediction 2025–2030: Decentralized Governance, Technical Upgrades, and Investment Outlook

<div><div><p>By offering programmable privacy and eliminating metadata trails, Midnight's NIGHT and DUST tokens cater to decentralized finance's evolving needs.</p><div><div> <p><a target="_blank" href="https://cryptoslate.com/author/shane-neagle/" title="Shane Neagle Profile"> <img src="https://cryptoslate.com/wp-content/uploads/2020/12/shane-neagle-photo-150x150.jpg" /> </a></p></div><div> <p><span> 4 min read</span></p><p><span>Updated:</span> Aug. 10, 2025 <span>at 12:39 pm UTC</span></p></div></div></div><div> <p><img alt="Is Cardano’s Midnight worth the hype?" src="https://cryptoslate.com/wp-content/uploads/2025/08/cardano-midnight-768x403.jpg" /></p><p>Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.</p></div></div><div><article><div><p><a target="_blank" href="https://link.cryptoslate.com/stake_casino"><img src="https://cryptoslate.com/wp-content/uploads/2025/07/stake-Casino-Game-Creative_GIF-600x500-px.gif" alt="Stake" /></a></p></div><p><em>The following is a guest post and analysis from Shane Neagle, Editor In Chief fromThe Tokenist.</em></p><p>On June 23rd, Midnight Foundation released its first tokenomics paper. Earlier in June, Charles Hoskinson, the co-founder of Ethereum (ETH) and founder of Cardano (ADA), pegged Midnight as “the single biggest event in the history of Cardano,” with a caveat: “if it is successful.”</p><p>Although the altcoin season had a <a target="_blank" href="https://cryptoslate.com/ethereum-solana-xrp-losses-cause-altcoin-season-index-to-drop-to-lowest-in-a-year-amid-bitcoin-strength/">pullback this week</a>, and the crypto market is more diluted than ever with tens of thousands of tokens, it is worth investigating new projects. After all, the exit of the Biden administration represents the departure of a hostile force that used many <a target="_blank" href="https://cryptoslate.com/congress-probing-crypto-industrys-systematic-debanking-under-biden-regime/">underhanded tactics to debank</a> crypto projects.</p><p>In that light, what is the merit behind Midnight?</p><h2>Cardano’s Need for Midnight</h2><p>It is no secret that the Cardano blockchain is generally perceived as lagging behind other networks such as Ethereum or Solana. By total value locked (TVL), Cardano ranks 20th according to DefiLlama, with $360 million in capital across ~50 dApps. For comparison, Solana has a TVL of $10 billion across ~240 dApps, which is again 8x lower than Ethereum.</p><p>This lack of significant market share is largely attributed to Cardano’s robust academic approach to smart contract development and blockchain frameworks, ensuring that the network has all its ducks in a row to avoid reputation-disabling vulnerabilities down the line.</p><p>Charles Hoskinson also noted the lack of stablecoins as a contributing factor, having floated the idea of converting around $100 million worth of ADA tokens into USDM stablecoins, which are issued by the regulated Moneta Digital LLC service.</p><p>Moreover, if scaling of Cardano goes as planned, in addition to the inflow of stablecoins post-<a target="_blank" href="https://cryptoslate.com/genius-act-makes-immediate-impact-as-jp-morgan-looks-to-allow-crypto-as-collateral-for-lending/">Genius</a> and Clarity Acts, Hoskinson boldly <a target="_blank" href="https://x.com/IOHK_Charles/status/1943471085896483225">forecasted</a> that the altcoin market will see trillions of value—and that Cardano is expected to play a major role in it. But what is Midnight’s role?</p><h2>Midnight’s Background and Pitch</h2><p>Midnight is closely tied to Cardano’s IOHK (Input Output Hong Kong), later rebranded as Input Output Global (IOG). While the Swiss-based Cardano Foundation is in charge of developing the blockchain ecosystem, such as adoption and community-building, IOG is the software engineering organization behind Cardano’s core tech and roadmap.</p><p>As the current president of the Midnight Foundation launched in May, Fahmi Syed served within IOG to push the project, in addition to contributing to Polkadot and Kusama via Parity Technologies. Prior to Syed’s crypto involvement, he was the chief operating officer (COO) at UK-based Fifthdelta, which emerged as a startup from Citadel money managers in 2021.</p><p>Midnight Foundation pitches the network as a “fourth-generation blockchain built for secure, compliant, and private decentralised applications.” What does that mean exactly?</p><ol><li>TradFi has been notoriously cautious to adopt blockchain because the default one is too transparent. Both Ethereum and Bitcoin have transactions publicly visible, which doesn’t lend itself to safeguarding customer data and financial privacy.</li><li>Midnight aims to step into this gap by providing programmable privacy, utilizing <a target="_blank" href="https://cryptoslate.com/standards-for-zero-knowledge-proofs-will-matter-in-2025/">zero-knowledge proof cryptography</a>. This tech enables data/transaction verification without revealing identity, making it regulatory-compliant in the process.</li></ol><p>Specifically, Midnight Network uses ZK-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge) with its own smart contract programming language, Compact. Although zero-knowledge proof is more computationally intensive off-chain, this tech reduces on-chain load without requiring a trusted setup (depending on the variant used).</p><p>Per transaction, this approach exerts higher fees due to higher computational costs, but ZK-rollups turn this around by bundling many transactions into a single cryptographic proof. Ultimately, this reduces on-chain load and transaction costs.</p><p>In short, the purpose of Midnight is to act as a bridge between private and public ledgers, eliminating the exposure of on-chain transactions. The key to furthering that goal is Midnight’s Zswap ledger, which facilitates atomic token swaps.</p><div><p><a href="https://link.cryptoslate.com/nemo_inarticle" target="_blank"> <img src="https://cryptoslate.com/wp-content/uploads/2025/06/nemo-1456x180-1.jpg" alt="Nemo" /> </a></p></div><p>After all, <a target="_blank" href="https://cryptoslate.com/komodo-launches-on-chain-bridge-between-ethereum-and-binance-smart-chain/">atomicity</a> is crucial for cross-chain transfers between multiple token types and privacy layers. Overall, this makes Midnight Network a promising project. It is worth remembering that the ideal scenario for the crypto market to thrive is to create a cohesive blockchain ecosystem in which users seamlessly transact between different parts.</p><h2>Midnight’s Ecosystem Rollout</h2><p>At press time, Midnight listed 52 dApps across infrastructure, DAO, DeFi, wallets, NFTs, prediction markets, gaming, AI, and other areas that benefit from programmable privacy. As with many other crypto projects, Midnight is unrolling two types of tokens:</p><ul><li>NIGHT – native utility token for on-chain governance and ecosystem incentives, distributed to network participants securing the network. NIGHT is native to both Cardano and Midnight.</li><li>DUST – unlike ETH, which pays for transactions across Ethereum dApps, NIGHT doesn’t serve that function. Instead, NIGHT tokens generate DUST, a renewable resource.</li><li>As long as Midnight participants hold NIGHT tokens, they can use the generated DUST to execute free transactions, which is itself an incentive mechanism. DUST decays after generation (designating DUST address by NIGHT token holders), which prevents it from serving as a store of value.</li></ul><p>The decision to go that route was driven by Midnight’s privacy focus, as DUST doesn’t leave a metadata trail like other single-token ecosystems. This also includes resistance to <a target="_blank" href="https://cryptoslate.com/eu-draft-standards-deem-mev-as-clear-example-of-market-abuse-under-upcoming-mica-rules/">MEV manipulation</a>.</p><p>In the Midnight tokenomics and incentives <a target="_blank" href="https://45047878.fs1.hubspotusercontent-na1.net/hubfs/45047878/Midnight-Tokenomics-And-Incentives-Whitepaper.pdf">whitepaper</a> released in June 2025, NIGHT token supply is limited to 24 billion, minted on Cardano and mirrored on the Midnight network.</p><p>This supply is hard-capped, which means greater demand for transactions will not expand it. Under the umbrella of Midnight Foundation, the subsidiary Midnight TGE is in charge of this tokenomics model, in addition to Treasury and Reserve.</p><p>Reserve serves to issue NIGHT tokens to the network’s block producers, marking them as uncirculated supply.</p><h2>Ongoing Midnight Token Airdrop</h2><p>Dubbed “Glacier Drop” for phase 1 rollout, the airdrop will run from July through August, delivering 50% (12 billion NIGHT tokens) to Cardano (ADA), 20% to Bitcoin (BTC), and 30% across Ethereum (ETH), Ripple (XRP), Solana (SOL), Avalanche (AVAX), BNB Chain (BNB), and Brave (BAT).</p><p>Every three months, 25% of NIGHT token supply is unlocked, with the total unlock reached after 360 days. Initially, NIGHT tokens are locked, becoming tradable gradually to avoid supply shocks. To encourage adoption, any crypto holders with a minimum of $100 across the aforementioned chains are eligible to claim NIGHT tokens.</p><p>After the Glacier Drop, two more claim phases will follow—Scavenger Mine and Lost-and-Found. Readers interested in this project should visit the official website and <a target="_blank" href="https://www.midnight.gd/how-to-get-night#claim">follow claim instructions</a> via the NIGHT Claim portal.</p><h2>The Bottom Line</h2><p>Features such as atomic swaps, privacy, and cross-chain functionality have been pillars of the crypto space since the early days. Case in point: Komodo launched open-source AtomicDEX in mid-2019. However, Midnight Network appears to be a more comprehensive project by combining all three aspects.</p><p>More importantly, Midnight is tied to Cardano, which is still well-capitalized. Likewise, the legacy blockchain network is known to form relationships with various government entities and organizations. In early 2025, asset manager Grayscale <a target="_blank" href="https://www.sec.gov/files/rules/sro/nysearca/2025/34-102475.pdf">filed</a> to turn Grayscale Cardano Trust into a publicly traded spot ETF.</p><p>Without a hostile SEC with Gary Gensler gone, this makes for a more fertile ground for Cardano and its associated projects. In turn, both ADA and NIGHT enthusiasts should proceed with cautious optimism, aware of the risks, but not blind to the opportunity—especially when paired with insights from the <a target="_blank" href="https://tokenist.com/investing/best-investment-newsletters/">highly-rated investment newsletters</a> that help decode emerging trends.</p><h6>Mentioned in this article</h6><div><h5>Latest <span>Cardano</span> Stories</h5></div><div><h5>Press Releases</h5></div></article></div>

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