Midnight's NIGHT token launched just last week, but it has already produced numbers that are difficult to ignore. The nativetoken of the Cardano-based privacy network pushed past $1 billion in market capitalization and maintained more than $1 billion in 24-hour trading volume, placing it among the top 10 cryptocurrencies with the highest trading volume, according toCoinMarketCap.
Charles Hoskinson called the launch an "incredible success," likely because of how well the network is developing and holding up, not because of the price.
According to Midnight Explorer, the network has already produced nearly three million blocks and processed over 405,000 transactions on the network, while maintaining an average block time of about six seconds.
The launch of Night has been an incredible success. It's amazing how well the ecosystem is developing and holding up. It's on it's way to be the first true 4th generation cryptocurrency and bring in a new era to our industry. I'm so proud of everyone!
— Charles Hoskinson (@IOHK_Charles) December 18, 2025
On the price side, though, at the time of trading, NIGHT changed hands at nearly $0.063, up almost 26% for the week, with a fully diluted valuation of nearly $1.51 billion. The circulating supply is 16.6 billion tokens out of a fixed 24 billion.
With a volume-to-cap ratio above 100% and volume exceeding market cap, Midnight is experiencing a continuous two-way flow instead of the one-directional launch-chasing pattern that is more typical of established networks than fresh listings.
Is Cardano season upon us?
All things considered, the"new ADA" managed to sustain engagement beyond launch-hour attention. Midnight is positioned as a privacy-focused execution network with selective disclosure and an enterprise-facing design. With the revival of the privacy narrative, thanks partly to the Zcash (ZEC) renaissance, the timing of NIGHT's launch could not be better.
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ForCardano, this "incredible success" transforms the ecosystem into a multinetwork structure in which new layers can simultaneously attract liquidity, usage and infrastructure validation, turning the "new ADA" from a label into one of the hottest tokens right now.
