Charles Hoskinson claimed Sunday a single token built on Cardano (ADA) is trading more than XRP and Solana (SOL) combined.
The NIGHT token, native to the privacy-focused Midnight network, recorded approximately $4 billion in 24-hour trading volume, according to CoinMarketCap data.
Hoskinson posted on X that "a Cardano Native Asset has more trading volume than XRP and SOL combined."
The executive added "You ready for 2026? LFG" in his Sunday morning post.
What Happened
NIGHT launched Dec. 8 following months of anticipation among Cardano users.
The token swiftly gained listings on major centralized exchanges including Binance, Bybit, Kraken and OKX.
Current data shows NIGHT trading at $0.0738 with a market capitalization of $1.2 billion.
The cryptocurrency ranks as the 54th largest digital asset by market value.
Trading activity has remained intense since launch, with the volume-to-market-cap ratio exceeding 300% at certain points.
Midnight uses a "thawing" period for token distribution, with allocations unlocking in waves over 450 days.
This mechanism keeps users actively claiming and trading tokens throughout the distribution cycle.
The network distributed NIGHT across eight blockchain ecosystems, including Cardano, Bitcoin (BTC), Ethereum (ETH), Solana and XRP.
Over 133,000 transactions on Cardano now contain NIGHT tokens, according to blockchain explorer data.
Read also: Cardano Privacy Token NIGHT Sees $3 Billion Volume Spike After Launch Volatility
Why It Matters
The trading surge contradicts the "ghost chain" narrative that has plagued Cardano due to perceived low network activity.
Midnight remains mostly in a bootstrap phase, with the privacy-preserving smart contract functionality expected in first quarter 2026 during the Kūkolu Phase implementation.
Hoskinson has predicted the network could see significant increases in total value locked and monthly active users.
He argues privacy solves major pain points in decentralized finance.
"When Midnight turns on, imagine the 12-month rolling average TVL, transactions, and MAUs," he said.
The protocol enables private prediction markets, stablecoins and decentralized exchanges.
Users can place large bets without revealing identity or position size.
The "regulatory-friendly" private stablecoin concept allows digital cash that remains private to the public while compliant for audits.
Midnight's zero-knowledge proof architecture uses a dual-ledger system separating public and private data.
This differs from fully anonymous privacy coins, instead allowing controlled disclosure to auditors and institutions.
The network has already produced 2.96 million blocks and processed more than 408,000 transactions.
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