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Charles Hoskinson’s Bold Claim on Cardano’s NIGHT Token

On Sunday, Charles Hoskinson, the co-founder of Cardano, made a notable statement regarding the trading volume of a specific token associated with the Cardano blockchain, ADA. He asserted that a single token, known as the NIGHT token, has surpassed the combined trading volumes of XRP and Solana (SOL) within a 24-hour period.

Astonishing Trading Volume

The NIGHT token, which is native to the privacy-centric Midnight network, reportedly achieved an impressive $4 billion in trading volume in just one day, as per data from CoinMarketCap. This phenomenal trading activity highlights the growing interest and engagement within the Cardano ecosystem.

In his post on social media platform X, Hoskinson noted, “A Cardano Native Asset has more trading volume than XRP and SOL combined.” He further energized his audience by asking, “You ready for 2026? LFG”—suggesting that exciting developments are on the horizon for Cardano and its users.

The Launch of NIGHT

The launch of the NIGHT token occurred on December 8, receiving considerable anticipation from the Cardano community. It quickly attracted attention by securing listings on prominent centralized exchanges such as Binance, Bybit, Kraken, and OKX. Current statistics show that NIGHT is trading at approximately $0.0738, boasting a market capitalization of around $1.2 billion. This positions the cryptocurrency as the 54th largest digital asset in terms of market value, signaling a strong demand from investors.

Since its launch, trading activity for NIGHT has remained robust, even seeing its volume-to-market-cap ratio exceed 300% at various moments. This surge in trading activity indicates that many users are actively participating in the token’s exchange, driven by the unique features of the Midnight network.

Innovative Token Distribution Mechanism

Midnight employs a distinctive "thawing" period for its token distribution, where allocations are unlocked in waves over a span of 450 days. This innovative approach encourages users to continually engage with the network by claiming and trading their tokens throughout the distribution cycle. Furthermore, the network has distributed NIGHT tokens across eight different blockchain ecosystems, which include Cardano, Bitcoin (BTC), Ethereum (ETH), Solana, and XRP.

According to current blockchain explorer data, there have been over 133,000 transactions on the Cardano network involving NIGHT tokens, indicating that the community is indeed responding positively to the initiatives surrounding the Midnight network.

Related Reading

For further insights, see our article on how the Cardano Privacy Token NIGHT experienced a $3 billion volume spike following its launch volatility.

Implications of the Trading Surge

The remarkable trading surge challenges the prevalent "ghost chain" narrative that has often been associated with Cardano due to concerns over perceived low network activity. Midnight is still in its early bootstrap phase, with the highly anticipated privacy-preserving smart contract functionality expected to roll out in the first quarter of 2026. During this phase, known as the Kūkolu Phase, Hoskinson has predicted that the network could experience significant growth in total value locked (TVL) and monthly active users.

He boldly asserts that privacy features can effectively address major challenges faced in the realm of decentralized finance. Hoskinson stated, "When Midnight turns on, imagine the 12-month rolling average TVL, transactions, and MAUs." The Midnight protocol aims to facilitate private prediction markets, stablecoins, and decentralized exchanges, allowing users to place substantial bets without revealing their identities or the sizes of their positions.

Regulatory-Friendly Innovations

The innovative approach of Midnight also introduces a "regulatory-friendly" private stablecoin concept, which supports digital transactions while ensuring privacy for the public, all compliant with necessary regulations for audits. Its zero-knowledge proof architecture incorporates a dual-ledger system that effectively separates public and private data, differing from traditional privacy coins that favor full anonymity. This system allows for controlled disclosures necessary for both auditors and institutions.

As a result of its unique design, the network has already processed over 408,000 transactions and generated 2.96 million blocks, signaling healthy engagement and usability.

Leveraging AI legalese decoder

For those navigating the complexities of cryptocurrencies and blockchain agreements, resources like AI legalese decoder can prove invaluable. This tool simplifies legal terminology related to crypto projects and investment opportunities, allowing users to understand contracts and terms without needing extensive legal training. By providing clearer insights into the legal implications of engaging with tokens like NIGHT or navigating Cardano’s evolving ecosystem, it empowers investors and users to make informed decisions.

Future Reading

Stay tuned for our next update, where we discuss the latest market movements including BNB’s price fluctuations as it tests the critical $850 support level.

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