Cardano Ecosystem Gets a Privacy Boost as Midnight’s NIGHT Goes Live

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Cardano Ecosystem Gets a Privacy Boost as Midnight’s NIGHT Goes Live The network uses a dual-state architecture that separates public and private data while allowing controlled disclosure to auditors, institutions or counterparties. By Shaurya Malwa | Edited by Oliver Knight Updated Dec 11, 2025, 1:41 p.m. Published Dec 11, 2025, 1:41 p.m. Cardano's Midnight goes live (Marc-Olivier Jodoin/Unsplash) What to know : Midnight's NIGHT token launched, doubling in value and nearing a $1 billion valuation as major exchanges opened markets. Midnight aims to provide Cardano with a programmable privacy layer using zero-knowledge proofs, separating public and private data. The launch includes a cross-chain allocation model distributing NIGHT tokens across multiple ecosystems to foster a shared privacy environment. Cardano’s long-developing privacy architecture finally took a concrete step this week with the market debut of Midnight’s NIGHT token, which has doubled since launch. NIGHT’s first sessions were volatile, as expected for a new listing, but the token recovered sharply after its initial sell-off and moved toward a near–$1 billion valuation as OKX, Bybit and MEXC opened markets. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . A separate wave of activity came from users redeeming allocations from the so-called ‘Glacier’ airdrop, the first of several release periods scheduled through 2026. As liquidity builds, NIGHT’s price action is likely to remain noisy — but the launch is ultimately less about the token and more about what Midnight is designed to become. Described as a partner chain, Midnight is Input Output’s attempt to give Cardano a programmable privacy layer built around zero-knowledge proofs (or technology that allows the verification of information without fully revealing that information). How Midnight Works Instead of adopting the fully anonymous designs associated with legacy privacy coins, the network uses a dual-state architecture that separates public and private data while allowing controlled disclosure to auditors, institutions or counterparties. In practice, that means Midnight keeps two parallel records. One that behaves like a normal public blockchain and another that stores encrypted data. Applications can choose which parts of a transaction are visible and which remain private, letting users prove what’s necessary without exposing everything they do on-chain. It is a model aimed at real-world use cases, such as identity frameworks, regulated DeFi, enterprise data exchange and financial products that cannot operate on fully transparent ledgers. Central to that design is Compact, a TypeScript-inspired smart contract language that forces developers to specify what remains private and what appears publicly on-chain. It is one of the first efforts to make ZK development accessible to non-cryptographers — a practical requirement if Midnight is to gain adoption beyond a niche user base. The chain’s distribution structure is unconventional. Midnight launched with a cross-chain allocation model that distributes 100% of NIGHT’s 24 billion-token supply across eight major ecosystems, including Bitcoin, Ethereum, Solana, BNB Chain and Cardano. That approach is intended to pull users from multiple chains into a shared privacy environment rather than isolating activity inside Cardano alone. Metrics that will matter include how much Cardano DeFi integrates privacy-enabled modes, how quickly bridge volume grows between Cardano and Midnight, whether developers adopt Compact for ZK-native applications, and how widely distributed NIGHT remains over time. Cardano now enters 2026 with rising activity and a larger DeFi footprint. Midnight adds a missing component — a privacy and compliance layer that could shift how value moves across the ecosystem, making it one to watch for in the months to come. Cardano Privacy More For You Protocol Research: GoPlus Security By CoinDesk Research Nov 14, 2025 Commissioned by GoPlus What to know : As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M. GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month. Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B. View Full Report More For You Crypto Markets Today: Traders Seek Catalysts After Bitcoin’s Post-Fed Pullback By Oliver Knight , Omkar Godbole 2 hours ago The crypto market slipped to the lower end of its range after the Federal Reserve’s 25bps rate cut failed to spark fresh momentum. What to know : BTC is trading near $90,350 after defending the $88,200 support zone, but momentum remains capped below the key $94,500 resistance level. 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