Cardano's Midnight Token Launch Hailed as Historic, with Major Exchange Integrations and Japan Trading on Horizon

Cardano co-founder Charles Hoskinson has conducted an extensive review of the launch of the network's new privacy-focused partner chain, Midnight, and its native token NIGHT. Hoskinson declared the launch the "strongest in the network’s history," marking the first time Cardano has successfully launched and distributed a multi-billion-dollar asset project from the outset.

The launch was immediately supported by listings on top-tier exchanges including Binance Alpha, Kraken, and OKX. Hoskinson emphasized that this level of instant, broad exchange support was a historic first for Cardano, requiring significant infrastructure development in the lead-up.

The NIGHT token experienced extreme volatility upon its debut, spiking to an "insane" level near $150 before crashing down to approximately $0.02. Hoskinson attributed this dramatic price action to a massive sell-off by recipients with "no material connection to the token," a dynamic he framed as typical during the initial exchange distribution phase. The token has since stabilized, trading around $0.05 to $0.06, which Hoskinson considers a "healthy range" and aligned with his pre-launch expectations of a 5 to 15 cent band.

Despite the price volatility, on-chain metrics painted a picture of a successful launch. Hoskinson highlighted that NIGHT instantly became the dominant token on Cardano, with its trading volume on decentralized exchanges (DEXs) like Minswap and SundaeSwap surpassing the combined volume of all other Cardano native tokens. Its fully diluted valuation (FDV) reached roughly $1.5 billion, also exceeding the combined FDV of other CNTs. The launch significantly boosted overall Cardano ecosystem metrics, including DEX volumes, stablecoin inflows, and liquidity.

Hoskinson praised the "Glacier Drop" distribution mechanism for creating a steady emission schedule and contrasted Midnight's "complete retail, completely fair" launch—devoid of venture capital (VC) involvement—with typical VC-led launches elsewhere, calling it a "return to first principles."

Looking ahead, Hoskinson outlined an ambitious roadmap for Midnight. He announced that trading in Japan—historically Cardano's strongest market—is scheduled to commence in January 2026. Furthermore, he hinted that several additional exchange listings on top U.S. and international platforms are expected within the next 60 days.

The mainnet launch for Midnight is set to begin soon, and a major roadmap workshop is scheduled for January, with a full public roadmap to be revealed in Hong Kong alongside top-tier partners. Hoskinson explained that Midnight will act as a "partner chain" and the "tip of the spear" for a hybrid application model, with plans to activate capabilities for a new hybrid chain within 6 to 8 weeks, enabling cross-chain ecosystem apps across networks like Ethereum, Solana, Avalanche, and Binance Chain. The long-term goal is to grow the Midnight ecosystem to a $10 billion valuation.