NIGHT token plunges while Cardano advances Jolteon consensus roadmap

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Yaroslav Dmytrenko

10.12.2025

NIGHT token plunges while Cardano advances Jolteon consensus roadmap — Cardano’s Midnight launch sparks volatility as NIGHT falls over 60%

On Tuesday, major crypto exchanges including Binance and Bybit began trading NIGHT, the token of Midnight, the Cardano ecosystem’s sidechain. In a recent interview, Cardano founder Charles Hoskinson expressed high hopes for Midnight Network as a key driver of his blockchain’s future development.

The native Midnight token (NIGHT) opened with a drop of more than 60%, despite the broader crypto market rising 2.3%. The sharp decline was driven by the project’s tokenomics.Cardano distributed 16.6 billion out of the total 24 billion token supply (69%) to users, an unusually high amount. Airdrop recipients received 25% of their NIGHT immediately, while the remaining 75% will unlock in three stages over the next nine months.

As a result, the free tokens flooded exchanges and pushed the price down from $0.11 to $0.02. At the time of writing, NIGHT traded around $0.04 — still more than 60% below its initial price. However, this scenario appears to be part of Charles Hoskinson’s plan.

NIGHT price dynamics over the past 24 hours. Source: CoinMarketCap

The Midnight listing represents the initial stage of deploying the new Jolteon consensus protocol, which aims to process 5,000 transactions per second with sub-second block times.

Planned sell-off

In a recent interview with Gokhshtein News Network, Hoskinson called Jolteon “a very good thing” but emphasized that the goal isn’t just to show big numbers. Midnight will undergo a nine-month integration and testing period before reaching full readiness for mainnet operations.

This phase includes continuous logging, stress testing, upgrades, and ensuring smooth integration of Midnight into the Cardano ecosystem. According to Hoskinson, this slow and steady approach is necessary for a privacy-focused chain that must be absolutely reliable from day one.

To maintain momentum, he said Midnight will release new “bonuses,” features, tools, and updates every one to three months. Each release is intended to attract new partners and give developers more reasons to build on Midnight.

The official rollout began with establishing liquidity for NIGHT and listing the token on exchanges. Once liquidity and token distribution stabilize, Midnight will move to its next priority: decentralized applications. This phase, planned for Q1 2026, will enable developers to deploy privacy-focused dApps on a stable mainnet.

If everything goes according to plan, Midnight could become one of the most important parts of the Cardano ecosystem in 2026 and beyond. For now, with a daily trading volume of around $69 million, Midnight has reached a market cap of about $690 million and ranks 205th among cryptocurrencies.

The next key factors to watch are the upcoming unlocks and the developers’ progress in launching the network and attracting DeFi applications — which in theory should help support the token’s price.

As we wrote, Charles Hoskinson announces launch of Midnight Cardano Asset

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