Cardano’s Hoskinson expects to “blow legacy banks out of the water” with Midnight’s XRP integration.
Cardano (ADA) bulls are clinging on to the success of the freshly-released Midnight side-chain and the native NIGHT token. Whipping up beyond 200% gains in the first two weeks of trading, NIGHT rose to prominence due to the uncanny match of legal compliance and full privacy.
While Cardano’s Midnight side-chain still operates somewhat differently than privacy go-tos like Monero (XMR) or Zcash (ZEC), the chain’s consensus is equally attractive to institutions and private investors. Midnight (NIGHT) picked up 21% gains since yesterday, as another integration was announced.
Midnight Correction Can’t Fade Cardano Bulls
Now, Cardano’s Midnight chain is available on XRP’s DeFi ecosystem, which is larger than Cardano’s native decentralized finance (DeFi) ecosystem numerous times. Cardano’s founder Charles Hoskinson even alleged that this Cardano & XRP partnership could “blow traditional banks out of the water”.
Despite backtracking 17.7% from the all-time peak inked 21 days ago at $0.118, Cardano L1’s alternative NIGHT token token is well dominated by the buyers. The current buy-to-sell ratio is 52%, delivering a slight edge to Cardano Midnight’s bulls. However, the DeFi ecosystem’s stats are not that impressive.
Ripple Acknowledges Midnight, Is $1B Coming?
Real-time data shows the combined number does not exceed $315 million across XRP & Cardano (ADA) ecosystems, so the crusade towards $1 billion continues with Ripple lending a helping hand. Ripple recently launched the RLUSD stablecoin, netting $1 billion in market cap in the first two months since inception.
Midnight private chain was recently given a shout-out from Ripple’s Chief Technology Officer (CTO), David ‘JoelKatz’ Schwartz. With market watchers waiting to see what this partnership will bring, both blue-chip altcoins saw similar 2% drops since last week – ADA is floating just above the $0.35 support line while XRP battles strong resistance at $1.90.
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