The Midnight network’s native token, NIGHT, is experiencing steady adoption growth, with on-chain data showing a strong increase in holders.
According to Cardano-focused block explorer Cexplorer.io, NIGHT has now surpassed 20,700 unique holders. Notably, this represents an increase of roughly 3,000 wallets in just one epoch. The update highlights surging interest in Midnight as the project approaches major network milestones.
This latest milestone continues a clear upward trend. On January 2, Cexplorer reported that NIGHT had crossed 17,700 holders, just one epoch after reaching 14,000. The consistent rise in wallet count suggests expanding participation beyond early adopters.
The steady increase comes despite NIGHT correcting from its late December highs. It indicates that user interest is being driven more by ecosystem development than short-term price movements.
Midnight’s adoption aligns with recent comments from Cardano founder Charles Hoskinson, who has repeatedly expressed confidence in both Cardano and Midnight for 2026.
In a January podcast, Hoskinson described 2026 as a “great year” for the ecosystem, citing a more mature crypto market and the rollout of major innovations. He specifically highlighted Midnight as a key contributor, noting that the privacy-focused sidechain will launch soon.
Notably, NIGHT debuted with a market valuation above $1 billion before pulling back. However, Hoskinson has emphasized that price action does not fully reflect the project’s long-term significance within Cardano’s roadmap.
At press time, NIGHT is trading at $0.07952, representing a steep 82% drop from the $0.45 price it traded at in December.
Hoskinson has also addressed speculation about whether ADA holders should sell their tokens to buy NIGHT. He pushed back on the idea, stressing that NIGHT seeks to extend Cardano’s capabilities, not replace ADA.
Midnight’s role is to provide privacy infrastructure for decentralized applications, allowing developers to build confidential smart contracts while still leveraging Cardano’s security and settlement layer. In Hoskinson’s words, Midnight acts as a privacy engine for the broader ecosystem.
He also highlighted Cardano’s first-mover advantage, noting that Cardano dApps will be the earliest beneficiaries of Midnight’s features. This priority was reflected in the NIGHT distribution, where 50% of the total 24 billion supply was allocated to ADA holders.
With the Midnight sidechain nearing launch and Cardano preparing multiple upgrades in 2026, NIGHT’s rising holder count confirms early positioning.
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