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The Midnight %Airdrop campaign run by %Cardano (CRYPTO: $ADA ) progressed following a mysterious announcement by Charles Hoskinson on X. The announcement spurred anticipation of an August 5 launch of a token claim portal. The project previously published Airdrop XRP, BTC, ADA, and other qualifying holders. Hoskinson said the official schedule would be announced during Rare Evo, a five-day event held August 6 - 10. He affirms that distribution will be scheduled in the second half of 2025.

https://twitter.com/IOHK_Charles/status/1952583378089488821

The Midnight Foundation acknowledged that the Glacier Drop snapshot is now complete. The distribution will include the NIGHT and DUST distributed to eight large blockchains. The estimates show approximately 37 million eligible users worldwide. A proportion of 24 billion NIGHT will be distributed to ADA holders. The rest is allocated to XRP, BTC, (CRYPTO: $ETH ), and other communities.

The XRP wallets also dominate the allocation table. Over 2.2 million wallets containing over 62 billion XRP passed eligibility at the snapshot. NIGHT will be sent out through those wallets at a ratio of 1 XRP to 0.04173 NIGHT. Bitcoin and Ethereum payouts were also described. BTC converts into 696.97 NIGHT per coin, and ETH converts into 50.73 NIGHT per coin.

Cardano is leading in the number of wallets in the drop. That position is consistent with the project design of rewarding the long-term participants. The allocation seeks to plant sweeping cross‑chain liquidity. It is also aimed at growing the community of Midnight prior to mainnet milestones.

This was further fueled by a post by Hoskinson indicating that a new phase of the campaign was underway. Investors now track the chatter on the claim portal and the conference disclosures. Any coincidence between the two events may dictate the short-term redemption cadence.

Cross‑Chain Stakes, Privacy Pitch, and Early Valuation Talk

Midnight positions itself at the intersection of privacy and multi‑chain finance. Organizers refer to the airdrop as a possible driver of cross-chain involvement. The intention is to facilitate the easier flow of assets and information within existing networks.

NIGHT was initially estimated to be around 0.41 at the time of launch. The prolonged demand may drive the token to the large‑cap status. Such a result hinges on uptake, network depth, and developer activity. Analysts also cite potential traditional finance interest. Hoskinson has cited Wall Street interest in privacy‑centric infrastructure. The team asserts that permissionless privacy has the potential to facilitate compliant institutional processes.

Skeptics questioned Cardano's performance speed during the last months. Hoskinson responded with the development of Midnight and partnership talks. He restated an extended-term emphasis on results instead of short-term noise.

Community Funds Core Roadmap

The community of Cardano has authorized the protocol roadmap by Input Output Engineering to allocate funding in the treasury. The project statement reported that about 74% of voters voted in favor of the initiative. The core development funding of the first community-approved package is recorded within the network.

The market dynamics became mixed for ADA following a week of volatility. ADA price traded near $0.7410 at the time of writing, 24-hour high, however, lower week-over-week. Market capitalization stood around $26.25 billion, with $711 million in daily volume.

Analyst Ali Martinez also noted a TD Sequential sell signal on the four-hour chart. The reading implies that there are chances of trend exhaustion following a modest recovery. To determine the inability of buyers to absorb supply, traders monitor nearby supports.

https://twitter.com/ali_charts/status/1952338904566182215