Binance Adds Support for NIGHT as Midnight Expands Web3 Privacy Reach
- Binance has announced the listing of Midnight Network’s NIGHT token on the exchange and distributed 240 million NIGHT tokens to its HODLer Airdrops page members.
- Charles Hoskinson described the listing as a ‘major accomplishment’ for the Cardano ecosystem, which will introduce NIGHT to 500 million Binance users.
Binance has listed Midnight Network’s NIGHT token on its main exchange after offering access for months on Binance Alpha, its trading platform for early-stage projects.
Binance announced that it will distribute 240 million NIGHT tokens (worth $11.3 million at current prices) to members of its HODLer Airdrop page before listing the token on the main platform.
Commenting on the listing, Midnight said that it would bring its token to a wider global audience and allow more users to engage directly with its network.
“This integration strengthens NIGHT’s reach and accelerates the adoption of rational privacy across Web3,” it added.
Binance will airdrop the tokens to users who subscribed to its Simple Earn or On-Chain Yields programs. The 240 million tokens it distributed make up 1% of NIGHT’s 24 billion maximum supply. Midnight has also allocated another 240 million tokens to Binance for future marketing campaigns.
While it has been live for less than a day, Binance now leads NIGHT’s trading volume. On-chain data shows that of the $126 million in trading volume for NIGHT (a 383% surge), Binance accounted for the largest share, with the USDT pair hitting $29 million, the TRY pair at $12 million and the USDC pair at $4.7 million.
Despite the surge in trading volume and renewed optimism about its long-term potential, NIGHT suffered a 7.5% dip to change hands at $0.047 at press time. Immediately after the announcement, the price shot up from $0.0468 to $0.0496, but the rally was short-lived as traders exited their positions. In the past week, it has lost 22.5%. However, trading volume has now surged over 1,300% from $10 million after the Binance listing.
Hoskinson: Binance Listing a Major Milestone for Midnight
Cardano founder Charles Hoskinson lauded the listing, describing it as a milestone and “a major accomplishment for Midnight and the Cardano ecosystem as a whole, with NIGHT the first Cardano-based asset to be listed on the exchange.
Hoskinson says the listing is proof that the Cardano ecosystem is still thriving, despite being written off by several critics. It has also proven that Cardano can launch multi-billion-dollar projects that attract the participation of some of the world’s largest companies. As CNF reported, Midnight has announced that MoneyGram and Google Cloud will be among the first operators of federated nodes that will run the network before it gradually transitions into a fully decentralized ecosystem.
However, Hoskinson recently admitted that most of the Cardano ecosystem is struggling, with dozens of dApps and DeFi protocols not generating enough revenue to keep running. As CNF reported, he proposed a new model where the Cardano Treasury invests in these firms and takes a share of their tokens and future earnings.
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