The Cardano privacy token NIGHT records a peak trading volume of $3 billion after launch volatility

Source: Yellow Original Title: The NIGHT Privacy Token on Cardano Hits a $3 Billion Trading Volume Spike After Launch Volatility

Original Link: Cardano (ADA) and its privacy protocol Midnight recorded approximately $2.9 billion in trading volume over 24 hours, marking a strong rebound for the newly launched NIGHT token.

Currently, the token is trading around $0.066, with a market capitalization of $1.07 billion.

NIGHT was launched on major exchanges on December 9, following a volatile price action that briefly pushed the token to $1.81 before plummeting 96% to its current levels.

The volume surge occurs as privacy-focused cryptocurrencies gain renewed attention amid tightening regulatory oversight in Europe.

What happened

Midnight’s trading activity exceeded $2.9 billion on centralized exchanges, making it one of the leading cryptocurrency markets.

Initially, the token surpassed $1 billion in market capitalization during its first days of trading, with some exchanges recording over $650 million in volume.

After the launch euphoria, NIGHT experienced sharp corrections before stabilizing in the $0.06-$0.07 range.

Currently, the token has 16.6 billion units in circulation out of a total supply of 24 billion.

Midnight Foundation distributed 4.5 billion NIGHT tokens through the Glacier Drop and Scavenger Mine distribution phases.

Redemption occurs in four installments over one year starting December 10, with each participant receiving 25% of the claimed tokens every 90 days.

Fahmi Syed, President of Midnight Foundation, revealed that the project received a legal contract from a potential stablecoin partner. The agreement is still under legal review, with no definitive contract or partner disclosed.

Why it matters

Midnight represents Cardano founder Charles Hoskinson’s attempt to add enterprise-grade privacy infrastructure to the ecosystem.

The protocol uses zero-knowledge proofs and a dual ledger architecture that allows selective disclosure to comply with regulations.

Privacy tokens have surged since October, as European Union regulations will prevent exchanges from listing privacy coins starting in 2027.

Zcash (ZEC) skyrocketed tenfold between October and mid-November, while Monero (XMR) and other privacy-focused assets gained momentum.

Midnight’s architecture differs from traditional privacy coins by enabling programmable privacy, where users control what information remains visible and what is hidden.

The project is positioned for enterprise adoption in identity verification, supply chain logistics, and decentralized finance applications compliant with regulation.

Trading volatility reflects typical patterns of newly launched tokens with significant unlock schedules ahead.

Potential integration with a stablecoin could expand Midnight’s utility beyond speculative trading toward practical payment applications requiring privacy features.