16 hours ago
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TLDR
- Charles Hoskinson announced the Glacier Drop airdrop for Midnight, Cardano’s privacy sidechain, targeting 37M wallets across 8 blockchains
- The airdrop will distribute NIGHT and DUST tokens, deliberately excluding venture capitalists
- Midnight allows developers to pay fees in native tokens (ETH, BTC, etc.) and validators from any chain can earn rewards
- Cardano’s CCV risk model shows a score of 42, last seen before previous bull runs, suggesting potential price increases
- Midnight’s mainnet launch is expected by the end of 2025
Charles Hoskinson, the founder of Cardano, revealed plans for a major airdrop called the Glacier Drop during his appearance at Consensus 2025. The airdrop will distribute tokens from Cardano’s privacy-focused sidechain, Midnight, to approximately 37 million wallets across eight different blockchains.
The targeted blockchains include Bitcoin, Ethereum, Cardano, XRP, Solana, Binance Smart Chain, Avalanche, and Polygon. Users on these networks will receive either NIGHT (governance token) or DUST (privacy token) as part of the distribution.
In a move that breaks from industry norms, Hoskinson announced that venture capital firms would be completely excluded from the airdrop. This decision reflects his stated goal of prioritizing everyday crypto users over institutional investors.
“Instead of doing an ICO or venture capitalizing, I will spend my own money, build it, release, finish, and do an airdrop to these eight different chains,” Hoskinson stated during the event. This approach represents his vision of giving back to the broader crypto community rather than focusing on early investors.
Cross-Chain Functionality
Midnight introduces an economic model designed to enhance cross-chain functionality and reduce rivalries between blockchain communities. The system allows developers to pay network fees using their native tokens, eliminating the need for token conversion.
For example, Ethereum developers can pay fees in ETH, while Solana developers can use SOL. Bitcoin users can use BTC for transactions on the network. This flexibility aims to lower barriers between different blockchain ecosystems.
“If you are an Ether user or developer, you spent Ether for that transaction, and the same with Solana with SOL, Bitcoin, so forth,” explained Hoskinson. This approach promotes cooperation rather than competition among blockchain platforms.
Cardano founder unveils details on Midnight airdrop
At Consensus 2025 in Toronto, Cardano founder Charles Hoskinson unveiled fresh details about Glacier Drop, the upcoming airdrop for Midnight, Cardano’s privacy-focused sidechain, according to CoinDesk.
Aimed at reducing crypto…
— CoinNess Global (@CoinnessGL) May 15, 2025
Another key feature is that validators from any supported chain can earn rewards by contributing to the Midnight network. This inclusive design further supports Hoskinson’s stated goal of reducing tribalism in the crypto space.
“This is the project I’m having the most fun with,” he said. “It’s where I get to be friends with everybody.”
Market Implications
While the Midnight project focuses on technology and community building, market analysts have noted potential price implications for Cardano’s native ADA token. The Crypto Capital Venture (CCV) risk model currently shows a score of 42 for Cardano.
This score was last observed before Cardano’s bull runs in late 2017 and 2020. Some market observers suggest this could indicate another price increase for ADA, potentially targeting the $2 mark.
ADA currently trades at approximately $0.78, placing it in what analysts call the “discount zone” based on Fibonacci retracement levels. The 0.50 Fibonacci level sits at $1.67, with the 0.62 level at around $2.01.
The token has already recovered substantially from its bottom of $0.23 in late 2023, showing a 233% increase. However, it remains 74% below its all-time high of approximately $3.10.
Cardano getting ready to leave the station
CCV $ADA Risk Model now at a 42 score (hold)
Seat buckles on… pic.twitter.com/aiLWPAYyxG
— Dan Gambardello (@cryptorecruitr) May 13, 2025
Project Timeline
Midnight is currently in testnet phase, with the mainnet expected to launch before the end of 2025. The Glacier Drop airdrop will likely occur in conjunction with this mainnet release, though specific dates have not been announced.
Hoskinson described Midnight as a principled approach to blockchain development, focusing on privacy features while maintaining cross-chain compatibility. The exclusion of venture capitalists from token distribution underscores his stated commitment to community-oriented development.
The dual-token system of NIGHT and DUST serves different purposes within the Midnight ecosystem. NIGHT tokens provide governance rights, allowing holders to vote on network upgrades and changes. DUST tokens focus on privacy-related functions within the network.
The Glacier Drop airdrop represents one of the largest cross-chain token distributions to date. With 37 million wallets targeted across eight blockchains, the scale of the operation highlights Cardano’s ambition to create connections across the fragmented blockchain landscape.
Hoskinson turned down venture capital interest in the project, stating that he wanted to avoid the hype and quick-money mindset often associated with VC funding. For the Cardano founder, this approach aligns with his vision of building sustainable blockchain infrastructure.
The Midnight project aims to bring privacy features to the Cardano ecosystem while maintaining interoperability with other blockchain networks. This approach could potentially expand Cardano’s developer base and increase network activity once fully deployed.
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