The Midnight staff, a subsidiary of Input Output Global (IOG) – the brains behind the Cardano blockchain, made a serious announcement yesterday on X (previously generally known as Twitter. The statement learn: “Here’s the news you’ve all been waiting for – the Midnight Network devnet is now LIVE. We can’t wait to hear your feedback and see what the community will build on. Let’s go!”
This announcement heralds the start of a brand new period for the Cardano ecosystem, introducing the Midnight Network, a privacy-centric blockchain designed to deal with rising considerations over digital privateness. The devnet’s launch is a strategic transfer, emphasizing IOG’s dedication to enhancing knowledge safety in blockchain know-how.
A key spotlight of this initiative is the collection of 100 ‘Midnight Pioneers,’ chosen to entry the early alpha launch of the blockchain. These pioneers are tasked with creating knowledge safety functions on a non-public community, thereby enjoying a pivotal function in refining Midnight’s capabilities.
In their announcement, the Midnight staff additionally emphasised neighborhood engagement, promising future occasions like reside webinars, Q&A periods, and extra alternatives for builders to entry the devnet. They additionally highlighted future alternatives for a broader spectrum of builders to entry the devnet, hinting at an growth of the devnet as soon as preliminary progress is made.
Alongside the Midnight blockchain, a brand new token named DUST can be launched. DUST is integral to the functioning of the Midnight community, and its function and utility are rising as key matters of dialogue within the cryptocurrency neighborhood. Several high-ranked Cardano neighborhood members lately teased the potential of a DUST airdrop to ADA holders.
Impact On Cardano (ADA) Price
The crypto market usually witnesses vital value actions in response to main developments reminiscent of new undertaking launches or airdrops. For Cardano, the launch of the Midnight Network and the introduction of the DUST token might have a possible affect on ADA’s value.
Historically, saying airdrops has led to a considerable improve in demand for the unique cryptocurrency. This is primarily as a result of token holders obtain new tokens without spending a dime, incentivizing traders to purchase e.g., ADA, in hopes of qualifying for the airdrop. Additionally, such bulletins generate substantial media buzz and entice new traders, briefly boosting the cryptocurrency value.
This phenomenon was noticed in a number of cases, for instance, with the Flare Network’s airdrop to XRP holders, which led to a spike in XRP’s value as traders purchased in to qualify for the free Spark tokens. Similarly, Uniswap’s UNI airdrop in September 2020 led to a big surge in each the buying and selling quantity and value of UNI, because it garnered appreciable consideration and worth out there.
In gentle of those precedents, the launch of the Midnight Network and the introduction of DUST might probably set off an identical impact on the Cardano value. While an official announcement on the airdrop and a snapshot date remains to be open, it might catalyze a brand new rally in Cardano’s value.
At press time, ADA traded at $0.3665.
Featured picture from Shutterstock, chart from TradingView.com