Charles Hoskinson used his April 14 livestream to lay out what he called the next 90–180 days for Midnight, casting the privacy-focused project as one of Cardano’s most important current initiatives and signaling an aggressive push from both a market and product perspective.
Liquidity and listings: fast start, big claims
Hoskinson said Midnight’s token, which launched in December, has already achieved “near ubiquitous liquidity,” with listings on venues including Binance Spot and Kraken and more regions and legacy exchanges—Korea, Japan and the likes of Coinbase—still pending. He claimed the token has shown the capacity to trade up to $9 billion per day at peak liquidity and argued the project has overcome typical early-stage liquidity constraints much faster than normal: “Usually it takes about two to three years… but Midnight lives in fast mode,” he said. These liquidity claims are Hoskinson’s characterization of the market picture.
Mainnet and roadmap progress
On the infrastructure side, Hoskinson reported that Midnight’s “federated guarded mainnet” launched on schedule at the end of March. Teams are working through post-launch backlog items and parallel ecosystem efforts, and he insisted the roadmap remains on track despite token volatility: “It’s going to be a wild year,” he said, noting market actors trying to depress the price but saying those moves haven’t meaningfully affected rollout.
Ecosystem formation: ambassadors and builders
A major focus for the coming months is growing Midnight’s community and project pipeline. Hoskinson singled out:
- Night Force: an ambassador program he hopes to scale to roughly 1,000 participants.
- Builder Club: an incubator already attracting projects across healthcare, real estate, NFT marketplaces and more traditional Web3 sectors.
Product R&D: four pillars to watch
Hoskinson outlined four core R&D tracks for the next iteration of Midnight’s roadmap, with more public progress expected at Consensus:
- Midnight DeFi kernel
- Midnight Passport program
- Midnight with Minotaur (and a future consensus design)
- Nightstream
User experience and account abstraction
A strong theme was usability. Hoskinson described a goal of onboarding users in 60 seconds, with a phone-friendly experience that avoids asking users to manage 24-word seed phrases or raw cryptographic keys. He also said Midnight should integrate with mainstream cloud services like OneDrive and Google Drive to simplify account recovery and management.
Privacy tech stack and interoperability
Midnight is being pitched as a privacy-focused, interoperable layer that combines multiple privacy-enhancing technologies—zero-knowledge proofs, multi-party computation (MPC) and trusted execution environments—to offer privacy, selective disclosure and cross-chain interoperability rather than isolation.
Midnight City and token dynamics
Hoskinson spent time on “Midnight City,” an agent-driven front end for the protocol where users can eventually deploy their own agents. He said subscriptions and payments inside that environment will be converted into NIGHT, creating internal demand loops; similar economic loops are being explored for the DeFi kernel. The broader token model, he argued, uses dual tokenomics designed around cooperation: a capacity exchange and support for assets such as Bitcoin, Ether, Solana, Avalanche and BNB are meant to position Midnight as “a layer two to everyone effectively,” he said.
Big-picture pitch
The update mixed roadmap detail with an ideological message: Midnight, Hoskinson said, is intended to bring simplicity, rules and privacy to a new generation of Web3 products. “Midnight’s here to stay and it’s a tremendous project,” he told viewers.
Market snapshot
At press time, Cardano was trading at $0.24.
Note: claims about liquidity, trading volumes and market effects were presented by Hoskinson during the livestream.
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