thecryptobasic.com
The launch of NIGHT, the native token of Midnight, has significantly impacted the number of transactions across the broader Cardano ecosystem.
Cardano founder Charles Hoskinson called Midnight a transformational project, suggesting it would shine a light on the network. It seems his projection is coming to fruition, as evidenced by recent on-chain activity.
Surge in NIGHT Transactions
According to data from Cardano-focused blockchain explorer Cexplorer.io, over 131,000 transactions on Cardano included the NIGHT token.
When the platform highlighted these impressive numbers on X on Wednesday, it was at 122,698 transactions. However, users have continued to move NIGHT on Cardano, with the figure standing at 131,325 at the time of writing.
Meanwhile, even at over 122,000 transactions, Cexplorer highlighted that it was an admirable user traction. It stated that the number of Cardano transactions involving NIGHT was surprisingly high, especially given that the token launched a week ago.
NIGHT debuted on December 10 and quickly gained the attention of exchanges. Several top-tier trading platforms like Binance, Bybit, and OKX promptly added support for the token, marking the first for any Cardano native token.
Since then, transaction volumes have continued to surge, with price performing relatively well compared to most high-caliber assets, including XRP and Cardano.
More On-Chain Activity for Cardano
Notably, the transaction data further adds to the bullish structure around NIGHT. In 8 days, users have carried out thousands of transactions involving the token.
For perspective, the SNEK meme coin, which was the token with the largest traction on Cardano before NIGHT, has a total of 3,029,007 transactions in two years and seven months after its first mint. If NIGHT sustains its current trajectory, it will reach SNEK’s total transaction in approximately 185 days.
Generally, NIGHT’s market debut has increased on-chain activity on Cardano. The strategy of allowing users of other chains to participate in its Glacier Drop also brought in new users, expanding the influx into the network.
Notably, the Midnight native token could be the game-changer for Cardano, which has struggled with user participation. Critics call Cardano a “ghostchain” because of its meager active users and transaction volume compared to other chains of its caliber, and NIGHT could help reverse this sentiment.
In the meantime, NIGHT trades at $0.064, up 3.82% in the past 24 hours. Interestingly, no other asset in the top 95 cryptocurrencies by market cap has this daily increase, signaling strength even during a broader market price dip.