thecryptobasic.com
Midnight is now in focus after a Cardano whale exchanged $ADA tokens for the $NIGHT tokens following the side chain’s mainnet launch.
Midnight enthusiast Plutus identified this transaction in a Monday tweet, raising mixed reactions among the Cardano community. Notably, this on-chain move saw a whale swap 940,000 $ADA tokens for millions of $NIGHT.
Key Points
- A Cardano whale swapped 940,000 $ADA (worth $225,600 at the current market price) for 4.14 million $NIGHT tokens on March 29.
- Following the transaction, the wallet now holds 4.43 million $NIGHT.
- The transaction is already causing mixed reactions in the Cardano community, with some favoring the switch and others opposing it.
- Midnight went live on the mainnet on Monday, ushering in the fourth-generation blockchain architecture to the crypto space.
Cardano Whale Diversifies to Midnight
The post drew data from Cardano-focused analytical platform TapTools. The wallet “stake1uxua…q9pm” swapped 940,000 $ADA (worth $225,600 at the current market price) for 4.14 million $NIGHT tokens on March 29.
The whale carried out this transaction over five transactions, spanning three minutes. The first involved 173,000 $ADA for 762,260 $NIGHT tokens, and the other four saw the address receive 99,620 $NIGHT, 964,980 $NIGHT, 2.29 million $NIGHT, and 26,700 $NIGHT between 5:34 pm and 5:37 pm (UTC).
Following the transaction, the wallet now holds 4.43 million $NIGHT, suggesting it held a substantial amount of the Midnight native token before the Sunday move. So far, he has made 57,727 $ADA, worth over $14,000 at the current market price.
Nicely Played?
Notably, the transaction is already causing mixed reactions in the Cardano community. Plutus seems to favor this switch, stating that the whale’s Midnight purchase was “nicely played.” He further called the move “legendary work,” a conviction that didn’t go down well with a faction of the community.
For context, a user expressed disgust that someone was lauding users who dumped Cardano for $NIGHT. For one, both are in the same ecosystem, and while they have different strengths, Midnight was built to improve the $ADA ecosystem, not replace Cardano.
Charles Hoskinson, the founder of Cardano, has reiterated this concept, repeatedly highlighting that Midnight will power Cardano’s next phase. According to him, it would drive the network’s DeFi adoption, bringing it to par with its peers.
Midnight Goes Live
Meanwhile, Midnight went live on the mainnet on Monday, ushering in the fourth-generation blockchain architecture to the crypto space. With the chain, privacy and transparency can now coexist on-chain, allowing for selective disclosure and data protection.
The launch follows its airdrop last year, which rewarded 24 billion $NIGHT tokens to 37 million wallets across eight different blockchains, including Bitcoin and XRP. The token launched in December and became the first-ever Cardano-native token to be listed on tier-1 exchanges like Binance.
Hoskinson, who bet $200 million on Midnight, believes it will rewrite finance. He highlighted that a critical barrier to the adoption of blockchain in traditional finance is a lack of privacy. The Cardano founder sees Midnight as the final piece that would draw institutions on chain.