XRP News Today: Cardano Announces 1.2 Billion NIGHT Coin Airdrop for XRP Holders

Cardano, a prominent blockchain platform, has announced a significant collaboration with XRP, introducing the Midnight blockchain. This new development brings decentralized finance (DeFi) capabilities to the XRP ecosystem, including wallet support, stablecoin plans, and airdrops of the NIGHT token for XRP holders. The Midnight blockchain is designed to operate natively on both the Cardano and Midnight blockchains, serving multiple functions such as powering private transactions through its generation.

The collaboration marks a significant milestone for the Cardano ecosystem and the broader crypto community, highlighting the potential of decentralized technologies. The Midnight tokenomics paper, which is now live, details the composite tokenomics of Midnight, centered around NIGHT, the native utility token, and DUST, the network resource. This white paper provides a comprehensive overview of the token's functions and its role within the ecosystem.

Charles Hoskinson, the founder of Cardano, has unveiled a strategic move by announcing a 1.2 billion NIGHT coin airdrop aimed at XRP investors via Midnight, a side blockchain. The integration allows for staking, lending, and pooling activities without transferring XRP to another network, consolidating both ecosystems’ strengths. Midnight utilizes zero-knowledge cryptography to ensure transaction secrecy while Cardano’s Lace Wallet gains XRP support. Ripple’s RLUSD stablecoin will provide liquidity on the Cardano network. Before the main network becomes operational this year, users holding at least $100 worth of XRP by June 11, 2025, can participate in the Midnight and Glacier Drop campaigns.

During a recent AMA session, Charles Hoskinson elaborated on the vision for the privacy-centric Midnight side blockchain which will introduce smart contract capabilities to the XRP Ledger. The lack of direct smart contract functionalities in XRP has limited users’ access to decentralized finance opportunities. Midnight’s zero-knowledge proofs allow contract execution without revealing parties’ identities and transaction details, balancing regulatory concerns with the need for security.

Hoskinson revealed discussions with Ripple’s CTO David Schwartz and CEO Brad Garlinghouse regarding the integration process. The goal is to combine Cardano’s advanced smart contract engine with XRP’s global liquidity and swift cross-border transaction capabilities. Once the side blockchain is completed, users can engage in staking, lending, pool participation, and other DeFi applications without transferring their coins from XRPL, thus significantly enhancing XRP’s utility.

Midnight’s decentralized governance coin, NIGHT, is being launched through a comprehensive Airdrop campaign totaling 1.2 billion coins. The two-phase distribution, known as Midnight Drop and Glacier Drop, will automatically include addresses holding at least $100 in XRP by June 11, 2025. Eligible participants can claim and manage their coins directly via the Lace Wallet until the main network is activated.

The Cardano team is enhancing the Lace Wallet to incorporate XRP, allowing users to track multiple assets from a single interface. Technical preparations are underway to bring Ripple’s RLUSD stablecoin, indexed to the US dollar, into the Cardano ecosystem, creating a reliable liquidity pool for DeFi protocols. Upon the activation of the Midnight main network, bridges to Ethereum, Solana, and Avalanche will be opened, further solidifying Cardano’s multi-blockchain strategy.

The integration of XRP into the Lace multichain wallet further enhances the accessibility and usability of the Midnight blockchain. This update allows XRP holders to seamlessly interact with the Midnight ecosystem, fostering greater adoption and utility. The collaboration aims to make crypto more accessible to everyday users, especially those new to Web3, by integrating a network of Web3 partners.

The Midnight blockchain's introduction of the NIGHT token and its airdrop to XRP holders is a strategic move to engage both current and external blockchain communities. This initiative not only expands the reach of the Cardano ecosystem but also positions XRP as a key player in the DeFi space. The collaboration underscores the potential for decentralized technologies to drive innovation and adoption in the crypto community.