Midnight has to breathe new life into Cardano: “Biggest Economic Moment ever”

Cardano (Ada) founder Charles Hoskinson has great expectations of Midnight, a new project within the ADA ecosystem. According to him, this could be the most important economic moment in the history of Cardano, Hoskinson shares in one of his recent YouTube videos. But what exactly is midnight and can it indeed cause a revival of the Cardano price?

Midnight is designed to enable cross-chain transactions through advanced cryptographic techniques. Although users already have the opportunity to “swap” their Ada to another blockchain network, it is now usually slow and it is also expensive. That will change with Midnight.

Midnight opens ADA door for 37 million crypto users

What makes Hoskinson in particular Bullish for Midnight is the fact that more than 37 million retail users have access to the ADA ecosystem. Because networks such as Solana (SOL), Ethereum (ETH) and even Bitcoin (BTC) Now that cross-chain can communicate with ADA, users can easily switch to Cardano applications (and Visa Versa). According to the Cardano founder, this is one of the biggest developments for the popular Altcoin in the existence of the currency. Not surprising, if only a small part starts using this “bridge”, that can already lead to thousands of extra transactions per day.

Cardinal launch opens door for Bitcoin Defi

According to Hoskinson, a first important step is to give users in particular access to the Decentralized Finance (Defi) applications. On the network of the largest cryptocurrency, complex applications such as Defi are not really possible or functional. Because of the bridge between BTC and ADA, Bitcoin users can gain access to Defi Tools on the Cardano network. Now it is actually possible with the launch from Cardinal, a new ADA protocol that has been specially developed for Bitcoin users. With Cardinal, BTC owners can use their coins for issues such as strike and loans.

Making Bitcoin Defi possible is not only attractive for BTC users, it is also essential for the growth of ADA. The popular Altcoin is currently even experiencing a decline in Defi use on the network over the past 2 months. For example, the use of $ 415 million to $ 335 million crumbled over the past month. In the meantime, the Cardano course does not seem to worry much about the news. The Altcoin fell by 7.5% in value over the past 24 hours. The decrease falls in line with an overall cooling in the crypto market.