Midnight (NIGHT) Rallies 86% in a Storm on Hoskinson's "Will Surpass Zcash" Remark

▲ Cardano (ADA), Midnight (NIGHT)/AI generated image

NIGHT, the native cryptocurrency of Midnight, a privacy-focused sidechain based on Cardano (ADA), surged 86% as it continued its rapid ascent for 8 consecutive days. Reflecting expectations for the introduction of smart contracts ahead of core technical upgrades, Midnight is making a solo run against the overall market correction trend in the virtual asset space.

U.Today reported on October 1 that Midnight Network's native token NIGHT rebounded from a low of $0.022 recorded on September 24, soaring to $0.048. It demonstrated strong upward price momentum, jumping a whopping 86% in 8 days. In the past four days, over 21 million NIGHT tokens were net-outflowed from centralized exchanges, indicating a sharp decrease in circulating supply, while large-scale buying drove up the price.

This rally was critically triggered by the next-generation smart contract deployment plan announced by Sebastien Guillemot, CTO of the Midnight Foundation. The Midnight development team is preparing for the v8 release to introduce private smart contracts and custom private tokens to the mainnet. Additionally, the v9 upgrade, which significantly enhances interoperability and composability between protocols, is also under development with the goal of implementation within the year.

Midnight is a programmable privacy blockchain that utilizes Zero-Knowledge Proof technology to maintain the confidentiality of on-chain transactions while simultaneously proving regulatory compliance. It adopts a dual model where holding NIGHT tokens automatically generates DUST, a shielded resource used for fee payments and smart contract execution.

Recently, Cardano founder Charles Hoskinson further stimulated investor sentiment by stating on X (formerly Twitter) that "Midnight will surpass Zcash (ZEC), a prominent privacy coin." Market experts evaluate that Midnight's technical structure, which possesses both the financial security and regulatory compliance required by institutional finance, secures strong competitiveness in the privacy sector.

With NIGHT recording an 86% surge ahead of the successful deployment of Zero-Knowledge smart contracts on its mainnet, it has captured the market's attention. Market interest is focused on whether it can enhance its technical completeness through v8 and v9 upgrades and establish itself as a leading player in the privacy ecosystem.

[Key Article Summary]

-NIGHT surged 86% from a low of $0.022 to reach $0.048, continuing its upward trend for 8 consecutive days.

-Expectations for the v8 deployment of private smart contracts and the v9 composability upgrade, announced by the Midnight Foundation CTO, played a crucial role.

-The Zero-Knowledge Proof-based shielded resource structure combined with Charles Hoskinson's remark about surpassing Zcash (ZEC) drove investment demand.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*