Charles Hoskinson is promoting his latest project, Midnight Protocol, as more than just a sidechain for Cardano.
Instead, Cardano’s founder is pitching this privacy-focused platform as a shared infrastructure layer that could bring programmable privacy to blockchains rivals, including Bitcoin and XRP Ledger.
Hoskinson goes beyond Cardano with a cross-chain privacy bet for Bitcoin and XRP
In a December 27 post on X, Hoskinson stated that Midnight’s zero-knowledge proof architecture it could enhance the capabilities of competing ecosystems rather than replace them.
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He said that by integrating Midnight with the XRP Ledger, the network could challenge traditional banking systems by enabling private and regulated decentralized finance. He extended this argument to Bitcoin, saying that Midnight offers programmable privacy features that Bitcoin currently does not have.
Hoskinson also presented Midnight as a catalyst for Cardano itself. He suggested that the protocol could help increase Cardano’s monthly active users and total value locked, expanding the utility of the ecosystem beyond its own. blockchain.
“Midnight improves everything it touches. Adding Midnight to XRP DeFi is going to take traditional banks out of the game. Adding Midnight to Bitcoin gives the world what Satoshi envisioned as possible. Adding Midnight to Cardano supercharges our DeFi ecosystem and will increase MAUs, transactions and TVL by 10 as we will be the first to launch private DeFi at scale,” he said.
Beyond interoperability, Hoskinson pointed out the huge opportunity in the tokenization of real-world assets (RWA). He said the estimated $10 trillion market for RWAs would benefit greatly from Midnight’s privacy-focused design.
In that context, he criticized traditional finance companies for continuing to partner with Canton Network, a blockchain with permits, arguing that partial solutions do not meet what institutions need for their adoption.
“There are no half measures or half technologies. You need an end-to-end strategy, great partners and great communities,” Hoskinson said.
This strategy marks a shift for Hoskinson, who had historically focused on building within the Cardano ecosystem.
By promoting Midnight as a privacy layer that enhances other blockchains From Layer 1, Hoskinson seeks to access liquidity and users outside of the current Cardano network. This change It has come at the same time as growing speculative interest in Midnight’s native token, NIGHT.
Data from CoinGecko shows that this asset recently surpassed Bitcoin and Ethereum in search volume on the platform’s trending list.
However, the token has traded with high volatility since its launch earlier this month. According to data from BeInCrypto, token price has fallen more than 80% to $0.08 at the time of writing this article.
