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Cardano: Midnight Devnet Goes Live - Trigger For New ADA Rally?
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Cardano: Midnight Devnet Goes Live – Trigger For New ADA Rally?

Jake Simmons
Jake Simmons
1 year ago
3 mins read
Cardano ADA price Midnight devnet

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The Midnight team, a subsidiary of Input Output Global (IOG) – the brains behind the Cardano blockchain, made a major announcement yesterday on X (formerly known as Twitter. The statement read: “Here’s the news you’ve all been waiting for – the Midnight Network devnet is now LIVE. We can’t wait to hear your feedback and see what the community will build on. Let’s go!”

This announcement heralds the beginning of a new era for the Cardano ecosystem, introducing the Midnight Network, a privacy-centric blockchain designed to address growing concerns over digital privacy. The devnet’s launch is a strategic move, emphasizing IOG’s commitment to enhancing data protection in blockchain technology.

A key highlight of this initiative is the selection of 100 ‘Midnight Pioneers,’ chosen to access the early alpha release of the blockchain. These pioneers are tasked with developing data protection applications on a private network, thereby playing a pivotal role in refining Midnight’s capabilities.

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In their announcement, the Midnight team also emphasized community engagement, promising future events like live webinars, Q&A sessions, and additional opportunities for developers to access the devnet. They also highlighted future opportunities for a broader spectrum of developers to access the devnet, hinting at an expansion of the devnet once initial progress is made.

Alongside the Midnight blockchain, a new token named DUST will be introduced. DUST is integral to the functioning of the Midnight network, and its role and utility are emerging as key topics of discussion in the cryptocurrency community. Several high-ranked Cardano community members recently teased the possibility of a DUST airdrop to ADA holders.

Impact On Cardano (ADA) Price

The crypto market often witnesses significant price movements in response to major developments such as new project launches or airdrops. For Cardano, the launch of the Midnight Network and the introduction of the DUST token could have a potential impact on ADA’s price.

Historically, announcing airdrops has led to a substantial increase in demand for the original cryptocurrency. This is primarily because token holders receive new tokens for free, incentivizing investors to buy e.g., ADA, in hopes of qualifying for the airdrop. Additionally, such announcements generate substantial media buzz and attract new investors, temporarily boosting the cryptocurrency price.

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This phenomenon was observed in several instances, for example, with the Flare Network’s airdrop to XRP holders, which led to a spike in XRP’s price as investors bought in to qualify for the free Spark tokens. Similarly, Uniswap’s UNI airdrop in September 2020 led to a significant surge in both the trading volume and price of UNI, as it garnered considerable attention and value in the market.

In light of these precedents, the launch of the Midnight Network and the introduction of DUST could potentially trigger a similar effect on the Cardano price. While an official announcement on the airdrop and a snapshot date is still open, it could catalyze a new rally in Cardano’s price.

At press time, ADA traded at $0.3665.

Cardano ADA price
ADA price holds above the 0.5 Fib, 1-day chart | Source: ADAUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Reason to trust

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