Cardano founder Charles Hoskinson has unveiled plans for a token airdrop that aims to bridge fragmentation in the cryptocurrency ecosystem. Speaking at Consensus 2025 in Toronto, Hoskinson detailed the upcoming Glacier Drop, an initiative designed to distribute tokens across eight blockchains to approximately 37 million wallets.
Midnight’s Token Giveaway Will Span Eight Blockchains With No VC Involvement
The Glacier Drop supports Cardano’s strategy to grow Midnight, its privacy-first sidechain now in the testnet stage. Hoskinson explained that the project facilitates private smart contracts and includes native cross-chain functionality. Unlike token launches that prioritize early backers and institutional investors, this airdrop targets retail users exclusively.
Rejecting conventional funding models, Hoskinson confirmed that the team will not allocate any tokens to venture capitalists or insiders. The team will deliver NIGHT, a governance token, and DUST, used for private transactions, directly to eligible wallets without imposing prerequisites or lock-up periods.
Midnight’s design encourages developers to continue paying network fees in their native tokens—whether ETH, SOL, or BTC—while using its infrastructure. The project supports a multi-chain environment where validators from various blockchains can help secure the network and earn rewards. Hoskinson clarified that the initiative doesn’t seek chain dominance, but rather aims to create a cooperative economic model that benefits the broader crypto ecosystem. The team expects to launch the Midnight mainnet by late 2025.
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ADA Price Faces Pressure Below $0.80 as Technical Indicators Show Bearish Momentum
As for the price of Cardano’s native token, ADA, the asset has shown signs of weakness following a rejection at the $0.85 resistance zone. The token is currently trading at $0.7717. This is just above key support levels, with the short-term trend appearing bearish.
ADA’s price has dropped below its 20 and 50 exponential moving averages (EMAs), which now act as resistance levels. The 20 EMA sits at $0.7965, while the 50 EMA is slightly lower at $0.7794. Both of these levels will need to be reclaimed for ADA to shift back into a bullish trend. If the price fails to break above these resistance points, ADA may continue to face downward pressure.
The 100 EMA at $0.7496 is the immediate support level to watch, followed by the 200 EMA at $0.7208, which offers stronger support further down. With the RSI currently at 41.69, the asset is in neutral territory. This suggests there is room for additional downside if the market momentum does not shift soon.
Given the current price action and technical indicators, ADA is at risk of testing the $0.75 and $0.72 levels in the near term unless a rebound occurs.
