One of the most关注的 privacy track projects in the crypto world from late 2025 to early 2026 is undoubtedly Midnight Network. This fourth-generation blockchain, led by Cardano founder Charles Hoskinson and his team Input Output (now IOG), is centered around the concept of 'rational privacy' and seeks to address the fundamental contradiction that has long plagued public chains: how to truly protect users' sensitive data and business privacy while maintaining on-chain verifiability.

Midnight's native token NIGHT was officially launched in December 2025 and quickly began trading on several leading exchanges. As of March 2026, the market capitalization of NIGHT remained stable between $780 million and $820 million, with a circulation of approximately 16.6 billion tokens and a total supply fixed at 24 billion, consistently ranking within the top 100. Despite the price fluctuations (often experiencing a 7%-9% rise and fall within 24 hours), its trading volume frequently exceeds $120 million, demonstrating extremely high market attention and liquidity.