2026-01-12 22:24:37

Cardano's situation over the past two years has been somewhat awkward. Despite having a strong theoretical reserve, its real-world performance has remained lukewarm. Recently, founder Hoskinson introduced the privacy side chain Midnight, with considerable promotional effort. But whether this new move is a desperate counterattack or just another wave of hype depends on what the data says.

Let's first look at the current state of Cardano. Although there was a brief rebound in trading activity in Q4, the average daily active addresses are only around 26,000. Compared to Ethereum's millions, the gap is obvious. The network has also experienced stability issues; node outages were downplayed by the official as "normal fluctuations," but this indeed hurt market confidence.

Now, regarding Midnight's technical solution. The project positions this side chain as a "new paradigm for privacy computing." Its core highlight is zero-knowledge proofs—storing sensitive data off-chain and only verifying proof validity on-chain, balancing privacy and compliance. To support this, they developed a dedicated Compact programming language and a TypeScript adaptation layer, theoretically suitable for scenarios like finance and healthcare that have strict data privacy requirements.

From a technical perspective, this approach is promising and somewhat innovative. The key still lies in ecosystem development and market acceptance—whether it can attract genuine cross-chain capital and application migration, rather than just remaining at the white paper stage. For Cardano to turn things around, it needs more than just new concepts; it needs a viable business logic that can be implemented.

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MetaMaskVictim

· 01-15 22:23

It's another new concept and new side chain. It feels like Cardano has been just telling stories over the past two years... Midnight sounds good, but 26,000 active addresses compared to ETH is really embarrassing. White papers are always beautiful, but it depends on whether there are real projects willing to come and play in the ecosystem. Everyone says zero-knowledge proofs are so awesome, but where are the practical applications? Hopefully this time it won't just be another scam that leaves investors holding the bag. I'm truly hurt by this.

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ImpermanentTherapist

· 01-15 03:57

Another new concept? I think ADA is really playing out the "theorist" persona to the end. --- Midnight sounds good, but how does it actually perform in practice? Let's wait for the data to speak. --- Over 20,000 active addresses compared to ETH's millions, the gap... is a bit heartbreaking. --- The white paper is so thick, but reality is so thin. Honestly, it's a bit exhausting. --- I've heard zero-knowledge proofs a hundred times, but the key is whether they can actually be implemented. --- Is this just another hype? I'm already tired of Cardano's routine. --- Nodes going offline are still called normal fluctuations? Did I misunderstand something? --- Balancing privacy and compliance... can these two really be achieved simultaneously? --- Wait, is this time really different? Or is it just the same old hype with the same old concepts? --- Instead of saying Midnight, it's more like Cardano needs a real revival.

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ser_ngmi

· 01-15 00:34

ADA is storytelling again, this time about privacy, but more than 20,000 addresses really can't save it. Midnight sounds good, but what about the actual ecosystem? The atmosphere still feels too artificial. It's another new concept and new language; Cardano is really good at coining new terms. Speaking of which, last year it was the same hype, and now, it's still the same. Zero-knowledge proofs are indeed elegant, but I'm just worried it will turn into another PPT revolution. ADA holders should wake up; innovation on paper alone is not enough. Cardano: I have theories, I have technology, I have... useless stuff. This time, we really need to look at the data. Stop listening to stories, brother. Sidechains, sidechains—why does everyone rely on sidechains to turn things around? Going from 26,000 addresses to a million—this gap is too big.

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BridgeTrustFund

· 01-12 22:54

Another new concept is here. Will it be feasible this time? However, ADA has indeed underperformed over the past two years; no one is convinced by just the white paper and articles.

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RektButAlive

· 01-12 22:52

Another PPT dream, where are the real Dapps? Over 20,000 addresses, hilarious. No matter how nicely you put it, the fact that the ecosystem is quiet can't be changed. Midnight sounds good, but will ADA users buy it... I've heard too much about privacy sidechains, but the key is still having people use them. Whitepapers are coming again; can this time be different?

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AirdropF5Bro

· 01-12 22:52

ADA is starting to tell stories again. Can it actually be implemented this time? --- Midnight sounds good, but it still feels like just talk. Let's wait for the data to come out. --- 26,000 active addresses? That data seems a bit off. How does it compare to ETH? --- I've heard too many privacy side chains. The key question is: does anyone actually use them? --- Another white paper. My biggest fear now is just reading these kinds of concepts. --- The logic makes sense, but I don't know who will actually migrate. --- Even with stability issues, they're still launching new chains. --- Compact language, TypeScript adaptation... sounds very professional, but does anyone care? --- Cardano has really messed up its good cards. Can Midnight turn things around this time? --- Financial and medical scenarios? First, let people start using it before bragging. --- Nodes are concentrated, yet they still claim normal fluctuations. That's a bit outrageous. --- Zero-knowledge proofs again. It seems every new chain is hyped up this way.

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FarmHopper

· 01-12 22:47

It's another PPT competition; the real weakness is the data.

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DuckFluff

· 01-12 22:45

Another pie in the sky, who still believes it? --- Midnight? Sounds fancy, but in reality, it's just two addresses at 16,000. --- What you learn on paper always feels shallow; let's see what comes out and then boast. --- Even perfect logic is useless without good data; I find it suspicious. --- Ethereum at a million versus 26,000; that gap is truly hopeless. --- Every time there's a new concept and promise, but no real application lands. --- Side chains, side chains, why not just make the main chain... --- Nodes going offline and claiming normal fluctuations? I don't trust you guys. --- Privacy computing sounds good, but will it really be used in finance and healthcare? --- The white paper can say anything, but in reality, things are often different.

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CryptoGoldmine

· 01-12 22:31

26,000 addresses, this data is indeed awkward. However, I find Midnight's ZK solution approach interesting; the key still depends on whether it can be practically implemented to attract capital.

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CryptoMotivator

· 01-12 22:24

After all these years of talking about strategies on paper, it's really time to let the data speak. Zero-knowledge proofs and sidechains sound impressive, but it all depends on whether they can actually be implemented. 26,000 active addresses is quite disappointing; how can it compare to ETH? A bunch of whitepapers and zero ecosystem activity—can Midnight break through this time? I'm skeptical. Concepts never go out of style; Cardano is a master at storytelling. It sounds good, but isn't it just another PPT fundraising round? With so many players in the privacy track, why should Cardano be the winner? Nodes going offline with normal fluctuations? They really think the community is stupid.

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