Cardano founder Charles Hoskinson is launching a VC-free token distribution across eight blockchains, including the XRP Ledger, with the aim of ending “crypto tribalism.”
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At Consensus 2025 in Toronto, Hoskinson reiterated the groundbreaking airdrop, dubbed the Glacier Drop, as part of the rollout for Midnight, Cardano’s upcoming privacy-focused sidechain.
The airdrop will target 37 million addresses across eight major blockchains, including holders of XRP, Bitcoin, and Cardano itself. The Glacier Drop will distribute two native Midnight tokens: NIGHT, a governance token, and DUST, for private transactions.
No Venture Capital, No Insiders: Only Retail Users
Departing from traditional token launches, Hoskinson confirmed that no venture capitalists or early insiders will receive Midnight tokens. He called attention to the airdrop’s simplicity and fairness during the event.
Specifically, the system will allocate the airdrop to retail users. Hoskinson described the move as a principled stand against what he called “VC Ponzi” dynamics in crypto. Notably, token recipients will be free to trade, keep, or discard the assets.
Aiming to End Crypto Tribalism
Midnight’s Glacier Drop spans eight networks: Cardano, Ethereum, Solana, Avalanche, XRP Ledger, Bitcoin, BNB Chain, and BAT (Basic Attention Token). Hoskinson hopes to move beyond the tribalism that often divides crypto communities by bridging these ecosystems.
“Every Consensus, there is a new token shouting ‘my thing is better than yours,’” he remarked, calling for a change from competitive to cooperative economics.
Other industry leaders like Ripple CEO Brad Garlinghouse and attorney John Deaton are also advocating for collaborative efforts over the typical rivalry that has plagued the crypto ecosystem. They stressed that the industry grows stronger through unity rather than existing in separate factions.
Garlinghouse put his words into action when he advocated for a national U.S. crypto reserve that includes various crypto assets, rather than one that favors only a single coin, such as Bitcoin.
Meanwhile, Hoskinson views the upcoming Glacier Drop, along with Midnight’s unique approach to privacy and collaboration, as important for onboarding the next wave of crypto users, especially as Big Tech enters the space.
“This is the project I’m having the most fun with,” he said, “because it’s where I get to be friends with everybody.”
Midnight’s Privacy and Collaborative Economics
Beyond the airdrop, the upcoming Midnight mainnet introduces a new economic modelthat allows developers to pay transaction fees in the native token of their own chain. Specifically, ETH is used for Ethereum developers, SOL is used for Solana, and so on.
Validators from various chains will also be able to participate in maintaining the Midnight network and earn rewards, regardless of blockchain affiliation. Currently in testnet, the team plans to unveil Midnight’s mainnet by late 2025.
DisClamier:
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