Cardano founder Charles Hoskinson has introduced Midnight Protocol as a potential privacy layer for Bitcoin and XRP. The project aims to provide a shared infrastructure to enhance programmable privacy across various blockchain networks using a zero-knowledge design. This initiative is expected to complement existing ecosystems and potentially increase Cardano's DeFi activity while supporting real-world asset tokenization. Midnight's native token, NIGHT, has experienced significant volatility, fluctuating over 80% since its launch, reflecting strong speculative interest.