Charles Hoskinson believes the Cardano DeFi ecosystem is being overlooked. In a recent exchange on X, the Cardano founder said it is a good time to go long on Cardano-based decentralized exchanges, adding that they could “100x” over time.
His comment came as activity around Midnight (NIGHT) token picked up across both centralized and decentralized markets.
Hoskinson was responding to a post by Cardano stake pool operator YODA, who highlighted NIGHT recent surge in trading activity.
Hoskinson Says It’s Time to Go Long on #Cardano DEXes, “They Will 100X”.
— TheCryptoBasic (@thecryptobasic) December 23, 2025
Charles Hoskinson has emphasized how undervalued Cardano’s DeFi ecosystem remains, urging market participants to go long on Cardano-based decentralized exchanges (DEXes).
Hoskinson, the founder of Cardano,… pic.twitter.com/ztxXML8eRl
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NIGHT Volume Shows the Gap Between CEXs and DEXs
YODA pointed out that NIGHT hit a new all-time high while generating about $4.2 billion in daily trading volume on centralized exchanges. That level of activity stands in sharp contrast to what is happening on Cardano’s decentralized platforms.
According to data shared from DEX Screener, Cardano DEXes recorded around $4.3 million in NIGHT trading volume. While that number is small compared to centralized exchanges, YODA framed it as a relative win for Cardano DeFi.
The reason is context. NIGHT was still the most traded token on Cardano DEXes by a wide margin.
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Moreover, the screenshot shared by YODA shows NIGHT clearly leading on-chain trading activity. The second-ranked token, SNEK, posted roughly $306,560 in DEX volume, far below NIGHT’s figures.
That gap suggests that when a strong narrative or new asset gains traction, Cardano’s DEX infrastructure can attract attention, even if overall liquidity remains limited.
For YODA, this was a sign that Cardano DeFi may be closer to a turning point than many assume.
Hoskinson Agrees, but Points Out What’s Missing
Hoskinson confirmed the growth of NIGHT DEX trading volume, while, at the same time, stating that the DeFi sector for the Cardano platform is still in its infancy. According to his statements, the market requires two components for development to accelerate: stable coins and inter-blockchain bridges.
Without stable assets, large traders struggle to deploy capital efficiently. Without bridges, liquidity remains isolated from other ecosystems. Hoskinson suggested that once these pieces are in place, activity on Cardano DEXes could scale much faster.
Why Hoskinson Sees Upside From Here
Hoskinson’s “go long” is an evaluation of how he feels about the current situation at Cardano DeFi. There are low trade volumes, low valuations, and also lowered expectations. That combination is often what long-term builders and early investors look for.
He does not argue that Cardano DEXes are already dominant. Instead, he suggests they are underdeveloped relative to the network’s technical foundation. If stablecoins and bridges arrive and assets like NIGHT continue to attract attention, DeFi activity could expand quickly from a low base.
For now, Cardano DEXes remain small compared to rivals on Ethereum or Solana. But Hoskinson’s message is clear. From his perspective, the risk-reward looks better before the growth shows up on the charts, not after.
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