Tom Farley, CEO of crypto exchange Bullish, picked Cardano (ADA) and Midnight as projects worth watching over the long term.

On April 14, blockchain outlet The Crypto Basic reported that Farley said the crypto market was more likely to evolve into multiple coexisting networks than converge on a single blockchain.

In a recent interview, he said Bullish was already working closely with the Solana ecosystem. He also drew a line against the market being reshaped around a single platform. He explained that networks will take on different roles because use cases differ from decentralised finance (DeFi) to enterprise services and areas subject to regulation.

Farley picked Cardano and Midnight as projects with strong long-term potential in this process. Ethereum and XRP were also mentioned. The remarks reflected the view that market winners could be split across multiple ecosystems rather than concentrated in one project.

Cardano is continuing work to strengthen its network competitiveness. Charles Hoskinson (찰스 호스킨슨), Cardano's founder, has repeatedly stressed that Cardano is maintaining competitiveness even in a rapidly changing blockchain environment. Developers are pushing the 'Ouroboros Leios' upgrade as a key turning point. It focuses on simultaneously improving decentralisation, scalability and security to address the so-called 'blockchain trilemma'.

Midnight recently launched its mainnet as Cardano's partner chain. Midnight aims for a structure that meets regulatory requirements while sharing sensitive data, highlighting 'rational privacy'. Hoskinson dismissed concerns that Midnight would compete with Cardano. He said the new network could complement Cardano and significantly expand the decentralised ecosystem. He said Midnight could increase Cardano's DeFi activity by up to 10 times.

Despite being at an early stage, Midnight has secured partnerships linked to Google, Telegram and Britain's Monument Bank. This trend is also leading to growing interest in the wider Cardano ecosystem.

Farley also mentioned potential side effects a multi-chain structure could bring. If funds and users are dispersed across multiple blockchains, liquidity could be fragmented further. Even if the market allows multiple winners, competition between chains could intensify in terms of fund flows, he warned.

Ultimately, the remarks show that the long-term contest in the crypto market depends less on picking the No. 1 chain by market share and more on which roles each network secures for specific uses and regulatory environments. Whether Cardano and Midnight actually benefit over the long term will depend on future upgrade implementation, ecosystem expansion and the ability to attract dispersed liquidity.

UPDATE: Tom Farley, CEO at Bullish and former President of the NYSE, mentions $ADA and $NIGHT to Raoul Pal, says "there's room for several winners." pic.twitter.com/M1Wibs0RKL