Ascend Passes 75,000 Midnight Transactions as Prediction Perps Rollout Approaches

Ascend Market has surpassed 75,000 transactions on the Midnight mainnet, the project announced on October 28. Two days earlier, Ascend said it expected to begin a phased rollout of its prediction perps product in approximately one week.

Ascend’s Activity on Midnight

The transaction milestone follows the introduction of several Ascend trading products on Midnight. The platform operates a spot exchange with an orderbook and has launched perpetual markets for assets including Bitcoin and ADA. It has also announced oil perpetual trading.

Ascend has expanded access to its trading application through integrations with other blockchain ecosystems. In September, the project added support for funding accounts through Robinhood Chain and introduced TradingView charts within the platform.

In an earlier update, Ascend reported that it was approaching 500 users and accounted for approximately 10% of Midnight mainnet transactions at the time. The project did not specify the period or method used to calculate that share.

The latest figure of more than 75,000 refers to transactions associated with Ascend on Midnight. It does not establish how many individual trades or users contributed to the total.

Trading Changes in Event Probabilities

Prediction perps are designed to let users trade movements in the estimated probability of an outcome. Traders can take a long position if they expect the probability to rise or a short position if they expect it to fall.

For example, if a market prices the probability of an event at 60%, a trader could open a position based on whether that percentage will increase or decrease as new information becomes available.

Ascend’s documentation describes potential markets related to elections, economic releases and cryptocurrency events. The product combines probability-based prices with an orderbook and perpetual trading mechanics, allowing positions to be opened, adjusted or closed as prices move.

Leverage increases a position’s exposure to those movements and can also increase losses or lead to liquidation.

The documentation describes a closed mainnet beta for prediction perps, with World Cup events listed as the initial markets and additional markets planned for later phases.

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Midnight’s Role in the Platform

Ascend uses Midnight’s zero-knowledge infrastructure to support its trading platform. According to the project’s technical documentation, trading, account, risk and settlement rules are enforced through Midnight, while users can access Ascend from ecosystems including Cardano, EVM networks and Solana.

The architecture uses separate systems to match orders, manage accounts and evaluate risk. Their outputs are subject to zero-knowledge verification, with final state changes committed to Midnight.

Ascend’s account model includes collateral balances, active positions and margin information. Its design is intended to make trading activity verifiable while protecting underlying information, including details of user positions.