@bobo-r

Cardano’s smart contracts, launched via the Alonzo hard fork (2021) and enhanced by Vasil (2022) and Hydra (2023–2025), drive ADA utility by enabling DeFi/NFT dApps. Each upgrade initially boosts ADA via market optimism but faces profit-taking. Hydra’s layer-2 scaling (millions of TPS, near-zero fees) now makes Cardano competitive, though TVL ($78M, 2025) lags ETH’s $30.6B, limiting sustained ADA upside.

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