Cardano’s smart contract progress (Mithril upgrade) lifted ADA 80% in 2024, but it trails Ethereum. With 200 dApps vs. ETH’s 5,000, its DeFi TVL ($300M) pales next to ETH’s $40B. ADA’s value hinges on niche adoption: its UTXO model appeals to regulators, attracting projects like Atala PRISM (identity) in Africa. Yet, developers prioritize Ethereum’s liquidity—Cardano’s 1.2M daily transactions vs. ETH’s 15M highlight the gap. To challenge ETH, Cardano needs faster dApp onboarding (e.g., $100M developer grants); without it, ADA’s gains may remain speculative.