Cardano (ADA) introduced smart contract functionality with the Alonzo upgrade on September 12, 2021, sparking initial market excitement. ADA’s price surged 116% in August 2021, hitting an all-time high of $3.10 on September 2, driven by speculation and anticipation. Post-launch, adoption grew steadily, with over 100 smart contracts deployed within 24 hours and a rising DeFi ecosystem, though it lags behind Ethereum. However, the market reaction was mixed; ADA dropped 50% against ETH by November 2021, reflecting a "buy the rumor, sell the news" trend. Despite this, ADA’s price has shown resilience, climbing 140% over six months by February 2025, buoyed by institutional interest and potential ETF developments. Adoption is promising but gradual, with market performance tied to broader sentiment and regulatory factors.