After the Alonzo hard fork on September 12, 2021, enabling smart contracts on Cardano (ADA), its price surged from $1.06 in early August to a peak of $3.10 by September 2, driven by hype. Post-launch, it dropped to $2.39 within days and later stabilized around $0.738 by March 28, 2025, reflecting a "buy the rumor, sell the news" trend. Adoption saw initial traction with over 100 smart contracts in 24 hours and 1,000+ by January 2022, alongside growing NFT markets. However, DeFi growth lagged behind competitors like Ethereum due to a steep learning curve and immature ecosystem. Market reactions were mixed: optimism pre-launch boosted ADA’s ranking, but post-launch disappointment slowed momentum. Cardano’s future hinges on dApp development and differentiation.