Cardano is having an Ethereum moment. That is the period when the first applications are deployed on the platform and people start using them. The number of users who bring liquidity with them is growing. Activity is also increasing and this is attracting more new users. The resulting effect is a growing TVL. On Cardano, TVL began to rise significantly in February 2023, back in the bear market. This is very encouraging compared to other SC platforms as TVL is stagnant or declining on them.
Cardano is the only one of the leading SC platforms that haven’t gone through a bull market, which is why TVL makes a new ATH every week. Analysts underestimated the power of the Cardano community and the ability of developers to learn the eUTXO accounting model and create secure apps on the Plutus platform.