Cardano (ADA) is the native token of the Cardano blockchain. This sustainable blockchain uses the Proof-of-Stake (PoS) consensus mechanism, Ouroborus. This “third-generation blockchain” initially existed as a layer-1 solution. Eventually, the layer-2 update, Hydra, was integrated onto the existing network in late 2021. Cardano has been built as an upgraded version of Ethereum’s smart contracts network. Moreover, it aims to scale the permissionless nature of the DeFi space and aid the mission of banking the unbanked.