Snowfall Protocol (SNW) Breaks Record Highs as Cardano's (ADA) DeFi Sector Predicted to Explode in 2023 and Solana (SOL) Jumps Double Digits to reclaim $11

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The cryptocurrency market has been a rollercoaster ride in recent months, with various coins experiencing highs and lows. In this article, we will delve into three major players in the market: Cardano (ADA), Solana (SOL), and Snowfall Protocol (SNW). While Cardano (ADA) and Solana (SOL) have had their share of challenges, Snowfall Protocol (SNW) has been breaking records and impressing investors.

Cardano's (ADA) decentralized finance sector has not been the strongest aspect of its ecosystem, as it only began offering convenient decentralized solutions in the latter half of last year. This was partly due to the underlying technology used for transaction bookkeeping on the network. The current Total Value Locked (TVL) on Cardano's (ADA) network is $50 million, a significant drop from the all-time high reached in 2022 when the total value of assets on the network reached $350 million. Given the limited variety of decentralized solutions in Cardano's (ADA) ecosystem, this high value is surprising. In the new year, Cardano's (ADA) network will release a series of algorithmic stablecoins that are expected to bring much more value to the network than decentralized exchanges or yield farming platforms. If the market recovers in 2023, the TVL of Cardano (ADA) could reach new highs, easily surpassing the relatively modest $350 million seen in 2022. At the time of writing, Cardano (ADA) is still struggling in the market, remaining in a prolonged downtrend despite a good end to 2022. The lack of inflows to the cryptocurrency market and the stalemate of the DeFi and NFT industries have contributed to the decline of Cardano (ADA) in 2022,