The developers of these projects have been the most frequent commits on GitHub over the past month

Santiment names Osmosis, dYdX, and Synthetix as the most actively developing DeFi projects

26.03.2024 - 13:50

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3 min

What’s new? Experts at analytics platform Santiment have named the leaders of the decentralized finance (DeFi) sector in terms of developer activity over the last 30 days based on GitHub data. The first and second places were taken by Osmosis and dYdX exchanges in the Cosmos ecosystem, for them analysts recorded 169 and 145 commits respectively. Rounding out the top three is Synthetix, a protocol for creating synthetic assets based on the Ethereum blockchain, with a figure of 116.

Source: Twitter.com

What else is known? Osmosis is the largest decentralized exchange (DEX) in the Cosmos ecosystem. From the beginning of October to March 15, the total value locked (TVL) of the project began to grow strongly and more than tripled to $250 million, trading volume increased 21 times during the same period and peaked from August last year at $103,6 million.

Cointelegraph allowed the possibility that the surge in activity could be attributed to the growing interest in airdrop farming on infrastructure related to the Cosmos ecosystem. It was also announced on March 13 that Cosmos-based DEX Astroport will deploy its Cosmos pools to Osmosis to improve trading efficiency.

For dYdX, much of the development activity can be attributed to the launch of the fourth version of the protocol and the upgrade that saw DEX move from the Ethereum network to its own dYdX Chain blockchain in the Cosmos ecosystem. In late January, the project’s team added support for liquid staking of the dYDX native token.

On March 13, the global division of US crypto exchange Coinbase announced the addition of support for the Cosmos-based dYdX protocol and the launch of DYDX trading paired with Circle’s USDC stablecoin. At the same time, trading volume on the dYdX Chain crossed the $70 billion mark.

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As for Synthetix, the developers have deployed the third version of the protocol with publicly available markets and liquidity pools, as well as enhanced leverage.

At the time of writing the news, OSMO ranks 129th in the cryptocurrency ranking by market capitalization with a figure $898,9 million and is trading at $1,38%, having added 4,2% overnight, with a YTD decline of 9,21%.

DYDX is in 73rd place with a capitalization of $1,71 billion and is trading at $3,67, +9,1% overnight and +25% YTD.

SNX is in 75th place with a capitalization of $1,65 billion and is trading at $5,03, +7,8% overnight and +30% YTD.

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