The landscape of decentralized finance (DeFi) development is heating up, with Osmosis taking the lead according to crypto intelligence platform Santiment.
Data from Santiment shows Osmosis, a decentralized exchange built on Cosmos, has been the most actively developed DeFi project over the past month. This translates to over 169 code commits on GitHub in the last 30 days. Decentralized perpetuals exchange dYdX and derivatives liquidity protocol Synthetix follow closely behind with 145 and 116 commits respectively.
Santiment compiles data from each project’s GitHub repositories to track development activity. This involves non-redundant activity such as code changes and bug fixes, providing a clear picture of development intensity.
Osmosis’ surge in development activity coincides with a broader increase in user activity and locked value on the platform. This can be partially attributed to the popularity of airdrop farming within the Cosmos ecosystem, with Osmosis serving as the primary decentralized exchange (DEX) on Cosmos. Projects like Celestia (TIA) and Dymension (DYM) leverage Cosmos technology and have rewarded participants with millions of dollars in airdrops, further fueling the Osmosis ecosystem.
dYdX V4 Upgrade Drives Development
For dYdX, much of the development activity likely stems from its significant upgrade in January. Version 4 marked a shift from an Ethereum layer-2 solution to a dedicated blockchain within the Cosmos ecosystem. This move has proven successful, with dYdX V4 facilitating over $60 billion in trading volume since its launch in late January, as reported by DefiLlama.
Synthetix Maintains Steady Growth
Synthetix has also seen continuous development activity, with its total value locked (TVL) steadily increasing since mid-February. Currently, the protocol boasts a combined TVL of $994 million across the Ethereum and Optimism networks. Additionally, Synthetix founder Kain Warwick announced the upcoming launch of a new derivatives front-end called Infinex. While the Alpha version is already live, the full release is expected in the coming months.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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