TL;DR
- Osmosis, dydX, and Synthetix are leading the pack in the DeFi sector with the most active development. Osmosis, a Decentralized Exchange (DEX) on the Cosmos network, has seen over 169 commits on GitHub in the last 30 days.
- Much of dydX’s development activity is linked to its early-January v4 upgrade, which transitioned the decentralized derivatives exchange from an Ethereum layer-2 network to a standalone blockchain in the Cosmos ecosystem.
- Synthetix, a derivatives liquidity protocol, ranks third with 116 commits. The total value locked (TVL) on the Synthetix protocol has been steadily increasing since mid-February and currently stands at $994 million across the Ethereum and Optimism networks.
In the rapidly evolving world of decentralized finance (DeFi), three projects have distinguished themselves as leaders in development activity: Osmosis, dydX, and Synthetix.
🧑💻 Here are #crypto's top #DeFi related coins by development frequency. This list is compiled by counting any non-redundant #github activity, and averaging this daily activity over the past 30 days. #Osmosis currently leads the Decentralized Finance factor in this category:
— Santiment (@santimentfeed) March 25, 2024
Osmosis, a Decentralized Exchange (DEX) established on the Cosmos network, has recently experienced a significant rise, making it the most actively developed DeFi project over the last month. Data shared by crypto intelligence platform Santiment reveals that Osmosis has seen over 169 commits on GitHub in the last 30 days.
This development activity coincided with a significant increase in the total value locked and overall trading volumes on Osmosis between early October and March 15. This uptick in activity is largely attributed to a surge of interest in airdrop farming on Cosmos-related infrastructure throughout the wider crypto sector. As the primary DEX on Cosmos, Osmosis has been at the forefront of this trend.
Key Players in the DeFi Space
Several projects, including data availability blockchain network Celestia (TIA) and multilayer RollApp deployer Dymension (DYM), utilize core elements of the Cosmos ecosystem for their networks and have yielded hundreds of millions of dollars in airdrops for farmers. Following Osmosis, the decentralized perpetuals exchange dydX stands in second place, with 145 commits.
Much of dydX’s development activity is linked to its early-January v4 upgrade, a network shift that transitioned the decentralized derivatives exchange from an Ethereum layer-2 network to a standalone blockchain in the Cosmos ecosystem. Since going live on Jan. 25, the dydX V4 network has generated more than $60 billion worth of trading volume.
Synthetix, a derivatives liquidity protocol, ranks third with 116 commits. The total value locked (TVL) on the Synthetix protocol has been steadily increasing since mid-February and currently stands at $994 million across the Ethereum and Optimism networks. In July 2023, Kain Warwick, the founder of Synthetix, revealed plans to launch a new derivatives interface known as Infinex.
These three projects are leading the pack in the DeFi sector, demonstrating the competitive landscape where projects strive to enhance their platforms through active development. Their success underscores the dynamic nature of the DeFi space and the importance of continuous innovation in this sector.
