Osmosis, dYdX, Synthetix Spearhead DeFi Development Surge, Uniswap Trails Behind
Amidst a broader market rebound, several DeFi-related projects appear to be bustling with development activity.
Topping the list is Cosmos-based decentralized exchange Osmosis, which experienced a notable surge in development activity, emerging as the leading DeFi project over the past month.
Osmosis Leads DeFi Development
According to the data shared by Santiment, Osmosis recorded more than 169 GitHub commits within the previous 30 days.
The crypto analytic platform’s latest compilation of “developer activity” was based on aggregating all unique GitHub activity documented in the records of each project and then calculating the average number of these actions to provide a comprehensive overview.
Osmosis underwent a significant rebound in terms of total value locked in November 2023. Data from DeFiLlama revealed that Osmosis surged by over 239% in a span of just four months from $73.43 million to the press time TVL of $245.81 million.
The major part of the increase in activity largely stems from increased interest in airdrop farming on infrastructure associated with Cosmos across the broader digital assets sector, with Osmosis emerging as the worthy DEX on the network.
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
Other Actively Developed Projects
Following closely behind, dYdX, a decentralized perpetual exchange, secured the second position with 145 commits, whereas Synthetix, a derivatives liquidity protocol, ranked third with 116 commits.
The decentralized perpetual exchange, dYdX, witnessed a similar uptick in March, rising from $346.34 million to $521.2 million in less than a month. Earlier this year, dYdX briefly surpassed market leader Uniswap in daily transaction volume after it announced a strategic migration from the Ethereum blockchain to the Cosmos ecosystem.
Derivatives liquidity protocol, Synthetix is also not far behind when it comes to TVL recovery this year surging by almost 30% $768.63 million to $990.8 million YTD.
On the other hand, Uniswap is lagging far behind, capturing the sixth position on Santiment’s list despite an over 60% increase in its TVL from $3.71 billion to $6.02 billion. The platform recently unveiled three new features in a bid to enhance the swapping experience for its users – the Uniswap Extension, Limit Orders, and Data & Insights.
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Filed under: Bitcoin - @ March 26, 2024 9:26 pm