Santiment: Osmosis, dydx, and Synthetix Emerge as the Most Actively Developed DeFi Projects

Santiment: Osmosis, dydx, and Synthetix Emerge as the Most Actively Developed DeFi Projects

DeFi News
March 26, 2024 by Diana Ambolis
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Osmosis, the decentralized Cosmos exchange, leads as the most actively developed DeFi project in the past month. Osmosis, a decentralized exchange operating on the Cosmos network, has surged to the forefront as the most actively developed decentralized finance (DeFi) project in the past month, as per data disclosed by crypto intelligence platform Santiment. According to
Defi

Osmosis, the decentralized Cosmos exchange, leads as the most actively developed DeFi project in the past month.

Osmosis, a decentralized exchange operating on the Cosmos network, has surged to the forefront as the most actively developed decentralized finance (DeFi) project in the past month, as per data disclosed by crypto intelligence platform Santiment.

According to a Santiment post dated March 25, Osmosis recorded over 169 commits on GitHub within the last 30 days, securing the top position. Following closely behind, the decentralized perpetuals exchange dydx ranked second with 145 commits, while the derivatives liquidity protocol Synthetix claimed the third spot with 116 commits. Santiment clarified that the “developer activity” list was compiled by aggregating all unique GitHub activities from each project’s records and presenting an average of those values.

The total value locked (TVL) and overall trading volumes on Osmosis experienced a notable surge between early October and March 15. This uptick in activity can be largely attributed to heightened interest in airdrop farming across Cosmos-related infrastructure within the broader crypto community, with Osmosis emerging as the primary decentralized exchange (DEX) on Cosmos.

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Various projects, such as the data availability blockchain network Celestia (TIA) and the multilayer RollApp deployer Dymension (DYM), leverage core elements of the Cosmos ecosystem for their networks, resulting in substantial airdrops for farmers.

Regarding dydx, much of the development activity can be linked to its v4 upgrade in early January. This network transitioned the decentralized derivatives exchange from an Ethereum layer-2 network to a standalone blockchain within the Cosmos ecosystem. Since its launch on January 25, the dydx V4 network has facilitated over $60 billion worth of trading volume, as reported by DefiLlama.

Meanwhile, the TVL on the Synthetix protocol has been steadily climbing since mid-February and currently stands at $994 million across the Ethereum and Optimism networks. In July 2023, Synthetix founder Kain Warwick announced the forthcoming launch of a new derivatives front-end named Infinex. The Alpha version of the platform is operational on the mainnet, with the full-release version scheduled for deployment in the coming months.