Osmosis, dydx and Synthetix are the most actively developed DeFi projects: Santiment
Osmosis, a decentralized exchange built on Cosmos, has risen to become the most actively developed decentralized finance (DeFi) project in the past month, according to data shared by crypto intelligence platform Santiment.
In a March 25 post to X, Santiment Osmosis wrote that it had seen more than 169 actions on GitHub in the past 30 days. Decentralized Perpetual Exchange DDX was in second place with 145 transactions.
Santiment explains that the list of “developer activity” is compiled by summing up all non-recurring GitHub activities listed in each project's respective archives and providing the average number of these values.
Total value-locked and total transaction volumes on osmosis increased significantly between early October and March 15.
Much of the increase in activity is due to the growing interest in airdrop farming in the broader crypto sector – Osmosis is the dominant DEX on Cosmos.
Several projects, such as Data Availability's blockchain network Celestia (TIA) and multilayer RollApp Deployer Dimension (DYM), use core components of the Cosmos ecosystem for their networks and have now given hundreds of millions of dollars in airdrops to farmers.
Related: Cosmos-Based Networks Umi and Osmosis Merge, Create ‘DeFi Hub'
For Didx, much of the development activity can be traced back to the early-January v4 update – a network shift that saw decentralized derivatives move from Ethereum's layer-2 network to the Cosmos ecosystem's standalone blockchain.
The Didix V4 network generated more than $60 billion worth of transactions as of January 25, according to Defillama data.
Meanwhile, the TVL on the Synthetix protocol has been steadily increasing since mid-February and is currently at $994 million on the Ethereum and Optimism networks.
In July 2023, Syntex founder Cain Warwick announced the launch of a new front-end called Infinex. An alpha version of the platform is currently available on the mainnet with a full release scheduled for release in the coming months.
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