Osmosis, dYdX, Synthetix Spearhead DeFi Growth Increase, Uniswap Paths Behind

Amidst a broad market recovery, several DeFi-related projects seem to be overwhelmed by development activity.

High on the list is Cosmos-based decentralized exchange Osmosis, which has seen a significant boost in development activity, emerging as a leading DeFi project last month.

Osmosis drives the growth of DeFi

According to data shared by Sentiment, Osmosis recorded 169 GitHub commits over the past 30 days.

The crypto analytics platform's latest “developer activity” collection is based on gathering all unique GitHub activities recorded in each project's archives and calculating the average number of these activities to provide a comprehensive overview.

In the year Osmosis has made a significant change in terms of total value, which is locked in November 2023. According to data from DeFillama, Osmosis is up more than 239 percent in a four-month period from $73.43 million to a press time TVL of $245.81 million.

A major part of the increase in activity is due to increased interest in airdrop farming, mostly from cosmos-related infrastructure, and the emergence of Osmosis as a viable DEX on the network.

🧑‍💻 Here are #crypto's top #DeFi related coins by development frequency. This list is compiled by counting any non-recurring #github activity and averaging this daily activity over the past 30 days. #Osmosis currently leads decentralized finance in this category:

1… pic.twitter.com/HfcdqBZSpk

— Santiment (@santimentfeed) March 25, 2024

Other actively developed projects

Close behind, DIDX, a decentralized perpetual exchange, secured second place with 145 commitments, while Syntex, a derivatives liquidity protocol, ranked third with 116.

Decentralized perpetual exchange DIDX saw a similar increase 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 announcing a strategic migration from the Ethereum blockchain to the Cosmos ecosystem.

Derivatives Liquidity Protocol, Synthetix is ​​not far behind when it comes to TVL recovery this year, up 30% from $768.63 million to $990.8 million YTD.

Uniswap, on the other hand, is lagging behind in sixth place on the sentiment list, despite a more than 60% increase in TVL from $3.71 billion to $6.02 billion. The platform recently unveiled three new features in a bid to improve the swapping experience for its users – Uniswap Extensions, Limit Orders and Data & Insights.