As a seasoned analyst with years of experience navigating the complex world of cryptocurrencies and blockchain projects, I find it intriguing to see the same leaders dominating the DeFi landscape once again. The consistency in performance by Synthetix Network (SNX) and dYdX (DYDX) is a testament to their strong foundations and dedicated development teams.
TL;DR
- Some of the DeFi projects making the list include Synthetix, Uniswap, and Osmosis.
- The methodology for measuring development activity focuses on filtering meaningful programming events across blockchains, emphasizing community size and other factors.
The Same Leaders
Just now, the crypto analysis platform Santiment has calculated and ranked the leading 10 DeFi projects based on their monthly development activities.
The Synthetix Network’s token SNX currently leads the pack with an index of 266.57, having increased around 5% over the past month, according to CoinGecko data, and is trading at approximately $1.40. However, this price is still significantly lower than its yearly high of $5.10 in March and its all-time high of more than $27 achieved in February 2021.
In this context, the token called DYDX ranked second with an index of 170.93, while its price has significantly decreased over the past month, dipping by almost 15% and dropping below $1. It’s worth mentioning that in our previous study, both SNX and DYDX were at the top of the list as well.
The Lido DAO Token (LDO) and Injective (INJ) have moved up in rankings, currently occupying the third and fourth positions. On the other hand, Osmosis (OSMO) experienced a slight setback and concluded the top 5 list.
Among the upcoming DeFi projects are Uniswap (UNI), Fox Token (FOX), Centrifuge (CFG), Maker (MKR), and Origin DeFi Governance (OGV).
The Research’s Methodology
The group responsible for Santiment has stated that their Ecosystem Development Activity Dashboard shows the count of software development activities, such as transactions, deployments, and updates, happening across different blockchain networks and connected decentralized applications (dApps).
The events are meticulously chosen and set up to reflect genuine advancements in programming, disregarding insignificant actions. As a result, it becomes straightforward for anyone interested in cryptocurrencies to identify the busiest crypto ecosystems. This is according to the explanation provided by the working group.
The team further argued that paying attention to the size of the community behind each project is vital to understanding how many of the members are developers and active contributors to the ecosystem.
As an analyst, I would say: “I can evaluate this by looking at their GitHub activity. The more development work happening in a project, the higher the likelihood that their product will expand and gain traction among its user base.
Lastly, it’s important to note that Santiment has clarified a distinction between development activity and GitHub activity. The former focuses exclusively on specific types of events (such as excluding commits, forks, comments, project management events, etc.). Conversely, GitHub activity encompasses a broad range of factors other than commits.
“One key distinction between Dev Activity and GitHub Activity is that Dev Activity allows for a fairer comparison between different organizations. This is because some events excluded in Dev Activity are related to Issues and Issue Comments,” the team concluded.
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2024-09-14 12:28