Here are the top 10 DeFi projects by development activity

TL;DR

Some of the DeFi projects that make the list include Synthetix, Uniswap, and Osmosis. The methodology for measuring development activity focuses on filtering significant programming events across blockchains, emphasizing community size and other factors. The same leaders

Crypto analytics platform Santiment recently estimated the top 10 decentralized finance (DeFi) projects in terms of monthly development activity.

Synthetix Network, with an index of 266.57, ranks first. The SNX native token price is up around 5% on a 30-day scale, currently trading at roughly $1.40 (according to CoinGecko data). Still, it is far from the annual high of $5.10 recorded in March and the all-time high of more than $27 witnessed in February 2021.

SNX Price, Source: CoinGecko

dydx (DYDX) ranks second, with an index of 170.93. Unlike SNX, the asset’s price has fallen substantially in the past month, falling nearly 15% and falling well below $1. It is interesting to note that SNX and DYDX also topped the rankings in the previous research.

Lido DAO Token (LDO) and Injective (INJ) moved up the ladder and now occupy third and fourth place, respectively. Osmosis (OSMO) lost ground and rounded out the top 5 list.

The other DeFi projects in the pipeline include Uniswap (UNI), FOX Token (FOX), Centrifuge (CFG), Maker (MKR), and Origin DeFi Governance (OGV).

Research Methodology

The team behind Santiment said the ecosystem development dashboard shows the number of software development events created on various blockchains and their associated dApps.

“These events are carefully filtered and defined to be representative of real programming progress, which means that low-value actions are not taken into account. This way, any crypto-curious person can easily see what the crypto ecosystems are more assets than there are,” the task force explained.

The team further argued that paying attention to the size of the community behind each project is vital to understand how many of the members are developers and active contributors to the ecosystem.

“This can be assessed by looking at its activity on GitHub. The more development activity a project has, the more likely its product will grow and be adopted by users,” the statement said.

Last but not least, Santiment disclaimed that there is a difference between development activity and GitHub activity. The first only considers selected event types (except commits, forks, comments, project management events, etc.). GitHub activity, on the other hand, includes all sorts of factors other than commits.

“A key distinction between development activity and GitHub activity is that development activity allows for a fairer comparison between different organizations. This is because some events excluded from development activity are related to problems and problem feedback,” the team concluded.

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