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
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, takes the first spot. The price of the native token SNX is up around 5% on a 30-day scale, currently trading at approximately $1.40 (per CoinGecko’s data). Still, it is far from the yearly top of $5.10 registered in March and the all-time high of over $27 witnessed in February 2021.
dydx (DYDX) comes second, collecting an index of 170.93. Unlike SNX, the asset’s price has fallen substantially in the last month, plunging by nearly 15% and dropping well below $1. It is interesting to note that SNX and DYDX topped the ranking in the previous research, too.
Lido DAO Token (LDO) and Injective (INJ) climbed the ladder and now hold third and fourth places, respectively. Osmosis (OSMO) lost some ground and rounded up the top 5 list.
The other DeFi projects down the line include Uniswap (UNI), FOX Token (FOX), Centrifuge (CFG), Maker (MKR), and Origin DeFi Governance (OGV).
The Research’s Methodology
The team behind Santiment said the Ecosystem Dev Activity Dashboard displays the number of software development events created on various blockchains and their associated dApps.
“These events are carefully filtered and predefined to be representative of real programming progress, meaning no low-value actions are taken into consideration. This way, any crypto-curious person can easily see which are the most active crypto ecosystems out there,” the working group explained.
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.
“This can be assessed by observing their activity on GitHub. The more development activity a project has, the greater the chances are that their product will grow and be adopted by the users,” the statement reads.
Last but not least, Santiment made a disclaimer that there is a difference between development activity and GitHub activity. The former takes into account only selected types of events (excluding commits, forks, comments, project management events, etc.). GitHub activity, on the other hand, comprises all kinds of factors apart from 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.
