In the realm of decentralized finance (DeFi), Osmosis, a decentralized exchange (DEX) built on the Cosmos network, has surged to prominence. According to data from crypto intelligence platform Santiment, Osmosis stands out as the most actively developed DeFi project in the past month.
Santiment's report, posted on March 25, reveals that Osmosis has witnessed an impressive 169 commits on GitHub within the last 30 days. This surpasses other notable projects in the DeFi space, such as the decentralized perpetuals exchange dydX and derivatives liquidity protocol Synthetix.
Osmosis: Over 169 commits in the last month
dydX: 145 commits
Synthetix: 116 commits
Santiment's methodology for tracking "developer activity" involves compiling all non-redundant GitHub actions listed on each project's respective records and then calculating an average based on these values.
The surge in Osmosis' development coincides with a significant increase in total value locked (TVL) and overall trading volumes, observed from early October to March 15. Much of this heightened activity can be attributed to the growing interest in airdrop farming across Cosmos-related infrastructure within the wider crypto community, with Osmosis emerging as a primary decentralized exchange (DEX) within the Cosmos ecosystem.
Projects like Celestia (TIA) and Dymension (DYM) have leveraged core elements of the Cosmos ecosystem for their networks, resulting in substantial airdrop rewards for participants.
For dydx, recent development activity is closely tied to its v4 upgrade in early January. This transition marked a shift from an Ethereum layer-2 network to a standalone blockchain within the Cosmos ecosystem. Since its launch on Jan. 25, the dydx V4 network has facilitated over $60 billion in trading volume, as reported by DefiLlama.
Synthetix has also seen steady growth, particularly since mid-February, with its TVL currently nearing the $1 billion mark across the Ethereum and Optimism networks.
In July 2023, Synthetix founder Kain Warwick announced the forthcoming launch of Infinex, a new derivatives front-end. The Alpha version of the platform is already operational on the mainnet, with the full release expected in the coming months.
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