According to data shared by blockchain data analysis platform Santiment, Osmosis, a decentralized exchange built on Cosmos, has become the most actively developed decentralized finance (DeFi) project over the past month. Santiment wrote in a post sent to X on March 25th that Osmosis had seen more than 169 commits on GitHub in the last 30 days.
Intense Interest in the Cosmos Ecosystem
The popular decentralized cryptocurrency exchange dydX ranked second with 145 commits, while the futures liquidity protocol Synthetix was third with 116. Santiment explained that the developer activity list is compiled by gathering all non-essential GitHub activities listed in each project’s records and providing an average number of these values.
The total value locked and overall transaction volumes at Osmosis showed a significant increase between the beginning of October and March 15th. A large part of the increase in activities can be traced back to the growing interest in airdrop farming related to Osmosis, the primary DEX on Cosmos, and the broader crypto sector’s infrastructure associated with Cosmos.
Various projects such as the blockchain network Celestia (TIA) and the multi-layer RollApp distributor Dymension (DYM) are using the fundamental elements of the Cosmos ecosystem for their networks and currently offer airdrops worth hundreds of millions of dollars to airdrop hunters.
Noteworthy Developments in the DeFi Space
Most of the development activities for dydx could be related to the v4 upgrade at the beginning of January, which saw the decentralized futures exchange transition from an Ethereum Layer-2 network to an independent blockchain network within the Cosmos ecosystem. According to blockchain data analysis firm DefiLlama, since the dydx V4 network went live on January 25th, it has generated more than $60 billion in transaction volume.
Meanwhile, the TVL in the Synthetix protocol has been steadily increasing since mid-February and is currently at $994 million across the Ethereum and Optimism networks. In July 2023, Kain Warwick, the founder of Synthetix, announced the launch of a new futures frontend called Infinex. The platform’s Alpha version is live on the mainnet, with the full version expected to be released in the coming months.
