Osmosis Leads as Most Actively Developed DeFi Project, Spurs Growth in Cosmos Ecosystem
Summary:
Osmosis, a decentralized exchange built on Cosmos, has become the most actively developed DeFi project over the past month, according to Santiment. The significant growth in total value locked and trading volumes on Osmosis stems from a surge in airdrop farming on Cosmos-related platforms. Other projects on the Cosmos ecosystem have distributed hundreds of millions of dollars in airdrops, stimulating further development activity. Similarly, ongoing developer activity has been noticed in platforms like dydx, particularly following its v4 upgrade in January, as well as the Synthetix protocol.
Decentralized exchange Osmosis, built on the Cosmos platform, has quickly ascended to become the most actively developed DeFi project over the past month, as revealed by the cryptocurrency analytical tool Santiment. In a publication made on March 25, Santiment noted that Osmosis had registered more than 169 commits on GitHub within the last month span. Following behind, decentralized perpetuals exchange dydX had 145 commits, while derivatives liquidity protocol Synthetix occupied third place with 116 commits.
According to Santiment, the classification of "developer activity" was determined by amassing all unique GitHub activity found within each project's respective data and calculating an average from those figures. Both the total valued locked and collective trading volumes on Osmosis experienced noteworthy growth from early October to March 15. This surge in activity is largely attributed to the increased interest in airdrop farming within the larger crypto community, particularly on platforms linked to the Cosmos network, such as Osmosis.
Several projects, including data availability blockchain Celestia (TIA) and multilayer RollApp deployer Dymension (DYM), rely on core components of the Cosmos ecosystem and have consequently distributed hundreds of millions of dollars in airdrops to farmers. Other platforms like dydx have seen consistent developer activity due in part to its early-January v4 upgrade. This upgrade transitioned the decentralized derivatives exchange from an Ethereum layer-2 network to an independent blockchain within the Cosmos ecosystem, and since its initiation on January 25, has generated trade volumes exceeding $60 billion, as per the data from DefiLlama.
Furthermore, the total value locked on the Synthetix protocol has been on a steady upward course since mid-February, amounting to a current $994 million across both the Ethereum and Optimism networks. In July 2023, Synthetix founder Kain Warwick announced plans to launch a new derivatives front-end named Infinex. The Alpha version of this platform is now operational on mainnet, with plans for a complete release in the following months.
Published At
3/26/2024 8:57:53 AM
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