Decentralized liquidity protocol Synthetix is leading the pack in terms of development activity among decentralized finance (DeFi) projects, even outpacing some of the industry’s most notable ecosystems. This comes alongside a remarkable surge of nearly 70% in the value of the protocol’s native token, SNX, over the past month.
Blockchain analysis platform Santiment revealed in a recent post on platform X (previously known as Twitter), that the next most active DeFi project after Synthetix is the DeepBook Protocol (DEEP) on the Sui Network, a decentralized exchange known for its high throughput and low latency. Smart contracts platform Radix (XRD) holds the third position in terms of development activity, while Injective (INJ) and dYdX (DYDX) come in at fourth and fifth, respectively.
Also making it into the top ten for development activity are DeFiChain (DFI), Request Network (REQ), Lido Finance (LDO), Osmosis (OSMO), and Fox Crypto (FOX). The surge in development activity for these protocols is reflective of the growing interest in these projects, an indication that their associated tokens could potentially see strong performance in the near future.
The development activity software provided by Santiment monitors software development events across a range of different blockchains and their associated decentralized applications. This tool allows users to gauge the robustness of a project’s community and assess the potential for widespread adoption.
Turning to price analysis, CoinMarketCap data reveals that SNX is currently the 115th-largest digital asset by market capitalization, which stands at $764.61 million. At the time of writing, the altcoin is trading at $2.33, marking a modest 2.26% increase in the last 24 hours. However, it’s still down a significant 91.87% from its all-time high of $28.77 reached in February 2021.
Over the preceding week, SNX has seen gains of 35.05%, but has still suffered a 29.96% drop since November 2023. Meanwhile, DEEP has risen 4.04% in the last day and a remarkable 316.28% over the past month. XRD, on the other hand, has seen a 6.49% boost in the past 24 hours and a 70.97% rise in the last 30 days, with the token currently trading at $0.02581.
