Here Are the Top DeFi Projects by Development (Santiment)
The decentralized finance (DeFi) sector, amidst a broader crypto market downturn, continues to show significant development activity, showcasing resilience and innovation. A recent analysis by Santiment, an on-chain intelligence platform, highlights the top ten DeFi projects that have made notable strides in the last 30 days.
Among these, Chainlink (LINK), a decentralized blockchain oracle network, leads the pack with a development activity score of 547.5. Despite this remarkable growth, LINK has not fared well in the market, experiencing a decline of over 22% in value this month, dropping from $17.90 to approximately $13.90, according to data from CoinMarketCap.
Following Chainlink, DeFiChain, a decentralized financial services network built on Bitcoin, ranks second with a score of 265.3. Unfortunately, the positive development activity did not translate into price gains for its native asset, DFI, which suffered a significant decrease of more than 40%, trading at $0.0069 at the time of reporting.
DeepBook on Sui (DEEP), a centralized limit order book decentralized exchange, stands next with a development score of 254.17. However, it too has seen a staggering loss, with its asset DEEP almost halving in value this past month, currently sitting at $0.077.
Synthetix, a permissionless derivatives protocol, follows with a development score of 195.13. Meanwhile, its native token SNX has decreased by 13.6%, trading around $0.83.
Notable among the list is Coinbase’s Wrapped Bitcoin (CBBTC), which entered the development rankings with a score of 148.3. Launched in September 2024 on the Ethereum network, CBBTC is pegged 1:1 to Bitcoin, maintaining stability correlating with Bitcoin’s market value, which was approximately $83,849 during the reporting period.
Additionally, the Ethereum liquid staking protocol Lido Finance and the decentralized borrowing platform Liquidity also recorded substantial development in the past month. Both platforms’ tokens, LQTY and the stablecoin LUSD, benefited from the recent uptick in development activity.
Injective and Uniswap rounded out the top ten, showcasing their ongoing commitment to innovation in the rapidly evolving DeFi space, even as the broader market faces challenges. The continual advancements and robust development strategies within these projects demonstrate the underlying strength of the DeFi sector, positioning it for potential growth as the market stabilizes.
