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Derivatives liquidity protocol Synthetix (SNX) has seen more development activity than any other project in the decentralized finance (DeFi) sector over the past 30 days, according to crypto analytics firm Santiment.
Synthetix aims to serve as a backend liquidity tool for user-facing DeFi projects, according to the protocol’s whitepaper.
Santiment notes that Synthetix has recorded 264.57 notable GitHub events over the past 30 days, compared to 218.33 events for the second-most developed project, decentralized exchange (DEX) dYdX.
The 
Journal Du Token
DeFi
Derivatives Protocol Synthetix (SNX) Leads DeFi Sector in Recent Development Activity: Santiment
By Darren McLaughlin
Paris, October 20, 2024 at 11:02 a.m.
Comments
Derivatives liquidity protocol Synthetix (SNX) has seen more development activity than any other project in the decentralized finance (DeFi) sector over the past 30 days, according to crypto analytics firm Santiment.
Synthetix aims to serve as a backend liquidity tool for user-facing DeFi projects, according to the protocol’s whitepaper.
Santiment notes that Synthetix has recorded 264.57 notable GitHub events over the past 30 days, compared to 218.33 events for the second-most developed project, decentralized exchange (DEX) dYdX.
A distant third on the analytics firm’s list is Lido DAO, a liquid staking service for the Ethereum (ETH) ecosystem. The project recorded 129.37 notable GitHub events.
Source : Sentiment/X
Synthetix, dYdX, and Lido DAO also took first, second, and third spots on Santiment's list last month.
The analytics firm notes that it does not take into account routine updates and uses a “better methodology” to collect data for GitHub events based on a “backtested process.”
Santiment has previously stated that high development activity centered around a crypto project indicates that developers believe in the protocol. Development activity also suggests that the project is less likely to be an exit scam.
Synthetix’s token, SNX, is trading at $1.43 at the time of writing. The crypto asset ranked 160th by market cap is down more than 3% in the last 24 hours.
