While the crypto market struggles with the ongoing correction, some sectors are still seeing notable development activity. One of them is the decentralized finance (DeFi) space.
A tweet by the on-chain intelligence platform Santiment has revealed the top ten DeFi projects by development. These projects include leading entities like the decentralized blockchain oracle network Chainlink (LINK), the decentralized exchange (DEX) Uniswap (UNI), and the DeFi application platform Injective (INJ).
Top DeFi Projects in the Last 30 Days
According to Santiment’s analysis, Chainlink’s Ethereum-based protocol saw the highest development in the last 30 days. The network’s development activity score hovered around 547.5 in the past month.
Despite seeing the highest development activity, Chainlink’s native asset LINK is down by more than 22% monthly. The asset has fallen from $17.9 and was trading around $13.9 at the time of writing, per data from CoinMarketCap.
The Bitcoin decentralized financial services network DeFiChain has the second-highest development activity in the past 30 days. Santiment said the chain’s development activity score rose to 265.3. Unfortunately, this increase did not extend to the blockchain’s native asset, DFI, as it has declined by more than 40%. DFI was worth $0.0069 at press time.
Following DeFiChain is DeepBook on Sui (DEEP), a fully on-chain central limit order book DEX built on the layer-1 blockchain network Sui. DeepBook’s development activity score fell to 254.17 in the last month. On the other hand, the protocol’s native asset, DEEP, has lost almost half its value in the last 30 days and was changing hands at $0.077 at the time of writing.
Coinbase’s CBBTC Joins the List
The permissionless derivatives protocol Synthetix came after the top three with a development activity score of 195.13. Conversely, SNX, the native cryptocurrency of the Ethereum-based decentralized chain, fell 13.6% in the last 30 days. At press time, it was trading around $0.83.
Coinbase Wrapped Bitcoin (CBBTC) had the fifth-largest development activity with a score of 148.3. The leading American crypto exchange Coinbase launched this asset in September 2024 on the Ethereum network. It is backed 1:1 by bitcoin (BTC), which is held by the trading platform. Since this token’s value is tied to BTC, it is worth just as much as the leading cryptocurrency, which was valued at $83,849 at press time.
The Ethereum liquid staking protocol Lido Finance and the decentralized borrowing protocol Liquidity also had notable development activity. Noteworthily, both Liquidity’s native asset LQTY and stablecoin LUSD partook in the increased development activity.
Meanwhile, Injective and Uniswap held the ninth and tenth positions for development activity in the last thirty days.
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