Blockchain analytics firm Santiment has released its latest monthly rankings showcasing the most actively developed decentralized finance (DeFi) projects, with Synthetix ($SNX) maintaining its position at the top of the list.
The derivatives liquidity protocol Synthetix leads the pack in development activity, followed by DeepBook, a new order book protocol built on the Sui network. Radix ($XRD), a layer-1 smart contract platform, secured the third position.
Trading protocol Injective ($INJ) and decentralized exchange dYdX ($DYDX) rounded out the top five spots, highlighting the continued innovation in decentralized trading infrastructure.
The second half of the rankings features DeFiChain ($DFI), Request Network ($REQ), and Lido Finance ($LDO) - a leading liquid staking protocol. Osmosis ($OSMO), the largest decentralized exchange on the Cosmos ecosystem, and Fox Finance ($FOX) complete the top 10.
The rankings reflect ongoing builder momentum in the DeFi space despite market volatility. Development activity serves as a key metric for evaluating project health and long-term sustainability, as it indicates teams' commitment to improving their protocols.
Monthly changes in positioning demonstrate the dynamic nature of DeFi development, with projects continuously competing to deliver new features and technical improvements to their platforms.
This data provides valuable insights for stakeholders tracking the evolution of decentralized finance, as sustained development often precedes meaningful protocol upgrades and innovations.