Osmosis Leads DeFi Developments In The Last 30 Days

A Surge In Activities

In the past month, Osmosis, the Cosmos-built DeFi project, has been the most actively developed DeFi project, per recent data from the crypto intelligence platform Santiment. Santiment’s analysis revealed that Osmosis recorded 169 commits on GitHub over 30 days.

This surge in development activity underscores the project’s growing influence within the DeFi ecosystem. The rise of Osmosis is attributed to the burgeoning interest in airdrop farming on projects within the Cosmos ecosystem.

As the primary DEX on Cosmos, Osmosis has become a focal point for projects leveraging the Cosmos ecosystem for airdrops. This surge in interest has also contributed to the wider adoption of Cosmos-based projects within the crypto sector.

dYdX and Synthetix Maintain Strong Presence Amidst Osmosis Surge

Meanwhile, Osmosis isn’t the sole project seeing a surge in development activity. dYdX, a decentralized perpetual exchange, and Synthetix, a derivatives liquidity protocol, have also recorded notable growth recently.

dYdX ranks second to Osmosis with 145 GitHub commits; this achievement comes after its transition in early January to a v4 network within the Cosmos community from an Ethereum layer-2 network. Data from DefiLlama indicates that the dYdX v4 network’s trading volume exceeded $60 billion during this transition.

Meanwhile, Synthetix, ranking third with 116 commits, has been experiencing consistent growth in total value locked (TVL) since mid-February. Currently, it has a TVL of $994 million spread across the Ethereum and Optimism networks.

Nevertheless, Kain Warwick, Synthetix founder, has announced plans to introduce Infinex, a debuting derivatives front-end project. The full-release version (building upon the already live alpha version on the mainnet) is anticipated to launch before Q4 2024.

Near Protocol Introduces Revolutionary Multichain Transactions

Meanwhile, Near Protocol, backed by the Near Foundation, has unveiled an innovative feature (the Multichain Gas Relayer) enabling multichain transactions from a single account. This innovation eliminates the need to own native gas tokens on other chains.

Chain Signatures empowers users to sign transactions on one blockchain using their private key associated with an account on another blockchain. More importantly, it fosters cross-chain interoperability, enabling users to seamlessly access and interact with multiple blockchains using a unified wallet.

The Near Foundation has partnered with Eigenlayer, a restaking project on Ethereum, to fortify the security of this new feature. Leveraging the multi-party computation (MPC) network and bolstered by Near’s validators, Chain Signatures heralds a new era of decentralized finance (DeFi) accessibility.

With Chain Signatures, any Near account can control multiple addresses across various blockchains. Accordingly, developers can effortlessly create DeFi products utilizing assets from different chains without needing these chain-native assets.

Near’s Chain Signatures integrates seamlessly with Bitcoin, Ethereum, Dogecoin, XRP Ledger, and Cosmos. Users can utilize Near (NEAR) or NEP-141 tokens to cover gas fees across any chain. This milestone underlines Near’s commitment to its “chain abstraction” initiative, aimed at streamlining crypto user experiences by tackling complexities inherent in a multichain environment.

Currently operational on Near’s testnet, Chain Signatures is slated for a mainnet rollout by early May. Surprisingly, the Near Foundation recently downsized its workforce by 40% following the departure of CEO Marieke Flament last September despite its robust financials. During her tenure, Flament oversaw the organization’s treasury balance growth to 330 million NEAR or $350 million until her resignation.