Synthetix Tops DeFi Development Charts; SNX Price Up 70% in a Month

Synthetix, a decentralized liquidity provisioning protocol, leads decentralized finance (DeFi) projects in development activity, surpassing notable ecosystems in the industry. Meanwhile, SNX, the protocol’s native token, has climbed almost 70% in the past 30 days.

According to an X (formerly Twitter) post by blockchain analysis platform Santiment, DeepBook Protocol (DEEP) on Sui Network—a high-throughput, low-latency DEX—follows Synthetix, with smart contracts platform Radix (XRD) in third place. Injective (INJ) and dYdX (DYDX) hold the fourth and fifth positions, respectively.

The other DeFi protocols in the top ten for development activity are DeFiChain (DFI), Request Network (REQ), Lido Finance (LDO), Osmosis (OSMO), and Fox Crypto (FOX). This increased development activity reflects rising interest in these projects, suggesting these tokens may perform well soon.

Santiment’s development activity software tracks software development events across various blockchains and their associated decentralized applications. The software allows users to assess the strength of a project’s community and the likelihood of widespread adoption.

SNX, XRD, DEEP Price Analysis

CoinMarketCap data ranks SNX as the 115th-largest digital asset with a market cap of $764.61 million. At the time of writing, the altcoin traded at $2.33, up 2.26% in the past 24 hours, but down 91.87% from its all-time high of $28.77, reached four years ago in February 2021.

Over the past seven days, SNX gained 35.05% but has fallen 29.96% since November 2023. DEEP is up 4.04% over the past day and has surged 316.28% over the past month. Additionally, XRD jumped 6.49% in the past 24 hours and is up 70.97% in the last 30 days, trading at $0.02581.