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Synthetix, the top DeFi protocol, is the one with the most development activity.
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SNX token is trading at $2.33 and has risen by 70% in the past 30 days.
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DEEP & XRD have risen 4% & 6.5% respectively in the last 24 hours.
Synthetix is a decentralized protocol for liquidity provisioning. It leads the DeFi projects in terms of development activity. SNX, a native token of the protocol, has risen almost 70% over the past 30 day.
According to a post on X (formerly Twitter), blockchain analysis platform Santiment said that DeepBook Protocol (DEEP), a high-throughput and low-latency DEX, is following Synthetix. Smart contracts platform Radix XRD (formerly XRD) was ranked third. Injective (INJ), dYdX, and Radix (XRD) are ranked fourth and fifth respectively.
DeFiChain, Request Network, Lido Finance, Osmosis and Fox Crypto are the other DeFi protocols that make up the top ten in terms of development activity. This increased activity is a reflection of the growing interest in these projects. These tokens could perform well soon.
The Santiment development activity software tracks the software development events on various blockchains, and their decentralized applications. The software allows users assess the strength of the project’s community, and the likelihood of wide adoption.
SNX, DEEP, XRD Price Analysis
CoinMarketCap data places SNX at 115th place with a $764.61-million market cap. The altcoin was trading at $2.33 as of the time of this writing. It is up 2.26% over the past 24 hour, but down 911.87% from the all-time high, $28.77 in February 2021.
SNX has gained 35.05 % in the last seven days but has dropped 29.96% from November 2023. DEEP is up by 4.04% in the last day and has risen 316.28% in the past month. XRD, which is currently trading at $0.02581, has also risen 6.49% over the past 24 hours. It has risen 70.97% within the last 30 days.
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