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Santiment has published the list of the 10 best DeFi projects of July 2020 in terms of development activity.
Santiment compiles this list every month, focusing on ERC-20 projects and tracking the work of developers over the last 30 days.
In particular, this list only looks at projects that are currently being developed on Ethereum, and do not yet have their own working proprietary mainnet, or an upcoming token swap.
The activity of the developers shows the monthly commitment devoted to creating or improving the products and tools of the project, so as to stay consistent with the roadmap.
First place for development activity in July 2020 was Gnosis (GNO) with 182.13 points.
In second place, not very distant, follows Status (SNT) with 165.10 points, while in third, very distant, there is Aragon (ANT) with 97.67.
The other seven, starting from Maker (MKR), follow with a score between 78.37 and 51.70 points.
The ranking of the best DeFi projects
Here is the ranking:
As far as Gnosis is concerned, the July daily curve of developers’ activity has an upward trend that may resemble that of the price curve of its GNO token.
In addition, the Omen forecasting market platform was launched during the month, as well as the new Gnosis Safe Multisig mobile app, which now also includes 1inch.exchange, Aave, Compound, Idle, Request, Sablier, Synthetix and Transaction Builder.
A similar point can be made for Status, although paradoxically the price curve of its SNT token has grown before the growth of the developers’ activity, probably due to the fact that the two curves are not particularly correlated.
As far as Aragon is concerned, the comparison between the two curves reveals that the development activity peak occurred in the first part of the month, when the value of the ANT token remained practically unchanged, only to surge in the last 10 days of the month, when development activity declined.
As a matter of fact, out of the ten projects only Maker and Keep Network show an apparent direct correlation between the development activity and the value of the token, whereas, besides Gnosis and Status, also Raiden shows a possible correlation between the two parameters, although not particularly evident.
As far as the other 5 projects are concerned, there does not seem to be an evident correlation between the two curves, probably because the effects of the development activity usually emerge only in the long term.