Curve Tops Governance Token Developer Activity on Ethereum and Arbitrum
Curve Finance has taken the lead in governance token developer activity on both Ethereum and Arbitrum, according to Santiment's latest GitHub rankings. This indicates sustained protocol development in crypto and DeFi, even as total value locked remains well below peak levels.
The rankings show Curve topping the list on both chains, with a broad commit activity that few competitors matched. Radworks slipped to third after holding a higher spot last month, while API3 rose to fourth and Reserve Protocol dropped to fifth.
Alchemix and Sperax showed gains, and their movement up the ranks suggests that even smaller governance tokens can show signs of life when treasury funders keep shipping. However, it's uncertain how much GitHub activity moves markets in real time, as governance tokens often trade more on protocol revenue, fee switches, or airdrop speculation.