Blockchain analytics platform Santiment has released its latest rankings examining developer activity among lending protocols in the decentralized finance (DeFi) sector. According to data shared on November 11, 2026, Morpho (MORPHO) maintained its position at the top of the list, while Aave (AAVE) climbed to second place. Yearn Finance (YFI), Sky (SKY), and Euler (EUL) also secured spots among the top five. The rankings focus on software development activity on GitHub rather than the price performance of cryptocurrencies.
Morpho Maintains Its Lead as Aave Rises to Second Place
According to Santiment's research published on November 11, Morpho recorded the highest level of developer activity in the DeFi lending sector. MORPHO retained its leadership from the previous ranking, securing first place. Meanwhile, Aave moved up to second position.
Yearn Finance (YFI) ranked third, followed by Sky (SKY) in fourth place and Euler (EUL) in fifth. All three projects slipped in the rankings compared with the previous assessment.
Santiment's top 10 projects and their associated crypto assets are listed below:
Rank | Project | Cryptocurrency |
1 | Morpho | MORPHO |
2 | Aave | AAVE |
3 | Yearn Finance | YFI |
4 | Sky | SKY |
5 | Euler | EUL |
6 | Maple Finance | SYRUP |
7 | Maple Finance | syrupUSDT |
8 | Maple Finance | syrupUSDC |
9 | Liquity Protocol | LQTY |
10 | Cap | CAP |
One of the most notable details in the rankings is that Maple Finance appears with three different assets. SYRUP, associated with the Maple ecosystem, ranked sixth, while syrupUSDT and syrupUSDC secured seventh and eighth place, respectively. Consequently, three separate entries in the top 10 are linked to the same financial ecosystem.
Liquity Protocol (LQTY) ranked ninth, while Cap (CAP) completed the list in tenth place.
What Does Developer Activity Reveal About Altcoin Projects?
Santiment's rankings measure the software development efforts of cryptocurrency projects on GitHub. Rather than simply counting the total number of code changes, the platform attempts to filter out activities that are not directly related to software development.
According to Santiment's official methodology, comments on issue reports, repository forks, and certain project management activities are excluded from its measurements. The objective is to provide a more accurate comparison of genuine software development efforts across projects.
However, high developer activity does not necessarily mean that a cryptocurrency's price will increase. Similarly, a decline in the rankings should not be interpreted as evidence that software development has stopped entirely or that a project has become technically weaker.
Changes in rankings reflect the relative positions of projects compared with one another. The data used in the assessment does not directly measure investor interest, trading volume, or the total value of assets deposited in the protocols.
Why Is Competition Increasing in the DeFi Lending Market?
Morpho and Aave occupying the top two positions indicates that two major decentralized lending protocols are standing out in terms of developer activity.
Morphoprovides infrastructure that allows users to borrow against their cryptocurrency holdings and deploy assets in lending markets. Aave is also among the leading DeFi protocols, enabling cryptocurrency borrowing and lending across multiple blockchain networks.
Maple Finance's presence in the rankings with three different assets also highlights the importance of monitoring developer activity in institutional lending and yield-oriented financial products.
However, Santiment's data alone does not prove that the listed projects are attracting new users or increasing their revenues. To assess the economic impact of development efforts, additional indicators such as active lending volume, protocol revenue, total value locked (TVL), and user numbers must also be examined.
Kriptofoni Assessment
Santiment's latest rankings demonstrate that competition in the DeFi lending sector should not be evaluated solely on the basis of capital size or token prices. Morpho maintaining its leadership and Aave climbing to second place suggest that both protocols continue to hold strong positions in software development activity.
Maple Finance's appearance on the list with three separate assets is also noteworthy. However, it would be inaccurate to treat these entries as three independent protocols.
For investors, developer activity can serve as a useful indicator for monitoring a project's technical progress. Nevertheless, intense GitHub activity alone does not guarantee price appreciation, security, or long-term success. A more comprehensive assessment requires examining developer activity alongside real-world usage data and financial indicators.
Spotted an error? Let us know · Our editorial standards
Disclaimer: This content is for informational purposes only and is not investment advice. Cryptocurrencies are high-risk; make investment decisions based on your own research.
Content Editor and Writer
Dr. Mesut İnan is a researcher, academic and crypto journalist who has been producing content about cryptocurrencies since 2018. He brings a different perspective to the industry by combining his expertise in sociology with the cryptocurrency ecosystem. Before joining Kriptofoni as co-founder, content editor and writer, İnan worked for several cryptocurrency media platforms: he was an editor and writer at Kriptokoin from 2018 to 2023 and at COINTURK from 2023 to 2024. İnan made a valuable contribution to the ecosystem with his book on Bitcoin, "Bitcoin Sen Bizim Her Şeyimizsin" (Bitcoin, You Are Our Everything). Alongside his academic background, his regular analyses, news and commentary have made him one of the well-known names in cryptocurrency journalism in Turkey. İnan continues his work as a writer and educator and remains a prominent expert voice in the cryptocurrency field.
All articles
