Either it can be shared as a snapshot of the project at a point in time, or it can be shared while development is ongoing.
This is particularly useful if you are publishing a paper based on your software or which uses a certain version of your software. By depositing the data in a static repository this version of the software can be kept for the use of other researchers and persistently linked to with a DOI. You may particularly want to do this if it is likely that the software will be considerably developed in the future.
Options for snapshot software deposits:
UoN Data repository
Figshare
Zenodo
There are also options that allow you to share data which encourages ongoing development and collaboration. These are not designed to be static versions of your software and often encourage suggestions and development ideas from others in your communities.
Options for software deposits:GitHub
OSF
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