Decentral Block Post

Crypto degens have wasted no time after the passing of Queen Elizabeth II, flooding the crypto market with more than 40 new Queen-related meme tokens, and hundreds of new nonfungible tokens (NFTs) in the same vein.

New tokens launched on decentralized exchanges on the Binance Smart Chain (BSC) and Ethereum over the past 24 hours include names such as Queen Elizabeth Inu, Save the Queen, Queen, QueenDoge, London Bridge is Down and Rip Queen Elizabeth.

According to data from Dex Screener, the Queen Elizabeth Inu token on BSC-based Pancake Swap has since had the biggest price value gain over the past 24 hours with an eye-watering 28,506% pump to $0.00008000 at the time of writing.

Its $391,000 worth of 24-hour trade volume pales in comparison to the Elizabeth token, however, which has seen $2.7 million worth of trade volume in just under 12 hours. The asset has also had a meteoric pump of 8,442% to sit at $0.059931.

It’s worth noting that both Queen Elizabeth Inu and Elizabeth have just $17,000 and $204,000 worth of liquidity behind them, indicating a lack of serious backing behind and a potential for short-lived pump and dump, similar to the infamous Squid Games token which crashed and burned in October last year.

Terra Classic (LUNC) has outperformed all top-ranking cryptocurrencies so far in September gaining nearly 100% in the past seven days alone.

Terra Classic outperforms crypto market

The token surged more than 250% month-to-date to reach $0.000594 on Sept. 8, its best level on record. Whereas Bitcoin (BTC) dropped 4% and Ether (ETH) gained only 3.5% in the same period.

The profits in the Terra Classic market appeared despite its association with the defunct Terra (LUNA) token, a $40 billion project that collapsed in May. Terra Classic is a rebranded version of the same Terra project and thus has been the subject of skepticism from analysts and investors since its debut.

But, traders have ignored such warnings in recent weeks, with a flurry of fundamental catalysts influencing them to purchase LUNC.

Staking service

A new staking service went live on the Terra Classic chain on Aug. 27, serving as the first major cue behind the ongoing LUNC price rally. 

Terra Classic (LUNC) has outperformed all top-ranking cryptocurrencies so far in September gaining nearly 100% in the past seven days alone.

Terra Classic outperforms crypto market

The token surged more than 250% month-to-date to reach $0.000594 on Sept. 8, its best level on record. Whereas Bitcoin (BTC) dropped 4% and Ether (ETH) gained only 3.5% in the same period.

The profits in the Terra Classic market appeared despite its association with the defunct Terra (LUNA) token, a $40 billion project that collapsed in May. Terra Classic is a rebranded version of the same Terra project and thus has been the subject of skepticism from analysts and investors since its debut.

But, traders have ignored such warnings in recent weeks, with a flurry of fundamental catalysts influencing them to purchase LUNC.

Staking service

A new staking service went live on the Terra Classic chain on Aug. 27, serving as the first major cue behind the ongoing LUNC price rally. 

The crypto community is having a field day mocking a new Celsius-themed Monopoly board game named “Celsiusopoly,” which has emerged on a United States-based online e-commerce marketplace. 

The announcement of the Celsius-themed board game came from the marketplace’s head of sales and partnerships, Stephanie Martin, who said the planning and production of the Monopoly spin-off came on the back of “months and months” of hard work.

According to the marketplace’s website, the Celsiusopoly board game is selling for $99.00, and some sales have reportedly already been made.

However, the ill-timed release of the board game has seen the crypto community relentlessly mocking the crypto-lender-themed product, with one Twitter user questioning:

“Who actually thought this would be a good idea... ? You have no respect for all people that lost their life or are in deep financial hardship cause of Celsius.”

The crypto industry has seen more than a 26% reduction in weekly active developers over the last three months amid a prolonged market slump, the latest data shows. 

According to Blockchain data aggregator Artemis, the four leading smart contract platforms — Ethereum, Polkadot, Solana and Cosmos — experienced even higher drop-off, clocking 30.5%, 43.6%, 48.4% and 48.9%, respectively, reductions in developer activity over the last three months. 

Interestingly, decentralized data storage protocol Interplanetary File System (IPFS) and blockchain network Internet Computer were among the few top smart contract platforms to have seen growth throughout this period, with increases of 206.6% and 21.7%, respectively.

Blockchain developers are primarily responsible for designing blockchain architecture, maintaining and upgrading infrastructure and building smart contracts that power decentralized applications (DApps).

Blockchain developer activity is considered one of the most important metrics for the success of a smart contract platform, as one that lacks developers will likely struggle to grow.

Polygon Chief Security Officer Mudit Gupta has urged Web3 companies to hire traditional security experts to put an end to easily preventable hacks, arguing that perfect code and cryptography are not enough. 

Speaking to Cointelegraph, Gupta outlined that several of the recent hacks in crypto were ultimately a result of Web2 security vulnerabilities such as private key management and phishing attacks to gain logins, rather than poorly designed blockchain tech.

Adding to his point, Gupta emphasized that getting a certified smart contract security audit without adopting standard Web2 cybersecurity practices is not sufficient to protect a protocol and user's wallets from being exploited:

“I've been pushing at least all of the major companies to get a dedicated security person who actually knows that key management is important.”

“You have API keys that are used for decades and decades. So there are proper best practices and procedures one should be following. To keep these keys secure. There should be proper audit trail logging and proper risk management around these things. But as we've seen these crypto companies just ignored all of it,” he added.