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Weekly active crypto devs drops over 26% over the last 3 months

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. 

Source: Artemis

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.

Altcoins

Weekly active crypto devs drops over 26% over the last 3 months

Blockchain developer activity is one of the most crucial metrics in measuring the success of a smart contract platform — one that lacks developers will struggle to grow.

Blockchain

Former Meta execs raise $300M to ‘accelerate adoption’ of Sui blockchain

Investors included FTX Ventures, Coinbase Ventures, Jump Crypto, a16z, Circle Ventures, among others.

Blockchain

Polygon CSO blames Web2 security gaps for recent spate of hacks

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.

Altcoins

Polygon CSO blames Web2 security gaps for recent spate of hacks

Polygon's chief of security says his department now employs 10 experts to ensure top-notch cyber security practices are adopted, recommending other crypto firms do the same.

Blockchain

White House science office looks at crypto’s effect on climate, despite scarce data

The White House Office of Science and Technology Policy reaches mixed conclusions about crypto and the climate, against a background of rapid technological change.

Regulations

UK economic secretary commits to make country a crypto hub under new PM

“We want to become the country of choice for those looking to create, innovate and build in the crypto space," said MP Richard Fuller.

Regulations

Everyone’s talking about the Ethereum Merge: New report reveals the most interested countries

Singapore took the top spot by a landslide as the world’s most interested country in the upcoming Merge based on frequency of search terms in the weeks leading up to the event.

Ethereum

Everyone’s talking about the Ethereum Merge: New report reveals the most interested countries

Singapore took the top spot by a landslide as the world’s most interested country in the upcoming Merge based on frequency of search terms in the weeks leading up to the event.

Blockchain

DeFi DApps activity rises 3.7% in August for first time since May — Report

Despite a slight recovery, DeFi TLV has lost $250 billion this year.

Blockchain

The Sandbox's Instagram account compromised, hackers try to rent BAYC NFTs

Hackers redirected The Sandbox followers to a fake raffle giveaway URL and even tried to rent Bored Ape NFTs from Instagram users.

Blockchain

Crypto investors backed by Coinbase sue U.S. Department of Treasury after Tornado Cash sanctions

Coinbase says that the Treasury overstepped its authority in issuing the Tornado Cash sanctions.

Blockchain

Crypto investors backed by Coinbase sue U.S. Department of Treasury after Tornado Cash sanctions

Coinbase says that the Treasury overstepped its authority in issuing the Tornado Cash sanctions.

Regulations

Republican lawmakers call for answers on digital dollar from Fed vice chair

The House members asked for clarification on whether the Fed may be considering an “intermediated model” for a digital dollar that could require authorization from Congress.

Regulations

Law enforcement recovers $30 million from Ronin Bridge hack with the help of Chainalysis

Chainalysis Crypto Incident Response team helped law enforcement trace stolen funds to cash out points and for their subsequent freeze.

Blockchain

SEC chair suggests openness to crypto bills that don't 'inadvertently undermine securities laws'

“I look forward to working with crypto projects and intermediaries looking to come into compliance with the laws,” said Gary Gensler.

Regulations

Is Bitcoin heading to $15K? Why are the markets suddenly pulling back?

Is Bitcoin (BTC) heading back down? What caused the sudden pullback to $18.5K? Join us as we discuss this and more with Tim Warren, co-host of Coffee N Crypto, and Ray Salmond.

Ethereum

Is Bitcoin heading to $15K? Why are the markets suddenly pulling back?

Is Bitcoin (BTC) heading back down? What caused the sudden pullback to $18.5K? Join us as we discuss this and more with Tim Warren, co-host of Coffee N Crypto, and Ray Salmond.

Bitcoin

Cato Institute CEO says his daughter married the 'Bitcoin Sign Guy' from 2017 hearing

Jerome Powell said that he also had “close family members” who argued that crypto was still in the development phase, suggesting Bitcoin proponents may be close to home.

Regulations

Cato Institute CEO says his daughter married the 'Bitcoin Sign Guy' from 2017 hearing

Jerome Powell said that he also had “close family members” who argued that crypto was still in the development phase, suggesting Bitcoin proponents may be close to home.

Bitcoin

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