Sui Name Service (SuiNS) enables blockchain users to register human-readable web3 names, ensuring secure, seamless transactions and a user-friendly on-chain identity.

Some people have no trouble remembering new cell phone numbers, and there are even a select few among us who wouldn't find it hard to memorize a 16-digit bank card number. However, very few people would choose to tackle the job of reliably recalling an alphanumeric blockchain address. Network addresses on 

 (ETH) are 42 characters long, while on the 

 (SUI) blockchain they span 66. These complex and length addresses are virtually impossible for most users to remember, and are among the least user-friendly features of 

 networks. Not only are long blockchain addresses distinctly user-unfriendly, but they also lead to many instances of wrongly executed transactions due to incorrectly input characters. 

Sui Name Service (NS), a solution on the Sui blockchain, has been specifically designed to tackle this problem. The service allows users to create human-readable and easy-to-remember web3 names linked to their underlying blockchain addresses. Using SuiNS, you can transact within web3 using your preferred username and, optionally, an avatar, rather than a long, complex blockchain address.

 (NS), or simply SuiNS, is a decentralized naming service that allows you to create and use a human-readable, user-friendly web3 handle to interact with the blockchain environment, instead of using a typical long and complicated network address. 

At the underlying level, your SuiNS name is linked to your blockchain address, but all the interaction and operations on the chain happen via your registered name.

SuiNS was first conceptualized and launched in 2022, inspired by the popular 

 (ENS). In many ways, SuiNS and ENS are similar, the obvious difference being that each one applies to its own respective blockchain environment. In May 2023, SuiNS was introduced on the Sui blockchain's newly launched mainnet. The service was developed and is supported by Mysten Labs, the development studio behind the Sui blockchain project. Since the beginning of the Sui blockchain's conceptualization, SuiNS has been among the core projects of the entire Sui ecosystem. As of late November 2024, SuiNS has managed to achieve the remarkable milestone of having registered nearly 330,000 names.

Using SuiNS, you can register your preferred username (as long as it's not been taken) for one year by paying a registration fee, currently charged in SUI coins. The name can be renewed at expiration for up to five years. All interactions with the blockchain environment through your wallet use your preferred username, rather than your blockchain address.

SuiNS names can be between 3 and 63 characters. Users can check the availability of their preferred handle and register it using the 

, where a lookup textbox is prominently displayed. Shorter names cost more than longer handles. As of the time of this writing (Nov 21, 2024), a three-character-long name costs 500 SUI ($1,785) and a four-character name will cost 100 SUI ($357), while names with five or more characters are priced at 20 SUI ($71.40).

A SuiNS name can only be registered for one year, but it can be renewed for up to four years (excluding the initial registration year). There's a 30-day grace period after the expiration of your SuiNS name, during which you may still renew it. If you don't renew during the grace period, your registered name will be up for grabs by anyone on the market. Optionally, you can buy an NFT avatar linked to your SuiNS name.

 (DApp) ecosystem on the Sui blockchain. Developers can use off-chain remote procedure calls (RPCs) to integrate the Sui service into their application environments. They can also take advantage of the native, on-chain SuiNS SDK to interact with the service.

Thanks to SuiNS, you can enjoy short, comprehensible names for your own address, as well as the addresses of the parties with whom you transact (if they also sign up for the service). No more forgettable string combinations that are hard to read and virtually impossible to remember!

However, a SuiNS name isn't just a tool of convenience. It also represents your decentralized identity on-chain. The identity is fully owned by you, the user, rather than by a centralized entity.

SuiNS minimizes the likelihood of lost assets due to sending funds to the wrong address: short, easy-to-remember names are way less prone to incorrectly executed transactions than standard blockchain addresses.

Security is also among the benefits of SuiNS. The service runs on the Sui chain, which prides itself on developing and enforcing high-grade security standards. Among these are 

, a framework that maintains a list of malicious websites and on-chain assets, thus protecting the Sui ecosystem from 

 launched by these known nefarious entities.

The SuiNS service launched its native token, NS, on Nov 14, 2024. Initially, NS is envisioned to support 

 processes on the platform, and will also be used for purchasing and trading SuiNS names. Currently, names are traded using SUI, the blockchain's native cryptocurrency. It's likely that NS will replace SUI in this capacity in the near future. The project team has also hinted that there could be additional uses for the NS token beyond governance and payment for SuiNS names. More announcements on this issue are likely to follow.

During the initial phase of the token's existence, governance will be its most prominent function. Holders of NS will be able to vote on important issues concerning the protocol's rules and future direction. One NS equals one vote, with more NS tokens giving you a greater say in the overall decision-making process. You can also increase your voting power by locking your NS tokens for from one to 12 months. For every additional month locked, you obtain 10% voting power. To encourage voting, 5% of the NS token's supply has been allocated for governance rewards. NS is a 

 token, with a total and maximum supply set at 500 million. The token's supply distribution shares are per the chart below.

NS is available on Bybit's Spot market as a swap pair with USDT (

). You can also take advantage of Bybit's campaign dedicated to the token to grab a share of the 

. Three campaign events for eligible users run through Nov 27, 2024, 8AM UTC:

Thanks to Sui Name Service, interacting on-chain has become easier and more user-friendly. However, easy-to-remember names aren't the only benefit: advantages also include lower likelihood of lost funds, better security and a completely decentralized, user-owned identity on-chain. So far, around 330,000 names have been registered, and with the impressive suite of benefits, expect this number to grow as we move with SuiNS into 2025.

Intermediate

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Sui Name Service (NS): Your On-Chain Identity Made Simple

The cryptocurrency market is witnessing an influx of speculative trading, particularly with meme coins like DOGE, PEPE and BONK experiencing extraordinary gains. 

November 2024 has marked a significant milestone for Bitcoin, with its price soaring to $94,105. This unprecedented growth has been driven by global events and heightened social media discussions, with predictions of six-figure valuations. Historically, peaks in social media chatter often precede market corrections, signaling traders to exercise caution. Currently, while whale accumulation remains strong — with wallets holding over 10 Bitcoin adding 53,006 more BTC in just one month — retail traders remain surprisingly cautious. This wary sentiment contrasts sharply with the bullish behavior usually seen during price surges, suggesting a potential correction.

The cryptocurrency market is witnessing an influx of speculative trading, particularly with meme coins like DOGE, PEPE and BONK experiencing extraordinary gains. Despite their volatility, these tokens reflect a broader appetite for high-risk investments. Notably, whale investors holding 1M–100M DOGE are accumulating, while smaller holders are selling, creating conditions for potential breakouts. However, if new capital stops flowing, these speculative assets could face significant downturns. Additionally, while discussions around Bitcoin reaching $100K are increasing, they haven’t reached the levels seen earlier this year, indicating that fear of missing out (FOMO) may not yet be fully realized.

Institutional Interest and Ethereum's Resurgence

Demand for Bitcoin ETFs has surged, with daily trading volumes hitting a record $8.21 billion, signaling increased institutional interest. This activity often coincides with market peaks, but could also indicate new investments flowing into the crypto space. Meanwhile, Ethereum has also gained momentum, breaking above $3,100 for the first time in over 14 weeks. Additionally, whale accumulation is on the rise, suggesting that as Bitcoin leads the market, profits may soon be redirected into Ethereum. In contrast, Solana's price movements remain highly sentiment-driven, with funding rates indicating potential entry points for investors. Overall, altcoins are experiencing growth, particularly following the U.S. elections, which have reignited optimism in the crypto market.

Advanced

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Bitcoin's Resurgence: Analyzing Market Dynamics and Speculative Trends in November 2024

Crypto market makers play a crucial role in providing liquidity by consistently placing buy and sell orders. Learn more about how they work here.

The cryptocurrency market is notorious for its high volatility and sometimes low liquidity, making it a challenging environment for traders and investors. Executing trades can be difficult, often resulting in significant price 

Market making is a strategic approach that provides the necessary liquidity to stabilize markets, ensuring smoother trades and reducing volatility. By creating buy and sell orders around the current market price, market makers help maintain a healthy trading ecosystem. This article examines the fundamentals of market making, its benefits for traders and exchanges and the way it enhances the overall efficiency of the cryptocurrency market.

A crypto market maker is an entity or individual who primarily provides liquidity in cryptocurrency markets by continuously placing buy and sell orders for digital assets. This activity ensures efficient trading and helps maintain stable prices.

Crypto market makers play a key role in keeping markets liquid by continuously placing buy and sell orders on exchanges. Here's a closer look at how they operate.

Key Characteristics of a Crypto Market Maker

Crypto market makers provide liquidity and stabilize prices in the cryptocurrency market. The following are the key traits that enable them to operate effectively.

Market makers continually place buy and sell orders, ensuring the availability of transactions for traders. This constant availability reduces wait times for trades and minimizes the price impact of large orders, making the market more efficient and accessible for everyone.

One of the fundamental roles of market makers is that of managing the bid-ask spread. By consistently quoting competitive prices, they narrow this spread, thereby enhancing trading efficiency and reducing costs for other market participants. This spread is also their primary source of profit.

Market makers leverage advanced algorithms and HFT strategies to analyze market conditions and optimize their order placements. This technology allows them to react swiftly to price changes and maintain a balanced inventory of assets, which helps to manage risk and maximize profitability.

Due to the inherent volatility of cryptocurrency markets, effective risk management is vital for market makers. They employ various techniques, such as hedging and real-time market analysis, to minimize exposure to sudden price swings. This ensures their operations remain stable even in the face of market fluctuations.

By providing continuous liquidity and facilitating smooth trading operations, market makers enhance overall market efficiency. Their presence attracts more traders, which increases transaction volumes, boosts exchange activity and contributes to a healthier trading environment.

Given the quickly evolving nature of the cryptocurrency landscape, market makers must be adaptable, continually refining their strategies in response to new technologies, regulatory changes and shifts in market dynamics. This ensures they remain competitive and relevant.

Crypto market makers play a critical role in the cryptocurrency ecosystem by providing liquidity and stabilizing prices. Despite the integral role they play, however, their operations come with both advantages and disadvantages. 

Additional Importance of a Crypto Market Maker

Crypto market makers play a vital role in maintaining the efficiency and stability of the cryptocurrency market. Their presence on crypto exchanges ensures trading environments operate smoothly. 

Newer and smaller cryptocurrencies often struggle with liquidity. Market makers provide a market for these assets, promoting their growth and creating a more diverse and dynamic crypto ecosystem.

Through continual quoting of prices, market makers aid in fair price discovery, ensuring that cryptocurrency prices reflect actual market demand rather than extreme fluctuations. This promotes a more trustworthy and transparent trading environment that allows traders to make data-backed decisions. 

Crypto market makers are essential players in the cryptocurrency ecosystem, providing liquidity, stabilizing prices and ensuring smooth trade execution. Their use of advanced algorithms and real-time order placements encourages a more efficient, accessible and fair market. However, risks such as market manipulation, potential capital loss and lack of regulation can be problematic. Overall, the role of market makers in supporting emerging assets and maintaining market stability makes them indispensable for a healthy and growing crypto environment.

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Crypto Market Maker: Boosting Trades With Strategic Liquidity

SEC Chair Gary Gensler announced he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration.

The S&P 500 rose 0.53% as investors shifted toward cyclical stocks expected to benefit from a strengthening economy, while technology shares lagged. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 4.79%, with Bitcoin and Ether rising by  4.19% and 8.75%, respectively in the past 24 hours.

Today's top performer is XRP, which surged 24.3% following the partnership between Ripple and MCSocialVenture to boost financial resilience and access in emerging markets.

Ripple (XRP), launched in August 2012, is a blockchain technology company focused on improving international payments with its cryptocurrency, XRP. 

, focused on investing in emerging market entrepreneurs. The initiative will pilot financial resilience and humanitarian solutions built on the XRPL, aiming to advance equitable access to finance.

Check Out the Latest Prices, Charts, and Data of 

 he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration. Gensler, whose term runs until 2026, faced pressure from the crypto lobby due to the SEC’s strict regulatory actions against the industry, including high-profile cases against Coinbase and Binance. Gensler’s departure is seen as a victory for crypto advocates, who hope the next SEC chair will be more crypto-friendly. Trump has hinted at firing Gensler on his first day in office and is expected to appoint a chair with expertise in crypto, such as Mark Uyeda, Hester Peirce, or Chris Giancarlo.

Yesterday, BTC Spot ETF data revealed a net inflow of $396.7 million, driven by $404.5 million from non-GBTC sources, partially offset by a $7.8 million outflow from GBTC..

 for those who participated. To claim, visit 

 using code B0FKOP. Additionally, Morph Zoo Season 2 has launched on mainnet, allowing users to earn points by bridging ETH or executing transactions on Morph. The Bitget Wallet offers a 1.2x multiplier on points to maximize rewards.

Beginner

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SEC Chair Gary Gensler to Resign on Inauguration Day, Marking a Win for Crypto Lobby

Bybit Learn

Blockchain

Altcoins

Polygon 2.0 is the next generation of the Layer 2 Polygon network, which seeks to create unlimited scalability and unification of information exchange via its Value Layer. 

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 projects trying to address the network's cost and speed inefficiencies have been introduced. Among these projects, Polygon (POL) stands out as one of the most popular and influential.

The Polygon ecosystem is a set of mostly Layer 2 technologies that allow users to conduct Ethereum transactions in a more cost-effective and scalable way than using the blockchain's Layer 1 directly. Founded in 2017 as Matic Network (MATIC), the project rebranded to Polygon in early 2021 while still keeping the MATIC token as its native cryptocurrency.

In September 2024, the Polygon project completed a pivotal native token migration — from MATIC to the new POL crypto — as part of its Polygon 2.0 initiative. The transition to the new Polygon ecosystem token, POL, isn't just a name change: the new cryptocurrency brings functional and security improvements and extensions that will help the Polygon project in its quest to become the leading Ethereum-linked Layer 2 ecosystem.

 started out in 2017 as a proposed Layer 2 solution to address the cost and speed inefficiencies of Ethereum. The project was founded by a group of technology entrepreneurs and blockchain enthusiasts — Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic. From 2017 to 2020 the project team was involved in developing and promoting its Layer solution, based on a 

 (PoS) sidechain anchored to Ethereum. The project conducted an 

 (ICO) for its original native token, MATIC, in April 2019.

In May 2020, the Polygon sidechain (then named Matic Network) had its official mainnet launch. The MATIC token was originally issued on Ethereum as an 

 asset, and could be bridged to Polygon PoS. It had three primary functions: transaction fee payments, 

. The last function, however, was used exclusively via the Ethereum blockchain — i.e., MATIC could only be staked on Ethereum, and not directly on Polygon PoS. In essence, this limitation meant that MATIC would serve mainly as a gas fee token on Polygon, with some additional governance functionality.

In terms of its tokenomics, MATIC was designed as a supply-capped token. Its total and maximum supply were set at 10 billion.

Polygon's ecosystem of products and Layer 2 solutions grew following the PoS chain's introduction (more on that below). The network’s fragmentation, along with the limitations of MATIC's functionality, prompted active research and development by the project team.

 — a new iteration of the platform that would improve its scalability, staking functionality, security and cross-platform interoperability. A month later, plans for the new POL token to replace MATIC were unveiled as well. POL is an integral part of the overall Polygon 2.0 vision, and is designed to drastically improve and expand MATIC's functionality.

The new token was issued on Ethereum in October 2023 with the intent to completely replace MATIC in the future. On Sep 4, 2024, Polygon officially transitioned to POL, with all of MATIC’s functions now carried out by the new token. Following the big switch, MATIC holders can still convert their tokens to POL on a 1:1 basis, using the 

Polygon 2.0 is the next generation of the Layer 2 Polygon network, which seeks to create unlimited scalability and unification of information exchange via its Value Layer.

Polygon 2.0 is a newly proposed protocol that combines all of Polygon's current protocols with 

 (ZK) technology to produce a Value Layer, which enables seamless use of the Polygon network and expands Ethereum to an internet scale. 

Among the improvements introduced in Polygon 2.0 are enhanced decentralization in community governance, a token upgrade, multi-layered network architecture and a ZK ecosystem. These advancements will enable the network to securely support an unlimited number of chains, making user interaction with the entire Polygon ecosystem as smooth as interaction with a single chain.

Founded as Matic Network in 2017, Polygon was created to act as a sidechain that helps scale Ethereum. The project later rebranded as Polygon (while retaining the MATIC token). Despite the rebranding and technological upgrades, such as the shift from 

, Polygon remains a fragmented system that faces challenges in liquidity and user experience, due to the presence of multiple public chains like 

To unify the ecosystem, Polygon 2.0 has been proposed as a way to merge its public chains with its Supernet chains. The plan encompasses improvements in key areas like 

 and protocol architecture. These enhancements will collaboratively facilitate cross-chain interactions, offering users the advantages of utilizing different chains while enjoying a seamless experience akin to a single chain.

Upgrades to Polygon will be done in stages, starting from the upgrade of the Polygon PoS chain. 

As of September 2024, the complete transition to Polygon 2.0 is still in progress, with most of the protocol upgrades in active development or test phases.

The project's main network, the Polygon PoS sidechain, will be upgraded to ZK Validium, a Layer 2 solution in which off-chain data availability is used to validate transactions more efficiently. Polygon's Validium will leverage 

 for transaction validation. The architectural change from a sidechain to Validium should improve the platform's processing capacity and scalability. Testing of the zkEVM Validium chain was held from November 2023 to January 2024.

Polygon zkEVM Upgrade From Type 3 to Type 2

Besides the Polygon PoS chain, another major Layer 2 solution within the project's ecosystem is zkEVM, a ZK-based rollup platform designed to drastically improve the cost and scalability of Ethereum transactions. While Polygon PoS, a sidechain, has its own functional network that can process transactions independently from Ethereum, zkEVM relies heavily on the underlying Ethereum chain and is more integrated with it.

 (EVM)–compatible platform that is almost EVM equivalent. The plan is to transition it to a Type 2 system, which offers higher compatibility with Ethereum and features full EVM equivalence.

, a development framework for designing and launching customizable ZK-based Layer 2 chains. In early 2024, Polygon CDK was upgraded to support functionality that lets any EVM-compatible chain function as a ZK Layer 2 network. This upgrade also makes it possible for chains developed using the CDK to join the platform's 

 (AggLayer), a critical part of the Polygon 2.0 architecture.

Polygon's AggLayer is envisioned to act as a protocol that unifies multiple blockchains, providing the same integrated user interface and creating a virtual single-chain-like experience. Networks in the AggLayer will benefit from cross-chain compatibility and optimized asset transfers between them.

Polygon Miden is a ZK technology–based Layer 2 rollup solution based on the Miden Virtual Machine (MVM). Written in the Rust programming language, Miden VM offers certain advantages over EVM, such as enhanced throughput and privacy of transacting on Ethereum. It’ss designed specifically for developers who wish to integrate privacy into their 

 was released in early 2024, with the Miden Alpha Testnet v2 launched in June 2024. This was quickly followed by the July 2024 release of the third version. As of the time of this writing in late September 2024, Polygon Miden is in its fourth Testnet state.

: When the zkEVM Validium L2 chain is complete, Polygon 2.0 will consist of 

: the Staking Layer, AggLayer, Execution Layer and Proving Layer. 

: On Sep 4, 2024, the MATIC token was upgraded to POL, with all of its key functionalities — gas fee payments, staking and governance — now carried out by the new POL cryptocurrency.

: To tie the whole of Polygon 2.0 together, the Polygon community will be given complete control over the entire Polygon ecosystem via a 

: Protocol Governance, System Smart Contract Governance and Community Treasury Governance. The compartmentalization created by the three pillars will make governance more efficient and scalable. 

The Polygon 2.0 updates are designed to consolidate all of the current Polygon protocols for unlimited scalability and unified liquidity, while also offering the benefits available via Ethereum. Two main objectives will be accomplished: Users’ privacy and transaction costs will be improved by storing validated transactions on Layer 1 Ethereum and actual data on Layer 2 Polygon. In addition, multiple Polygon chains will be supported, with no limit on cross-chain interactions. This will give users a more robust experience that will still seem like using a single chain. 

Each of the four layers of the new Polygon 2.0 ecosystem is responsible for a specific process. 

Collectively, these core layers establish Polygon 2.0 as the 

The POL token is now fully operational, and carries out the three main functions previously supported by MATIC (governance, gas fee payments and staking for the Polygon PoS chain). Holders of POL can participate in votes on the future direction of the protocol. 

For the future, governance functionalities and the involvement of POL holders in on-platform decision-making will further expand to cover three key areas — protocol governance, 

 details governance and community treasury allocations. POL will also be used as a unified gas fee payment asset across all chains under the Polygon Supernet structure.

Unlike MATIC, which had a hard supply cap of 10 billion, POL has no maximum supply limitation. Its initial total supply was specified at 10 billion, exactly the same number as the supply of MATIC. However, as it includes an annual 2% emissions rate for a period of 10 years, its supply is expected to grow within this period. As of late September 2024, POL's total supply already stands at around 10.26 billion, while its circulating supply is approximately 7.27 billion.

The emissions will be split equally between validator rewards (to incentivize long-term staking, which will help secure and scale the Polygon network) and allocation for the community treasury (to spur innovation and research). The emissions are adjustable and can be changed via community governance.

 with USDT via Bybit’s Derivatives market. The Perp contract allows you to trade POL with up to 75x leverage.

As of Sep 27, 2024, the POL token is trading at $0.4299 (66.6% lower than its all-time high of $1.29 on Mar 13, 2024, and 24.6% higher than its all-time low of $0.345 on Aug 5, 2024).

Long-term price forecasts for POL are generally bullish. PricePrediction 

 to trade at $0.78 in 2025 and $5.33 in 2030, while DigitalCoinPrice 

While several other L2 projects are undergoing similar expansion — such as the 

, which integrates all of its OP Mainnet with other L2s to enhance scalability — 

Polygon's transition is perhaps the most notable development in this space.

You might consider investing in the POL token based on Polygon's standing as one of the leaders in the Layer 2 arena. Additionally, the finalization of the move to Polygon 2.0 is also expected to boost the token's position in the future.

While investing in POL could be profitable, this is not financial advice. Always complete your own thorough, 

The Polygon ecosystem has long been a leading Layer 2 project, but advancements introduced in other newer projects have resulted in the need for significant improvements. Polygon Labs, developers and other contributors have produced Polygon 2.0 in response to this need. 

When Polygon 2.0 is completely functional in its final state, its project will hope to lay claim to the title of undisputed leader among Ethereum Layer 2 environments.

Polygon 2.0 (POL): Transitioning from MATIC to POL

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