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

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Tech Deep Dive

From constant outages to heavy VC backing, find out why critics are becoming increasingly concerned with Solana's claims of being decentralized.

Most financial transactions occur based on a centralized model, where a third party has the authority to manage any issues. However, having one party in charge is a double-edged sword, because if that intermediary is compromised, then all client transactions can be impacted. Cryptocurrencies promise to decentralize control of a network so that there’s not one single point of failure. Does this mean that decentralized crypto is immune? And what qualifies as decentralized?

 network suffered another outage — the 12th this year. The blackout shut down the network for four hours and ten minutes, and stopped a potential 975 million transactions from occurring. In a tweet, Anatoly Yakovenko, Solana Labs co-founder, explained the downtime: “As a result of the long nonce instruction, part of the network considered the block invalid, and no consensus could be reached.”

Stability issues on the Solana network caused its value to dip this year, and raised serious questions about the network’s decentralization.

This article examines the issues surrounding the Solana blockchain, and the ways in which its decentralization (or lack thereof) affects the network’s performance.

Blockchain decentralization is a governance system wherein decision-making rights are dispersed across the charge of shareholders or token holders in the majority. It’s designed to keep the network impartial, secure and accessible.

Blockchain decentralization transfers control, decision-making and supervision from a centralized entity, which could be an individual or a group, to a distributed network. The idea of decentralization is to reduce the need for trust among participants, and to lessen their capacity to influence one another to the detriment of the network’s functionality.

Decentralization is what makes the ”permissionless” and “censorship-resistant” qualities of blockchain networks possible. This means that networks can be accessed by all, and anyone can build on them without fear of undue influence or coercion. Decentralization also ensures the security and stability of the network.

The degree to which a blockchain network is decentralized is apparent in the number of distinct groups responsible for validating transactions, the number of developers building on it, and the distribution of the network’s token.

 is a method of measuring the extent of decentralization of a blockchain. It considers the unique properties of blockchain networks to get a more accurate picture of how decentralized a subject network is.

Created in 2017 by Anatoly Yakovenko and Raj Gokal, Solana was designed to push past the throughput limitations of mainstream blockchains while keeping transaction costs low. It boasts a theoretical throughput of 710,000 transactions per second, an impressive speed achieved through the implementation of a unique hybrid proof of history (PoH) consensus mechanism that utilizes a proof of stake (PoS) synchronization engine.

However, for many industry watchers, the Solana network’s lightning-fast speed comes at a cost — namely, centralization. Despite counterclaims, detractors continue to pile up evidence that Solana lacks decent decentralization. This has caused many to wonder if Solana is truly decentralized. To answer this concern, let's examine some of the factors and unique characteristics of the Solana blockchain that lead to doubts about its degree of decentralization.

In PoS networks, security relies on staked tokens which power transaction validation. Stakers are rewarded with transaction fees and voting power. Currently, about 77.7% of all SOL tokens in circulation are staked. Since the amount of SOL allocated to the public is comparatively small, the majority of these staked SOL will belong to insiders.

Invariably, this small group of insiders wields considerable network validation power, a situation that seems to make a case for the lack of decentralization of the Solana Blockchain. 

Critics have also pointed out that the Solana Foundation is the only entity developing core nodes on the blockchain, making them a central control point and reducing the network’s decentralization. Validator nodes are a key component of a blockchain network, and are primarily responsible for reaching consensus, verifying, and updating transactions.

To understand the impact of the validator node concentration on the Solana network, it’s important to consider the number of operational nodes and who owns them. Solana scored a relatively high Nakamato Coefficient of 19. Out of the current 1,161 validators, the top 19 validators control sufficient staked Solana (and therefore voting power) to launch a coordinated attack on the network — if they wanted to.

Validation on the Solana blockchain has a higher barrier to entry, due to expensive hardware requirements for running a validator node. Since few people can afford the thousands of dollars these high-end computers cost, the Solana network inevitably tilts toward centralization.

The Solana network's decentralization is further reduced by the high amount of SOL a validator needs to break even. According to rough estimates, a validator will have to stake about $1 million worth of SOL just to break even. To ease this burden, the Solana Foundation has subsidized validators who meet specific criteria to the tune of 25,000 SOL. However, this further reduces the network’s decentralization, as it means they choose many of the validators, rather than validators choosing to operate nodes by themselves.

With a $314.2 million investment in Solana Labs (through his trading firm Alameda Research), FTX Chief Sam Bankman-Fried (SBF) and a few other VCs have a significant stake in the project. This has led to fears of Solana being a venture capitalist-funded project that sacrifices decentralization and security for transaction speed. In fact, the VCs control virtually half of the staked SOL, creating a single point of control that increases vulnerability and detracts from its claim of decentralization.

As previously mentioned, the latest Solana outage was on June 1, 2022, when the network went down yet again due to a bug in the "durable nonce transaction feature," according to Solana Labs developers. Unfortunately, this isn’t an isolated event, as the network has been hit with a string of outages. This latest one, which lasted for four-and-a-half hours, was the fifth blackout in 2022 alone. 

Solana developers have always given a reason for each outage, ranging from attackers attempting to overload the network with excess transactions to bots running rampant and bugs in the network’s systems. 

But is there a link between Solana's perceived lack of decentralization and these outages? 

While the outages are likely due to unresolved bugs inherent in the network's novel hybrid consensus mechanism, the ease with which node validators restarted the network after the outages exposed an uncomfortable degree of centralization. 

In circumstances similar to Solana’s network outages, another incident inadvertently exposed the soft, centralized underbelly of the Solana ecosystem. 

Trouble started when the whale risked auto-liquidating the 5.7 million SOL deposited as collateral for a $108 million stablecoin loan — in this case, a mix of USDC and Tether — if the slipping SOL price dropped to $22.30. The forced liquidation threatened to wipe out all of the SOL in the liquidity pool and trigger massive liquidations, potentially crashing the Solana network (again). 

Reacting hastily, the protocol unanimously proposed a solution dubbed “SLND1.” This fix sought to hijack the whale’s account, and strategically liquidate the collateral in an orderly manner, in order to avert another Solana meltdown.

However, the Solend team was forced to rescind the decision — in the face of a strident public outcry that questioned the validity of a vote suspiciously concluded within a mere 24 hours. A protocol that could make such a critical, game-changing move without adequate input from all users still has a lot of decentralizing to do. 

Solana is often referred to as the “Ethereum Killer.” Ethereum, however, is still a more popular blockchain than Solana, behind only Bitcoin.

By several indications, Ethereum proves to be more decentralized than Solana. The first is the percentage of Ethereum insiders who own assets, compared to that of Solana.

According to Messari, a mere 15% of Ethereum tokens are allocated to insiders, and the other 5% are for foundations and incentives. So, in total, 80% is available for public sale. Solana has essentially half of its tokens allocated to insiders.

However, just like Solana, Cardano also falls short of being decentralized in its governance. Both blockchains are still heavily influenced by their parent companies — Solana by Solana Labs, and Cardano by IOHK, a Hong Kong software development company. 

One point where Cardano seems to be more decentralized than Solana, however, is in its validation system. Cardano has over 852,000 delegators on its blockchain, while only about 1,811 validator nodes support Solana. Cardano seems to have made more of an effort to create transparency and decentralization.

Ripple is believed to be heavily centralized, as the project's creators hold the majority of XRP. This means they also have a significant amount of decision-making power. Ripple can easily make changes to its blockchain without a system consensus, as the company has complete access to nodes. Ripple also decides when to create new nodes.

Solana’s 1,811 validators number over twelve times the 150 validators on the Ripple blockchain network.

Investing in SOL is easy. With Bybit, one of the fastest-growing crypto exchanges in the world, you can easily buy, sell, trade, stake and hold SOL. To buy Solana, follow these few easy steps:

Among all other cryptocurrencies tagged as "Ethereum Killers," Solana is one challenger that has vastly improved transaction processing times. However, the network has come under fire for being too centralized. Solana’s string of outages may create renewed motivation to continue improving their network.

Is Solana Decentralized? Outages, VC Ties and More Worries

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