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

A Layer 1 blockchain is the base system that any blockchain network relies upon. Find out more about what it is and how it works in this article.

Layer 1 blockchains are an often-overlooked part of 

, yet they're absolutely essential. Layer 1s are basically the building blocks of all modern decentralized finance (

), so knowing some of the details about how a Layer 1 blockchain works will help you better understand the entire crypto ecosystem. Keep reading to discover everything you need to know about Layer 1 blockchains.

A Layer 1 blockchain is the base system that any blockchain network relies upon. A Layer 1 is made up of data and software, secured with cryptography and stored on a decentralized system of nodes. People can use this architecture to perform transactions, store information and manage other tasks.

Since a Layer 1 blockchain can sometimes be the only layer a blockchain network has, it requires a complex system. Layer 1s are fully able to handle every aspect of a blockchain. In order to manage all these tasks, a Layer 1 blockchain uses the following mechanics.

Blocks are the base structure of any Layer 1 blockchain. As a matter of fact, they're so important that the entire concept of a blockchain network is named after them. Much like the cells in a spreadsheet can hold data, a block can store essential information about users, transactions, token balances and assets. 

Each block contains new information, such as the record of a crypto sale, along with a cryptographic 

 (or transaction ID) that contains the previous block details. This allows the entire blockchain to function as a distributed ledger that stores a chronological and irreversible list of all past transactions.

 is a set of rules that ensures new blocks are valid and correct. The most popular options for consensus mechanisms are proof of work (

). These consensus protocol options require any network participant to use either computing power or digital assets as collateral if they want to become a node. These 

 can finalize new blocks, but they only receive block rewards if a majority of nodes agree with their work. Ultimately, a consensus mechanism gets users to help validate transactions while rewarding them for their efforts.

Due to the way blockchains function, there’s no way to reverse or modify previous transactions. After the transaction data is placed in a block and the blockchain's consensus protocol verifies it, it's an irreversible (or 

For example, if you send money accidentally, you can't ask the blockchain to delete the transaction and restore your original token balance. (You can politely ask the receiver to send the tokens back, but no one can force them to do so.) Furthermore, the blockchain itself will always maintain the record of the crypto being sent back and forth in two separate transactions. There is no way to alter or remove past transaction data.

For many blockchain users, the chain's native assets are its most important feature. Digital assets such as 

 are a unit of value defined by the rules of the Layer 1 blockchain. A native token has many uses. For instance, people (validators or miners) can receive them as block rewards for helping with the consensus protocol, or use them to cast votes (for governance) in a blockchain community. 

Not all blockchains need to use a native token. However, the majority of them use a token system because it's one of the easiest ways to run a large blockchain network.

The final essential mechanism of a blockchain is its security system. To function properly, a blockchain needs to provide its users with data privacy, identity management and 

 management. There is some inherent security to a blockchain simply because it has an irreversible ledger and operates on multiple decentralized nodes that must achieve consensus before making changes. However, there are still some potential issues, such as an entity creating several malicious nodes and trying to outvote true nodes. Different blockchains have various ways of addressing security concerns, such as adding encryption or using a private key system that enables users to take control of their own privacy.

Layer 1s function as the primary security provider and underlying infrastructure of any blockchain. So why do some chains use multiple layers? 

Additional layers are usually meant to provide extra 

 support to the main chain so it can maintain low gas fees and high transaction speeds, no matter how many users are processing transactions. However, multiple layers aren't always necessary. There are actually some other ways for a Layer 1 blockchain to achieve linear scalability.

One popular scaling solution is to change the rules by which the Layer 1 blockchain functions. For example, increasing the data that a single block can store or allowing faster block confirmation can help to achieve linear scalability. Another option for protocol changes is to upgrade the consensus mechanism. Many chains are switching from 

. This requires less computing power, and allows nodes to achieve consensus without having to solve lengthy algorithmic puzzles.

Sharding was originally a mechanism used in distributed databases, but people are beginning to realize it has potential as a Layer 1 scaling solution, as it breaks a blockchain into smaller datasets which are then called shards. Each network node maintains a single shard instead of holding a copy of the entire Layer 1 blockchain, and the network processes all shards in parallel. The end result is a Layer 1 blockchain that’s less intensive to run, which makes more nodes available. The increased number of nodes can improve 

 to handle higher levels of transaction data.

 are a popular option for scaling decentralized applications (

) based on a Layer 1 blockchain. This technology relies upon the idea of confirming data as correct without actually having to prove it. For example, a DApp can check to see whether a user has submitted the correct asymmetric 

, and then instead of entering the entire key phrase onto the Layer 1 blockchain, they simply provide the main layer with proof that the asymmetric key pairs were correct.

Benefits and Challenges of a Layer 1 Blockchain

The main benefit of a Layer 1 blockchain is its underlying infrastructure. Layer 1s are stable and reliable. They're designed to manage the entire blockchain network, so handling smart contracts and processing transactions is extremely straightforward. As the primary security provider for the system, a Layer 1 is the most secure option available to users. Furthermore, it runs on multiple nodes, so it offers all the advantages of DeFi.

However, a Layer 1 blockchain has some downsides as compared to blockchains with multiple layers. Additional layers don't have to handle security or finalize transactions, so they have much higher transaction speeds. Secondary blockchain layers also have lower transaction fees and consume less of a network's resources. This makes them an appealing spot to deploy DApps or process low-priority transactions. 

In addition to being slower and having more gas fees, the base layer of a blockchain can also be less flexible. Since new features can’t be added without affecting the entire network, other blockchain layers are often the only way to test out new ideas.

 is a term coined by Vitalik Buterin, the founder of the 

 blockchain. It refers to a common problem that many blockchains face: Though security, decentralization and scalability are all desirable features, it's almost impossible for a single blockchain to provide all three traits. For example, both the Ethereum blockchain and the 

 network are secure and decentralized, but they aren’t highly scalable.

Currently, modern blockchain technology hasn't found a way to solve the trilemma while keeping a blockchain to one layer, and most chains need at least two to address the trilemma. However, this doesn't necessarily mean it's impossible for a Layer 1 blockchain to be secure, decentralized and scalable. New upgrades may eventually solve the issue.

Of course, any blockchain is technically a Layer 1. However, some Layer 1s stand out for their commitment to improving their base layer instead of using all the network's resources to design multiple other layers. Below are some of the 

Of course, as the most popular blockchain network in the world, the Bitcoin network is one of the best examples of a Layer 1 blockchain. Known for its excellent security, thorough method for recording transactions and valuable native tokens, BItcoin retains an impressive and predominant share of the cryptocurrency market. Its highly liquid Layer 1 blockchain offers relatively more stable investment opportunities.

Despite also featuring a broad range of Layer 2 chains, Ethereum continues to work well as a Layer 1 blockchain whose primary advantage is its flexibility. Since Ethereum’s smart contracts are so easy to design, many people use it to create DeFi projects and deploy DApps. Its Layer 1 also stands out due to the blockchain's continual commitment to scalability, as the network has moved its consensus mechanism 

 and has plans to implement sharding in the future.

This unique Layer 1 blockchain has its own base layer, but it's also compatible with the 

. This ensures it has extensive smart contract capabilities and a reliable blockchain protocol. BNB Chain uses slightly higher levels of centralization than other blockchains, but in exchange it offers users excellent security, impressive scalability and low transaction fees.

 uses a somewhat unique consensus protocol. Called 

, this consensus uses timestamps as a method for validating and recording transactions. Proof of history is uniquely scalable and can improve transaction speeds to record-high levels of 65,000 TPS. Furthermore, Solana’s smart contract capabilities allow it to easily handle all sorts of DApps.

This Layer 1 blockchain is popular with crypto investors because of its unique smart contract capabilities. The blockchain protocol uses a consensus method called 

 to increase transaction throughput. People can finalize transactions very quickly on 

, so it's a favorite for those who prioritize speed but don't want to sacrifice security.

Developers are constantly tinkering around with Layer 1 blockchain designs, so the future holds a lot of exciting opportunities. For example, Ethereum’s research into sharding seems likely to influence the direction of Layer 1s.

In the future, Layer 1s might also have other options for achieving consensus. Many new projects, such as Solana, have explored consensus protocols beyond PoW or PoS and demonstrated their viability. In the future, expect to see a lot more variety among Layer 1s.

With their ability to run an entire blockchain network, Layer 1 chains are a critical part of the DeFi world. Though Layer 1s don't always have the intrinsic scalability of Layer 2s, there are still many fascinating mechanisms that allow them to handle high volumes of users. Well-designed Layer 1 chains are reliable, stable projects for crypto investors to explore.

Layer 1 Blockchains: Unveiling the Core Infrastructure of Crypto

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