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

Did you know that blockchains are susceptible to Sybil attacks? Find out what happens when it occurs and how blockchains can prevent them in this article.

 is certainly one of the most exciting new innovations in the financial world. However, this new technology comes with some potential hazards. If you want to avoid major issues, you need to be aware of problems like Sybil attacks. What is a Sybil attack? This guide will help you understand what it is, and to learn how a blockchain network is made more Sybil-resistant.

A Sybil attack is a type of malicious assault that targets peer-to-peer (P2P) networks. It involves a single entity operating multiple identities at the same time to get undue influence over the network's actions.

 by Brian Zill, at that time a researcher at Microsoft. He named the attack after Sybil Dorsett (neé Shirley Ardell Mason), a renowned psychological patient known for having dissociative identity disorder. Reminiscent of Dorsett's case, a Sybil attack involves multiple identities all being controlled by a single node in a network. Though the identities appear to be completely distinct nodes, the reality is that they all correspond to the same local entity.

This type of attack was initially used to gain excessive control over P2P systems. However, with the advent of blockchain, Sybil attacks became a lot more prevalent. 

To better understand what a Sybil attack is, it’s helpful to take a closer look at how these attacks work. Sybil attacks are usually classified into two main categories.

A direct attack is the most straightforward. It starts with one or more nodes that spoof other nodes within the network. These nodes, which are called Sybil nodes, mimic the identity of an authentic node in the network. 

In a direct attack, other real nodes end up communicating directly with the Sybil nodes. The authentic nodes don’t realize the Sybil node is a fake, so they communicate with it directly and accept influence from the Sybil nodes.

An indirect attack involves both normal nodes and Sybil nodes. However, the normal nodes and the fake nodes don’t directly interact with each other; instead, a Sybil node maliciously influences a middle node in the network. This node then becomes a malicious node that communicates with other nodes on behalf of the Sybil node. An indirect attack allows the Sybil node to affect the network without being easily identifiable.

Why should you be concerned about a Sybil attack? A few false identities might seem relatively harmless, but as more develop, they can greatly harm a network. Here are some common examples of how a Sybil attack causes problems.

Sybil Attacks Can Block Users From a Network

The main concern with a Sybil attack is that it can create enough fake identities to completely overwhelm all the honest network nodes. 

Once the Sybil nodes have control of the network, they can

. The Sybil nodes can refuse to either transmit or receive blocks in a network. This ends up essentially blocking other users from being able to access the network. 

These attacks can temporarily cause a drop in crypto values, so they can be very problematic. In fact, Ethereum's founder has stated that he plans to entirely change the crypto's algorithm simply due to the problems caused by recent Sybil attacks.

Sybil Attacks Can Disrupt the Network with a 51% Attack

Nodes are responsible for handling the flow of information within a network, so any compromised node is a privacy risk. A Sybil node can be used to retrieve information about other nodes within the network. At the very least, a Sybil attack can do things like obtaining users' IP addresses to create more fake nodes. 

Are All Blockchains Susceptible to a Sybil Attack?

As you can see, a Sybil attack can cause all sorts of problems. Just about any P2P system can be harmed by a Sybil attack. Since a blockchain is a type of decentralized P2P network, a Sybil attack can affect it. 

However, this doesn't necessarily mean that all blockchains are at risk of a Sybil attack. There are plenty of ways to protect against these attacks, so only certain types of blockchain need to worry about a Sybil attack.

There have also been instances of a Sybil attack being used to compromise blockchain privacy. Some types of crypto, like 

, are focused on providing a private, secure method for completing transactions. In 2020, an unidentified assailant used a Sybil attack to disrupt the network and link transactions to IP addresses. Though Monero was mostly able to halt the attack, some private user information was still leaked.

While there have been many examples of a Sybil attack on smaller blockchains, it’s worth noting that big blockchains are less susceptible. For example, no attacker has managed to successfully complete a 51% attack on Bitcoin. Since the blockchain is so large, the costs of adding so many fake nodes would outweigh most benefits of an attack. Furthermore, since new blocks are added at such a rapid rate in Bitcoin, an attacker has only a very small window to make alterations.

Whether a blockchain is big or small, there are still plenty of ways to prevent a Sybil attack. Though a successful Sybil attack can definitely be intimidating, it's actually fairly easy to avoid. As long as companies put a few security measures in place, they can usually halt these assaults before they happen. Here are a few of the most common ways of dealing with these attacks.

Many methods for blocking an attack don’t actually make it completely impossible for someone to create Sybil nodes. Instead, they work by making it inefficient to use a Sybil attack. The whole point of the attack is often to manipulate a blockchain for financial gain. If it’s very costly to create each new identity, the cost of performing a 51% attack can outweigh any potential gain.

This is one of the big reasons that blockchains like Bitcoin are rarely targeted for a Sybil attack. Users can only create a block when they can provide proof they've actually mined a coin. This requires so much processing power that miners don’t have much of a financial incentive to create a fake block.

Since this type of attack is usually carried out by a flood of new identities, one option for reducing attacks is to create a reputation system in which different members have different power levels. Typically, those who have been in the system for a longer period of time have the ability to perform more interactions.

This sort of system can be a little more complicated to implement. It often puts a lot of responsibility in the hands of individual users. However, it can be fairly effective. Since older members who are proven to be honest nodes have more power, they can often override newer Sybil nodes. Furthermore, it discourages attacks — because most attackers will move on to an easier target, instead of taking the time to make accounts and wait for them to gain enough power to perform actions.

In cases where privacy is a concern, simply discouraging an attack is not enough. Instead, prevention methods will typically rely on actually validating each new identity. 

There are multiple techniques involved with identity validation. Some blockchains use direct validation, where a central authority validates each new identity. Others use indirect validation, where already-accepted identities vouch for new identities.

Each style has its own benefits. Direct validation often relies on requiring new users to submit information such as a telephone number, IP address or even a credit card. This can be simple and fairly reliable, but it's susceptible to attack techniques like IP address spoofing. 

Meanwhile, indirect validation can be a little more resistant to identity proxies, but it's more time-consuming. Something to keep in mind with any of these methods is that they often effectively require users to sacrifice anonymity for security.

A social trust graph works by carefully analyzing connectivity data among nodes. These tools closely consider activity within the blockchain, so abnormal nodes can be identified and halted. 

There are several different techniques used with social trust graphs. Some use sparsity-based metrics, while other mechanisms analyze user attributes within a topological structure. The graphs then try to partition the portion of the network with Sybil nodes and keep them from altering honest nodes. There are many tools used to perform these actions, such as SybilRank, SybilLimit, and SybilGuard.

Social trust graph techniques do work well at limiting the fallout from an attack. However, they don’t completely prevent attacks from occurring. Instead, these techniques are meant to quickly identify and halt a specific Sybil attacker. They’re an effective way to prevent major issues while keeping a blockchain relatively anonymous and affordable for real users. 

It’s good to keep in mind that these tools work best on more complex P2P networks. If the attackers can engineer Sybil nodes that behave like normal nodes, it’s harder for social trust graphs to catch them.

This Sybil prevention technique attempts to ensure that only a single identity is able to control each node. It relies on the strict validation of each created identity. Users aren’t required to provide things like their name or a credit card number. Instead, they have to pass a test that ensures that they’re a real human, and aren’t in control of other nodes. 

There are many ways to do this, such as passing a CAPTCHA test or chatting with another user. A popular option is a pseudonym party, which requires users to go online at a designated time and website.

Personhood validation is a highly effective way of verifying identities without requiring users to share their real-world identities. It’s a useful way for privacy-focused blockchains to ensure that all users are controlled by individual people. 

Personhood validation is particularly useful for permissionless blockchain networks, but keep in mind that implementation can take some time. It takes time to thoughtfully design a validation method that’s effective without being so strict that it frustrates real users. Furthermore, since it mostly weeds out bots, it might not catch a real person using a small-scale Sybil attack.

An effective Sybil assault often relies on adding an extremely large number of nodes to the network. Therefore, an effective barrier can be to make each new action quite costly. This can extend far beyond just making new users pay an application fee. Some blockchain networks require users to invest in resources, or show proof of work for mining.

Adding economic costs to your blockchain has both pros and cons. As examples of past attacks have shown, making it too pricey to attack a network is an effective way to make a network Sybil-resistant. 

However, this strategy can be a little risky. At a certain point, costs can get so high that they discourage legitimate users. If you become the target of an entity with a lot of funds, they may be able to simply throw money at the problem until they’ve successfully attacked your network.

Ultimately, a Sybil attack is one of the leading threats in modern blockchain technology. These online assaults can damage crypto values, steal funds and affect user privacy. Most prevention strategies simply rely on making the cost of an attack too pricey, but these methods don't guarantee security. To truly avoid the negative results of a Sybil assault, blockchain networks need to design their systems carefully and implement extra forms of user verification security.

Sybil Attack: What It Is & the Threats It Poses to Blockchains

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