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 0 blockchain is the underlying infrastructure that helps a blockchain run. It usually doesn't have its own crypto token or complex contracts. Read more.

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 ecosystem incorporates a wide variety of different networks and projects. To make it easier to understand how all these systems work, blockchain experts like to classify blockchain networks into three separate network layers. The majority of blockchains are either Layer 0, 

 networks. Each layer offers blockchain developers a specific set of pros and cons. This guide takes a deep dive into Layer 0 blockchain networks. Keep reading to learn how Layer 0 chains work — and why they're so useful.

A Layer 0 blockchain is the underlying infrastructure that helps a blockchain run. This base-layer blockchain usually doesn't have its own crypto token or complex contracts. Instead, it's a simple set of protocols and data that makes it easy to develop all sorts of compatible Layer 1 blockchains.

You can think of a Layer 0 blockchain layer as being similar to the operating system on which a computer runs. Much like Windows or macOS, it handles basic tasks and creates a structure that other projects can run on. Meanwhile, the Layer 1 implementation layer is like a standard computer program (think of Google Chrome). It has a specific function and a set of tools you can use to complete tasks. Finally, a Layer 2 chain is like a web browser extension. It runs on top of standard systems to provide niche features that specific users prefer.

Layer 0 blockchains are a somewhat new design. Many older blockchain networks simply built Layer 0 protocols into their initial frameworks. However, there are some real benefits to keeping these protocols separate and building an entire network layer just for Layer 0 concepts.

Modern blockchain systems typically operate as closed networks. Since each blockchain network generally doesn’t communicate with another, there's no quick and easy way to transfer data between chains. One of the main perks of a Layer 0 blockchain is that any subsequent layers built on it are 

. Since any chain built on the blockchain layer will share the same basic structure, different chains can easily communicate with each other. 

The infrastructure of a Layer 0 lets various chains run the same types of 

 and send data back and forth. This blockchain interoperability makes it easier for developers to design applications, and it simplifies things for blockchain users.

Another problem that a Layer 0 blockchain can solve is the issue of blockchain scalability. Currently, many of the leading networks struggle to handle large numbers of users. When there are multiple people making transactions, processing times slow and fees tend to rise. Fortunately, the interoperability of Layer 0 chains also leads to some unique scalability solutions. 

Developers who are addressing scalability challenges can create similar chains that run in parallel on top of the Layer 0 network. This allows them to process transactions simultaneously and manage more transactions at once. The ability to use 

 and other scaling solutions on Layer 0 systems ultimately leads to increased transaction throughput and reduced fees.

A Layer 0 blockchain also helps to address issues with development. Designing projects that run on a blockchain network can be tricky, and many developers struggle to find a system that offers the right software development tools. With Layer 0 chains, blockchain development is a lot more convenient. Blockchain developers have a helpful framework, but they aren't constrained by an unwieldy set of rules. Instead, they can easily craft their own personal blockchain layers that address the specific needs of their projects. Layer 0s create a supportive structure so that creativity can flourish.

Every Layer 0 blockchain is a little different. Some may employ different smart contracts or use different 

 to process data. Despite these differences, most chains will still rely on the same basic blockchain concepts. The typical Layer 0 blockchain uses a blend of these mechanisms.

The mainchain in a Layer 0 blockchain is the primary system that connects all other components. It maintains a running record of transactions that’s regularly updated with the information found on other blockchains in the network. The base layer blockchain also operates as a data layer that stores the information other chains need to function.

The sidechains in a Layer 0 ecosystem are usually Layer 1 blockchains. They're independent blockchains with their own validator nodes, smart contracts and users. Each implementation layer follows the structure of the main Layer 0, but they may also incorporate their own applications. Some systems also run an application layer in the form of a sidechain that handles specific games or other apps.

Cross-chain transfer protocols are the bridges that move information back and forth between chains. They securely connect with both sidechains and the mainchain. Additionally, they can transfer both tokens and data, so they allow for all sorts of necessary digital assets to pass back and forth between the various parts of a Layer 0 blockchain.

Layer 0s are sometimes called the hardware infrastructure layer because they often incorporate hardware into their design. In addition to protocols for handling hardware, a Layer 0 hardware infrastructure layer can also include servers, data centers and other types of technology.

Not every system uses a Layer 0 blockchain setup. Though this blockchain layer can be quite useful, it also has some potential downsides. Developers need to consider these pros and cons when deciding whether or not to use a Layer 0 chain.

Following are some of the reasons that people choose Layer 0 blockchains.

Some blockchain developers prefer to skip the Layer 0 blockchain concept because it can lead to the following problems.

To better understand what a Layer 0 blockchain is, it's useful to take a look at some examples. Most Layer 0s are marketed as scaling solutions, but there are also several that appeal to blockchain developers and users of 

Here are some of the most popular types of Layer 0 blockchains currently available.

 is a blockchain ecosystem that markets itself as a scaling solution for developers. It boasts transaction rates as low as 500 milliseconds, and fees of just $0.01 per transaction. 

This Layer 0 blockchain is especially popular with people looking to build commercial applications. Cosmos SDK’s flexible, detailed software development kit has been used by hundreds of companies.

 features an interoperable meta layer that connects to the Cosmos Hub, which then connects to multiple blockchain zones that offer different features to users. To further enhance scalability, Cosmos offers a proof of stake (PoS) consensus mechanism that secures the network without requiring excess computing power.

 is a Layer 0 blockchain designed by Gavin Wood, one of Ethereum’s co-founders. Though the 

 were originally focused on scalable messaging, its Layer 0 blockchain now includes a lot of other features as well. It can easily process 1,000 

 (TPS), and has a user-driven network governance system. Polkadot is one of the most popular Layer 0s, with widespread adoption in the crypto community.

The Polkadot network features a mainchain, called a relay chain, and multiple user-created sidechains. These sidechain blockchain layers offer a few different connectivity and purchasing options. There are permanently-connected parachains, auctioned off to create new blockchain platforms, and there are also parathreads that charge users on a "pay as you go" basis; users can disconnect from Polkadot when the parathreads aren’t in use. Polkadot uses a consensus mechanism called 

 (NPoS) as its consensus protocol to create a secure yet scalable solution.

 markets itself as a Layer 0 blockchain for scalable smart contracts. This system is focused on helping developers build DApps. It uses advanced tooling and offers a lot of helpful configurability options. Avalanche prides itself on being so easy to use that developers can launch a 

 design on its application layer in less than 60 seconds. It's also a highly scalable system that’s capable of confirming thousands of TPS.

 protocol created by a team of crypto enthusiasts and managed by a decentralized network governance system. Its blockchain system uses four different protocols — Slush, Snowflake, Snowball and Avalanche — as its consensus algorithms. They work together to confirm transactions through randomized voting. The framework also includes bridging and database optimization to allow for fast and convenient information transfers.

’s Layer 0 blockchain boasts an impressive transaction speed of 100,000 TPS. It's also an affordable option, since the average transaction fee is $0.0002 or less. This scaling solution supports developers and offers the option to create both fungible and non-fungible tokens on the 

. It also stands out from other scalability solutions because it has security and compliance features that are required to run traditional finance applications on decentralized networks.

Venom Network has a zero-emissions policy, thanks to its efficient PoS consensus mechanism. It achieves even greater transaction throughput with the addition of workchains and sharding. Its Layer 0 blockchain runs multiple Layer 1 

 that can break up into individual shards during times of high network traffic. Users can choose the chain on which they wish to work; some offer additional cost savings, security features or interoperability benefits.

The Layer 0 blockchain is a welcome addition to blockchain technology. By providing an underlying infrastructure for other networks to run on, it provides extra blockchain scalability and interoperability. While it takes a little more time and effort to design, this type of blockchain ecosystem may make it much easier to run large blockchain platforms with numerous DApps.

Layer 0 Blockchain: The Infrastructure Behind Scalable Networks

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