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

Crypto

Authorized push payment scams has become a significant concern not only in the traditional finance, but in crypto as well. Learn how to protect yourself against these frauds. 

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The digital age has brought about a multitude of conveniences, one of the most prominent being instant, real-time payments. However, as with most technological advancements, this convenience is not without its drawbacks. The rise of authorized push payment (APP) scams has become a significant concern worldwide.

This article will explore the risks associated with APP scams and provide valuable prevention tips to help you safeguard your finances against these fraudulent activities.

What Is an Authorized Push Payment Scam (APP)?

An authorized push payment (APP) scam is a fraudulent scheme whereby a scammer manipulates a person or business into transferring money to an account controlled by the scammer. This scam has become a prevalent form of online fraud, targeting individuals who then transfer money directly from their bank accounts to another account at the request of a scammer. 

APP scams have been around for many years, but the advent of real-time payment systems worldwide has made them increasingly attractive to criminals. Systems such as Faster Payments in the UK, PIX in Brazil, the New Payments Platform (NPP) in Australia and the recent launch of FedNow® Service in the USA have inadvertently contributed to making real-time payment fraud a reality.

In the first half of 2023, APP scams accounted for reported losses of more than $185 million, a 

 compared to the same period in the previous year. Only a fraction of funds from these losses were returned to victims, underscoring the severity of this growing problem.

APP fraud affects individuals and businesses alike. As more consumers and businesses adopt simple ways to send money in real time, the pool of potential victims increases. While crypto boosts convenience in transferring and receiving money, fraudsters can exploit this vulnerability to cheat users into different payment schemes.

Invoice and mandate schemes typically entail criminals manipulating genuine payment requests and tricking victims into rerouting the payments to the scammers’ personal accounts. This type of scam is often directed at people who settle invoices or businesses working with conveyancing attorneys, construction workers and others. Fraudsters may impersonate these professionals and assert that there’s been a change in bank account information. To counteract this type of fraud, it’s crucial to 

always confirm any modifications in payment details directly with the initial recipient

CEO fraud is a scam whereby a fraudster assumes the identity of a top-level executive (such as a CEO or CFO) within a company, and tricks individuals into processing immediate transactions to the scammer’s account. This kind of fraudulent activity’s predominant impact is on businesses. To deter acts of CEO fraud, it’s advisable to implement rigid payment approval processes within your company and motivate staff members to corroborate and document any irregular payment demands directly with the alleged sender, using reliable communication methods.

Impersonation Scams — Police or Organizations

In this fraudulent scheme, lawbreakers usually pose as representatives from banks or exchanges, employees or government authorities. They trick individuals into transferring funds to accounts under their control by alleging penalties, outstanding taxes or refunds, or claiming to provide help in “resolving your account problems” remotely. To keep from falling prey to these impersonation frauds, exercise prudence when contacted by people professing to be from authorized institutions. Authenticate their identity independently via formal routes prior to committing any payments, or permitting access to your computer system.

Impersonation Scams — Family or Friends

Scammers frequently pose as relatives or friends and concoct tales to coerce targets into executing bank transactions. These appeals usually arrive via social networking sites, or via SMS or quick messaging services. To avoid these deceptions, always use caution when dealing with a monetary request from anyone claiming to be an individual who is familiar with you. Confirm their authenticity through other channels, for instance a direct call or face-to-face meeting, prior to engaging in 

Scams involving advance payments for undelivered products or services are common, particularly on digital platforms such as social media, auction sites or 

 trading platforms. To safeguard yourself from falling victim to such fraud, it’s crucial to 

be vigilant when making online transactions

. Thoroughly investigating the credibility of the seller, scrutinizing customer feedback and considering employing secure payment options can provide additional layers of protection for buyers.

Fraudsters employ bogus investment schemes to persuade people into putting their money into phantom funds or counterfeit investments, luring them with the prospect of significant profits. These deceptive ploys can encompass several types of investments, including gold, real estate, cryptocurrencies, land banking or even wine. In order to safeguard against such investment frauds, it’s advisable to carry out meticulous investigations on potential investment avenues, solicit counsel from reliable financial consultants and maintain a healthy level of suspicion toward offers that appear overly attractive.

Swindlers often set up counterfeit profiles on social networking or matchmaking platforms and spend a great deal of time cultivating relationships with unsuspecting individuals. Once they’ve successfully built a bond of trust, these con artists invent personal issues and seek financial help to address them. In order to protect yourself from these deceptive love or friendship scams, exercise prudence when interacting online. Refrain from transferring money, investment plans, property or even cryptocurrencies to anyone you haven't physically met, and promptly inform the website administrators of any dubious activities.

The Role of Technology in Preventing APP Scams

Modern technology offers promising possibilities for preventing APP scams. Banks and crypto exchanges are now leveraging sophisticated fraud prevention software, incorporating machine learning and contextual data to identify and flag suspicious transactions. Artificial intelligence (AI) technologies can process data points faster and enhance fraud detection capabilities, mitigating identity risk and safeguarding customer accounts.

Clear communication with customers is crucial in the fight against APP scams. Customers should be made aware of the risks and signs of APP scams and learn how to protect themselves. Businesses can play a crucial role in educating their customers and promoting awareness around this increasingly common type of fraud.

Always independently verify any payment requests you receive — especially if they’re unexpected or seem out of the ordinary. Contact the individual or company directly using trusted contact information to confirm the legitimacy of the payment request.

Never disclose sensitive personal or financial information — such as your bank account details, birthdate, Social Security number or passwords — to unknown or unverified individuals or organizations. Scammers may use this information to perpetrate APP scams or other forms of identity theft.

Pay close attention to email addresses, phone numbers or website URLs provided in payment requests. Scammers may use slightly altered or misleading contact details to create a sense of authenticity. In addition, independently verify all contact information before proceeding with any transactions.

Implement Multi-Factor Authentication (MFA)

Enable MFA for your online banking and payment accounts whenever possible. This additional layer of security requires multiple forms of verification, such as passwords, codes or biometrics, making it more difficult for scammers to access your accounts.

For example, Bybit protects users’ funds by preventing

 unauthorized online access through a combination of advanced multi-signature Trusted Execution Environment (TEE) and Threshold Signature Schemes (TSS). Users are also advised to turn on two-factor authentication (2FA) to secure their accounts from unauthorized access.

If something feels off or too good to be true, trust your instincts. Take a step back and carefully evaluate the situation before proceeding with any financial transactions. If in doubt, consult with a trusted friend, family member or financial advisor for guidance. Likewise, if you suspect a friend or relative is being scammed, take action to intervene before the scammer has insinuated themselves into your friend’s or loved one’s finances through ill-gotten methods.

While the advent of real-time payment systems has brought about a multitude of conveniences, it’s also opened up new avenues for fraudsters to exploit. APP scams pose a significant threat to both individuals and businesses. However, through a combination of consumer education, technological advancements and layered security measures, we can fight back against APP scams and protect our financial systems.

How to Avoid Authorized Push Payment (APP) Scams

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