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

Blockchain

Crypto

Understanding how ETH gas works is important as it's the core of Ethereum sustainability. Learn what ETH gas is about and how to apply it.

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The native cryptocurrency Ether (ETH) fuels the 

. So, whenever you want to transfer ETH to another address, the concept of gas, 

, gas price will be associated to perform an ETH transaction. 

To understand how ETH gas works, it’s best to start understanding the basics. When analyzing fundamentally, Ethereum is interconnected with a vast web of computers that store and process all transactions on the labyrinth network of Ethereum. Simultaneously, these functionalities are backed up by smart contracts that have been pre-defined to execute trades, including value transfers and settlements without an intermediate party. But, for all of it to happen, ETH gas is needed.

gas is a unit to measure computational work of the transactions or smart contracts executed by miners at their own expense to keep the Ethereum network running.

A gas unit aims to separate the computation cost of the Ethereum network from Ether. These units are not immutable but rather depend on the final values a miner used to execute a transaction. And the gas used is directly proportional to the complexity of the transaction. For example, suppose you intended to perform an ordinary transaction like sending ETH to another person. In that case, it’ll cost 21,000 gas units, but sending 

 transfers may incur a much higher computation cost as the transaction is far more complex. 

If a transaction gets complicated and requires 12,500,000 gas to execute, then this block can only hold this transaction once miners package such a transaction. That is because this transaction is full for the entire block.

 means the cost of Ether for every unit of gas needed to be paid. Typically, gas price is calculated in 

” (1 ETH = 1×1018 Wei.) The smallest price unit in ETH is in “Wei”. However, the gas price is generally priced at 1,000,000,000 because 1 

Unlike the gas limit, traders can set this value to adjust their transaction confirmation speed. Mainly because this is a decisive value that determines how fast the miner packs a transaction. These values can either be set manually or recommended by checking websites such as 

Generally, the payment is taken from the sender’s wallet. Thus, for a transaction to be confirmed, one should have a slightly more significant sum than the one that has to be sent. In comparison, the remainder will be used to cover the fees allocated to the Ethereum Virtual Machine resources and measure the computational efforts in this network.

On the contrary, the transition of Ethereum to 

 (PoS) consensus mechanism means the gas fees are now paid to the stakers instead of miners. 

 and gas price are essential elements. However, they are not comparable mainly because different types of transactions yield a different gas limit. The gas limit interprets the maximum amount of gas you wish to pay to execute a transaction. For instance, the gas limit estimates how much gasoline your vehicle needs to travel across 80 miles. And ideally, this value should exceed the actual consumption. Otherwise, you won’t make it to the 80 miles distance. 

Typically, there isn’t a limit for ETH gas. However, the higher the gas limit means there is more computation work required to execute the transaction. Though the gas limit of 21,000 gas units is the standard to transfer ETH, there are times where more gas is required for complex executions. Therefore, experienced users, such as developers, or automatic wallet recommendations, should be the ones to set the value instead of a user.

Note, it’s necessary to confirm and execute the operation even if the transaction is inactive. The maximum commission you wish to pay for the transfer is as referred:

 is useful to estimate the maximum transaction fee when given the gas limit and gas price at a given moment. Since the gas price is changing continuously, and the transactions’ complexity is varied. Hence, using an automated gas calculator can better estimate the transaction fee. Besides, the automated calculation helps users to better gauge the time-frame a miner needs to mine a block.

, 21,000 gas is needed for an ordinary transaction. However, one should understand that this is not the commission charged by 

 but the payment that miners get for the processing a transaction.

Like Bitcoin, Ethereum 1.0 relies on the Proof-of-Work consensus algorithm where miners’ 

 determines the system’s security. For that, miners are motivated with rewards. There is a direct dependence of the network security on the number of transaction fees a miner can earn. The more they earn, the higher is the stability of the system. With more miners working in a peer-to-peer network, the Ethereum network increases its hash rate.

On the contrary, in the Bitcoin network, the fees are determined by users and miners. Thus, creating an open marketplace where the processing of transactions can be rejected due to low fees. However, despite this similarity, some significant differences between these two networks as Ethereum support a much broader range of functions.

When comparing Bitcoin and Ethereum, it’s important to note that the latter is much more than just a cryptocurrency and a means of payment.

The Ethereum network uses blockchain technology to provide an open software platform for everyone. Developers can use programming languages like Solidity and Vyper’s technology to create 

. These are self-closing agreements that can facilitate the transfer of money, content, property, or anything of value, provided that pre-set parameters are met.

 (dApps). All of it, by connecting their dApps to the blockchain through a smart contract, users can be sure that their code is executed exactly as written, without relying only on the developer. Many DApps are running on the Ethereum platform covering various areas such as job search websites, games, and more.

To launch a dApp on the Ethereum blockchain, you need to pay a transaction fee. Thus, gas is considered to be not only a cryptocurrency but the fuel for creating decentralized applications on the network. Every action that takes place on the Ethereum network requires a different amount of computing power. The more resources and the more complex the transaction is, the more ETH you’ll need to pay.

While Bitcoin focuses on payments, Ethereum offers its open-source blockchain technologies to developers and enterprises that can use them to create new programs. The Ethereum network is like the App Store, where developers can create their apps to work on the network.

A miner who creates a block will receive the commission for it. When generating the block, the miners must decide what kind of transactions to include in it. 

They may choose transactions in an unexpected way. A user sending ETH should set the corresponding ETH gas price

for miners to motivate them to include a transaction in the block (since they get all the commissions). Most of the miners would have a more straightforward strategy. Typically, they’ll collect the transactions, copy them at the price of gas ranging from the highest to the lowest level, and fill up every new block with them.

The gas price should be sufficiently high for a miner to add to your transaction into the block. If you are in a hurry, then you can set a higher price to bypass other transactions. Otherwise, you can just set the price, which will be sufficient for a miner to add to the block.

The gas fee is the actual fee for a transaction. And the gas fee cost refers to the gas used gas price. When the gas, gas price and gas limit are considered, it’ll then yield your final transaction fees.

The gas fee is a variable figure. For instance, theoretically, the transaction can require 25,000 gas, but only 21,000 gas is spent on processing transactions in practice. The remaining amount of gas will be refunded at once to the person who sends the transaction. This feature becomes an additional source of income for miners.

When Ethereum still relies on the PoW consensus with limited capacity, the gas prices could soar when the network is overloaded. Ethereum 1.0 is capable of processing 13-15 

 on average, which significantly complicated the processes, mostly when the industry is at the uptrend.

As the current ETH gas price fluctuates concerning USD, a normal transaction fee could range from half a cent to several dollars. For example, the soaring interest in 

 causes an influx of transactions and eventually leads to a surge of Ethereum’s average gas price in late 2020. As a result, the 

 increased from 11.73835 Gwei on 7 Aug 2019 to the peak of 538.006 Gwei on 17 Sep 2020— all within a year.

To set the best price for Ethereum gas, one should rely on the network’s current state and personal requirements for the transaction speed. The higher is the network overload and the faster you need your transaction to be processed, the higher the gas price you will have to pay.

Will The High Gas Price Impact Network Stability?

Despite the problems of high gas prices, the Ethereum network remains stable. However, the expensive gas defies the Ethereum network’s main concept. Generally, the high processing fees exclude the possibility of microtransaction payments and decrease the chances of cryptocurrency mass adoption. Of course, Ethereum miners may benefit financially from the situation. However, these short-term benefits undermine the basis of this network as it is not practical for settlements in a smaller transaction. 

The sudden popularity of decentralized finance in 2020 increased Ethereum users’ number. Hence there’s a demand surge for ETH. Decentralized finance (DeFi) is the term for financial service based on smart contracts for easier transactions between the parties.

 boom has become the cause for the technical issues of the Ethereum network. The largest DeFi platform, Uniswap, created based on Ethereum, started bottlenecking the system with a significant number of transactions. As a result, the transaction fees became incredibly high. Their amount outpaced Bitcoin, and the gap between networks increased.

The development of the DeFi industry also gave birth to the concept of yield farming that has become incredibly popular. That is a new method of earning rewards using decentralized money-making protocols. Users should only invest in cryptocurrency to get their interest. The earnings can be 100% ~ 2,000% APR (Annual Percentage Rate) on certain yield farming pools in the mid of 2020. However, the losses can be severe when the smart contract’s protocol is exploited. Despite the risk, millions of people are interested in 

The Ethereum Scalability Problem And Its Solution

Scalability was one of the problems inherent to Ethereum 1.0. This resulted in a higher gas price and other severe issues during its existence.

Beyond Vitalik Buterin, the community has acknowledged this problem and set the goal of switching the network to the PoS consensus. The project aims to implement sharding technology, which implies breaking the network into small parts or shards to confirm transactions and improve its transaction speed.

Once Ethereum completes the migration, transactions will be processed by validators instead of miners. As a result, the transaction speed will be increased. And the fees will be lowered, and the network’s overall efficiency will be much higher.

Ethereum gas is an essential part of the network that serves to reward the network participants for maintaining the platform’s security and efficiency. Understanding its calculation and use principles is crucial. That is especially for those who aim to delve deeper into DeFi and adopt to blockchain technology in everyday life.

What Is ETH Gas & How Does It Impact the Ethereum Network?

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