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

DeFi

With blockchain transactions publicly viewable, privacy isn’t guaranteed. Here's how Secret Network aims to do just that. With blockchain transactions publicly viewable, privacy isn’t guaranteed. Here's how Secret Network aims to do just that.

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Cryptocurrencies such as Bitcoin are well-known for enabling secure transactions with a layer of transparency that’s lacking in centralized currency systems. 

However, since those transactions can be viewed by anyone, that transparency can be a double-edged sword. One key issue with blockchain is that not all data is meant to be shared publicly. For example, most people don’t want to share their financial information.

In this article, we’re going to take a look at how Secret Network aims to give users the best of both worlds: the powerful security of blockchain technology, plus transparency options that enable you to keep your data completely private. 

, privacy in the blockchain space isn’t guaranteed. Even if the address initiating a transaction is anonymous, it’s still possible to analyze that transaction and tie its information to specific entities. There are already 

 of government agencies creating cryptocurrency tracing tools that utilize this premise — and that’s a problem in a world where digital security and data privacy are hot topics. 

 applications, platforms and tokens are poised to disrupt numerous industries which handle sensitive data in ways that were never before possible. In fact, 

 is set to completely change the financial landscape by enabling digital payments without the blessing of a centralized authority. 

Smart contracts play a big role in the success of DeFi. These are basically self-executing pieces of code that are managed on a blockchain and can be used to build DApps. However, they are typically public by default. This means all the data used and collected by DApps on a public blockchain is exposed to the public. That’s a big issue for DApps that handle sensitive user data. 

Secret Network’s solution is encryption from the ground up. Tor Bair, the founder of Secret Foundation, calls it “programmable privacy,” and it goes beyond the transactional privacy offered by privacy-centric coins like Monero. It relies on a network of computers called “secret nodes” to securely perform the computation of smart contracts built on the platform. The nodes use a so-called trusted execution environment (TEE) to enable secure, private computation. TEE technology is already used to securely process data on numerous platforms, including smartphones and video game consoles, thereby maintaining data privacy by default. It’s how smartphones handle sensitive biometric data — such as your fingerprints.

Here’s how secret contracts make Secret Network work

 are called “secret contracts” because they’re designed to preserve encryption and data privacy by default. Written in the Rust programming language, secret contracts allow DApps to use encrypted data without ever exposing it — even to the secret nodes that perform the computation required to power the applications. Users have complete control over what is shared, and with whom. They have the option to create “viewing keys” that give third parties the ability to view their sensitive data.

Think of it this way: if privacy-centric coins like Zcash, Dash and Monero are private alternatives to Bitcoin, Secret Network’s secret contracts are a privacy-centric evolution of Ethereum’s smart contracts. They add a layer of privacy and security to sensitive data while still maintaining transparency. This unique functionality protects users – keeping private data, private.

The Secret Network ecosystem. Image source:

The combination of secret contracts and TEE allows for unique use cases that aren’t possible on other blockchains. The 

 has already proposed a wide range of potential use cases for Secret Network, such as secret DeFi apps, 

, crypto auctions, exchanges, games, and more. Here are two meaningful use cases. 

 is the native coin of Secret Network. It is similar to Monero (XMR), Dash (DASH) and other privacy coins in that the recipient, balance and transaction amount can be encrypted. The programmable privacy provided by Secret Network ensures anonymity and confidentiality. SCRT holders must create a viewing key if they wish to reveal their balance to third parties. 

In addition to functioning as a currency, SCRT is also used to pay for fees required to use apps on Secret Network and for on-chain governance. Users must “stake” SCRT tokens to become secret nodes and help secure the network. The tokens are also required to participate in the governance of the network and to vote on proposals that decide its future.

 of 150 million tokens. For a nascent coin, it has an impressive 

 is another token that exists on Secret Network. It’s the native coin of the Sienna platform, which is a DeFi exchange and protocol that enables private trading, lending and borrowing with low transaction fees. SIENNA tokens can be used as a store of value, and for voting on proposals on the future of the Sienna platform. 

Sienna also has an ERC20 version, wrapped SIENNA (wSIENNA), which exists on Ethereum and is compatible with the Ethereum bridge on Secret Network. Users have the option to lock up their SIENNA tokens on the bridge and mint wSIENNA, which makes it easier for them to spend their tokens in Ethereum’s ecosystem. If you want your SIENNA back, simply send the wSIENNA back to the bridge, and Secret Network will release the tokens back to you.

The total supply of SIENNA tokens is capped at 10 million. It’s a fairly new coin, released in September 2021. Its market cap managed to reach $42 million by November 2021.

Blockchain technology has many potential applications in a number of industries, including finance, healthcare, machine learning, and more. However, without privacy, none of these potential use cases can really take off, especially in finance — and that’s where Secret Network comes in. 

Secret Foundation’s goal is to bring privacy to every blockchain, using off-chain bridges that can transfer assets between different networks. In December 2020, Secret Network 

 the launch of the Secret Ethereum Bridge, which allows the transfer of assets between Ethereum and Secret Network. There are also plans to release many more bridges in the future. 

The project is making a big push in DeFi. It launched SecretSwap, a decentralized exchange, in February 2021. SecretSwap is an automated market maker (AMM) for SCRT and all tokens native on the network (like SIENNA). Tokens bought on the exchange can be transferred privately to other DApps on the network, or sent over bridges to other blockchain networks. 

The project’s biggest goal right now is global adoption. It has created incentives to attract developers who will build applications using secret contracts, and showcase the network’s potential as a privacy-centric blockchain. 

There are already several well-known organizations that have shown interest and invested in Secret Network, including BlockTower Capital, Arrington XRP Capital, Spartan Group, Skynet Trading, and more. 

The Bottom Line: Secure, Private Data for Users

Secret Network has considerable potential as the world slowly gravitates toward more privacy-centric services. It may not be the first blockchain project to offer private smart contracts, but thanks to the simplicity of its TEE solution, it’s in a great position to capture the market and achieve global adoption.

What Is Secret Network (SCRT) in Crypto?

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