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

Memes

Explainers

Altcoins

ConstitutionDAO was a crowdfunding DAO with the goal of purchasing a rare copy of the 1787 version of the U.S. Constitution.

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In the cryptocurrency space, a decentralized autonomous organization (

) is a governing entity within a crypto project that distributes authority among members who hold 

. Operating on a community-driven model, a DAO adopts a bottom-up structure. The members of the DAO hold governance tokens that grant 

 voting rights on various matters related to the entity. The DAO’s governing activities and votes are recorded via smart contracts to preserve integrity and transparency.

ConstitutionDAO was a decentralized autonomous organization whose specific one-time purpose was to purchase an official document for preservation. It played a pivotal role in influencing future projects that utilize DAOs for crowdfunding, despite ultimately falling short of its intended goal.

 was a decentralized autonomous organization that was launched in November 2021 through a crowdfunding initiative by Graham Novak and Austin Cain. This new project was formed for the exclusive purpose of obtaining the 1787 limited edition copy of the Constitution of the United States, of which only 13 copies exist.

ConstitutionDAO made history as the first DAO project to raise funds for the preservation of a founding document in the physical world. While it successfully raised capital from over 17,000 contributors, with a fund totaling more than $42 million, ConstitutionDAO still failed in its intention to purchase the rare copy of the U.S. Constitution from 1787. Nevertheless, it has served as an inspiration for future projects that will benefit the real world. As a failed DAO project, however, it also created financial loss for its investors.

ConstitutionDAO was founded by Graham Novak and Austin Cain, two residents from Atlanta, Georgia in the field of finance. On a Discord platform, they proposed buying a copy of the remaining 13 official copies of the U.S. Constitution from 1787 and began fundraising on Juicebox, the 

ConstitutionDAO exceeded its initial crowdfunding target of $20 million in just five days, and within a week over 17,000 contributors had helped pool $42 million in Ether (ETH). Of these 17,000 donors, 2,300 were reportedly first-time ETH users. Contributors were rewarded with PEOPLE tokens, granting them membership status within the DAO. If ConstitutionDAO won the bid, its members would be able to vote on where and how to display the treasured document.

ConstitutionDAO's popularity was partially attributed to the astute use of memes that caused it to go viral. Memes related to the 2004 film "National Treasure," in which Nicolas Cage starred in the lead role, popped up on Twitter, further aiding its breakneck pooling of funds. Its slogan, #WAGBTC (“We Are Going to Buy the Constitution") further stirred public interest as it trended.

Despite its tremendous fundraising, ConstitutionDAO’s $42 million bid ultimately lost to billionaire hedge fund CEO Kenneth Griffin, who bid for $43.2 million at the Sotheby's auction in November 2021. Afterward, ConstitutionDAO was criticized for publicly announcing its maximum bid, and just a week after it had launched, it dispersed. All of its members were given the option of a refund by exchanging PEOPLE for ETH. Given the exorbitant price of 

, however, this would pose a financial loss for PEOPLE holders, should they choose to redeem their PEOPLE tokens for ETH.

Although its bid fell short, ConstitutionDAO became a part of cryptocurrency history as the first DAO project to raise funds in an attempt to purchase a historic document. This marked a revolutionary moment in the crypto sphere, encouraging projects to pool the collective resources of members and use the tool of partial ownership interests for the acquisition and management of rare items in the physical world. However, it also underscored the need for substantial improvements in utilizing DAOs for crowdfunding and acquiring rare assets in the future.

Those who invested in ConstitutionDAO received a million PEOPLE tokens for every ETH they contributed. In addition to enabling participation in the pooled purchase of a copy of the Constitution of the United States, PEOPLE tokens were supposed to give members smart contract voting rights to steer the project’s future plans. For example, if the DAO had won the bid at the Sotheby’s auction, its next votes would have been in regard to the exhibit location for the document and how long it would remain on exhibition, as well as next steps for the community of those holding PEOPLE tokens.

In reality, the ability to vote on future plans never materialized. While the community was said to be a DAO, its core members were the “shadow rulers” who made independent decisions without any discussions among the community. For instance, the project disbanded without a community vote. Members had the choice to receive refunds, but the high cost of ETH gas fees prevented many PEOPLE token holders from redeeming their PEOPLE for ETH.

A DAO’s most fundamental principle is that every member possesses voting power. The numerous holders of ConstitutionDAO’s PEOPLE tokens didn’t have voting power at the organization’s most critical decision-making junctures. Because of this, many people thus assert that ConstitutionDAO isn’t a truly decentralized autonomous organization.

PEOPLE is the governance token of ConstitutionDAO, though its lack of actual utility makes it more of a 

. Notably, the project has stated that it didn’t offer partial ownership of the copy of the U.S. Constitution to those who held PEOPLE tokens. Instead, the project provided voting members with the ability to decide where the rare document would be displayed, in addition to other related administrative matters. In addition, ConstitutionDAO has said that its token holders shouldn’t have considered their purchase of PEOPLE tokens as an investment.

Instead, according to ConstitutionDAO, token holders were donating toward the organization's goal and receiving governance rights, rather than a fractional ownership of the document itself. 

However, the meme publicized by the founding members had said, "Buy the Constitution." This directly opposes what the DAO’s founding members have subsequently said, and has led some people to believe they would have had fractional ownership in the copy of the U.S. Constitution. Still others had simply invested with the hopeful assumption that the PEOPLE token's value would skyrocket.

In spite of ConstitutionDAO’s announcement that voting power would be granted to those who held PEOPLE tokens, the specific details of governance were never published. Following its failure to win the Sotheby’s bid, ConstitutionDAO made a series of decisions without any votes from PEOPLE token holders.

The ConstitutionDAO core team announced that those who had purchased PEOPLE tokens in November 2021 were given the chance for a refund, minus Ethereum gas fees. Members could claim their refund at any time, potentially enabling them to use their tokens to profit from price volatility. In reality, substantial gas fees have led to financial losses for investors seeking a swift refund. The resulting confusion and financial setbacks for many individuals sparked a sense of chaos and anger following the unsuccessful auction purchase.

While some investors did in fact immediately flip their tokens, the remaining token holders were shocked to learn that the PEOPLE token would be replaced with the WTP (“We the People”) token. The core members maintained that since the founding purpose of ConstitutionDAO was no longer viable, they were making the move to the WTP token. However, only a day later, the core members made a reversal: WTP tokens were off the table, and PEOPLE crypto tokens would continue to be used for future projects. And later, the project announced that there were no future plans for ConstitutionDAO because its founding purpose to buy a copy of the Constitution had failed at auction.

In just one week, the ConstitutionDAO project had launched, taken on tens of thousands of investors and raised millions of dollars. Also within that period, ConstitutionDAO had failed at its founding mission and lost the faith of its investors, with no future plans for the project available. Many of its investors lost significant amounts of money. The project’s core members had stated that the PEOPLE token was defunct, announced a new token and then made a complete 180. The series of significant events occurring over approximately a week left numerous investors in this project feeling confused and frustrated.

ConstitutionDAO (PEOPLE) Price Prediction

Since ConstitutionDAO launched in November 2021, its price has been volatile. As of Jan 26, 2024, PEOPLE’s price is $0.0269, or 85.5% lower than its all-time high price of $0.185 on Dec 23, 2021 and over 2,800% higher than its all-time low of $0.0009 on Nov 21, 2021. The current market cap for PEOPLE is $137,167,595, and its 24-hour trading volume is $30,556,018. PEOPLE’s circulating and max supplies are just over 5 billion.

Based on solid analysis, several top industry sources have made PEOPLE price predictions. CoinCodex 

 in 2025, rising to $0.094 in 2027 and $0.26 in 2030. Meanwhile, DigitalCoinPrice 

 by 2025, cross above the $0.10 mark in 2027 to a max of $0.12 and potentially reach $0.20 in 2030.

Both sources predict that PEOPLE’s price will surpass its current all-time high by 2030. While this may paint PEOPLE as a promising token to hold for investment, it’s crucial to 

 are prone to volatility — particularly of note when a token has already been sunsetted and has zero utility.

While ConstitutionDAO isn’t an actual DAO, and no longer has a viable purpose, it still offers potential financial benefits to traders, due to the possibility of profiting from both short-term and long-term holds.

There are two ways to buy PEOPLE tokens on Bybit. You can purchase them as a Spot trade pair (

Before buying PEOPLE on Bybit, however, you do need an active Bybit account. If you don’t already have one, you can open your account with a few fast and easy steps. To begin the process, click the 

 link at the top of the home page. You can then 

 to complete the process and link your crypto wallet.

While some people may view ConstitutionDAO as a failed project, it did make great strides in advancing the purpose and functionality of future DAO projects. Its crowdfunding efforts raised a considerable amount of money to achieve a specific real-world goal. In doing so, it moved the dial for mainstream cryptocurrency adoption. However, because the project ultimately failed to achieve its goal, it’s clear going forward that there’s still ample room for improvement in regard to future DAO projects focused on crowdfunding.

ConstitutionDAO (PEOPLE): A Reflection on Crowdfunding in Web3

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