Sui Name Service (SuiNS) enables blockchain users to register human-readable web3 names, ensuring secure, seamless transactions and a user-friendly on-chain identity.

Some people have no trouble remembering new cell phone numbers, and there are even a select few among us who wouldn't find it hard to memorize a 16-digit bank card number. However, very few people would choose to tackle the job of reliably recalling an alphanumeric blockchain address. Network addresses on 

 (ETH) are 42 characters long, while on the 

 (SUI) blockchain they span 66. These complex and length addresses are virtually impossible for most users to remember, and are among the least user-friendly features of 

 networks. Not only are long blockchain addresses distinctly user-unfriendly, but they also lead to many instances of wrongly executed transactions due to incorrectly input characters. 

Sui Name Service (NS), a solution on the Sui blockchain, has been specifically designed to tackle this problem. The service allows users to create human-readable and easy-to-remember web3 names linked to their underlying blockchain addresses. Using SuiNS, you can transact within web3 using your preferred username and, optionally, an avatar, rather than a long, complex blockchain address.

 (NS), or simply SuiNS, is a decentralized naming service that allows you to create and use a human-readable, user-friendly web3 handle to interact with the blockchain environment, instead of using a typical long and complicated network address. 

At the underlying level, your SuiNS name is linked to your blockchain address, but all the interaction and operations on the chain happen via your registered name.

SuiNS was first conceptualized and launched in 2022, inspired by the popular 

 (ENS). In many ways, SuiNS and ENS are similar, the obvious difference being that each one applies to its own respective blockchain environment. In May 2023, SuiNS was introduced on the Sui blockchain's newly launched mainnet. The service was developed and is supported by Mysten Labs, the development studio behind the Sui blockchain project. Since the beginning of the Sui blockchain's conceptualization, SuiNS has been among the core projects of the entire Sui ecosystem. As of late November 2024, SuiNS has managed to achieve the remarkable milestone of having registered nearly 330,000 names.

Using SuiNS, you can register your preferred username (as long as it's not been taken) for one year by paying a registration fee, currently charged in SUI coins. The name can be renewed at expiration for up to five years. All interactions with the blockchain environment through your wallet use your preferred username, rather than your blockchain address.

SuiNS names can be between 3 and 63 characters. Users can check the availability of their preferred handle and register it using the 

, where a lookup textbox is prominently displayed. Shorter names cost more than longer handles. As of the time of this writing (Nov 21, 2024), a three-character-long name costs 500 SUI ($1,785) and a four-character name will cost 100 SUI ($357), while names with five or more characters are priced at 20 SUI ($71.40).

A SuiNS name can only be registered for one year, but it can be renewed for up to four years (excluding the initial registration year). There's a 30-day grace period after the expiration of your SuiNS name, during which you may still renew it. If you don't renew during the grace period, your registered name will be up for grabs by anyone on the market. Optionally, you can buy an NFT avatar linked to your SuiNS name.

 (DApp) ecosystem on the Sui blockchain. Developers can use off-chain remote procedure calls (RPCs) to integrate the Sui service into their application environments. They can also take advantage of the native, on-chain SuiNS SDK to interact with the service.

Thanks to SuiNS, you can enjoy short, comprehensible names for your own address, as well as the addresses of the parties with whom you transact (if they also sign up for the service). No more forgettable string combinations that are hard to read and virtually impossible to remember!

However, a SuiNS name isn't just a tool of convenience. It also represents your decentralized identity on-chain. The identity is fully owned by you, the user, rather than by a centralized entity.

SuiNS minimizes the likelihood of lost assets due to sending funds to the wrong address: short, easy-to-remember names are way less prone to incorrectly executed transactions than standard blockchain addresses.

Security is also among the benefits of SuiNS. The service runs on the Sui chain, which prides itself on developing and enforcing high-grade security standards. Among these are 

, a framework that maintains a list of malicious websites and on-chain assets, thus protecting the Sui ecosystem from 

 launched by these known nefarious entities.

The SuiNS service launched its native token, NS, on Nov 14, 2024. Initially, NS is envisioned to support 

 processes on the platform, and will also be used for purchasing and trading SuiNS names. Currently, names are traded using SUI, the blockchain's native cryptocurrency. It's likely that NS will replace SUI in this capacity in the near future. The project team has also hinted that there could be additional uses for the NS token beyond governance and payment for SuiNS names. More announcements on this issue are likely to follow.

During the initial phase of the token's existence, governance will be its most prominent function. Holders of NS will be able to vote on important issues concerning the protocol's rules and future direction. One NS equals one vote, with more NS tokens giving you a greater say in the overall decision-making process. You can also increase your voting power by locking your NS tokens for from one to 12 months. For every additional month locked, you obtain 10% voting power. To encourage voting, 5% of the NS token's supply has been allocated for governance rewards. NS is a 

 token, with a total and maximum supply set at 500 million. The token's supply distribution shares are per the chart below.

NS is available on Bybit's Spot market as a swap pair with USDT (

). You can also take advantage of Bybit's campaign dedicated to the token to grab a share of the 

. Three campaign events for eligible users run through Nov 27, 2024, 8AM UTC:

Thanks to Sui Name Service, interacting on-chain has become easier and more user-friendly. However, easy-to-remember names aren't the only benefit: advantages also include lower likelihood of lost funds, better security and a completely decentralized, user-owned identity on-chain. So far, around 330,000 names have been registered, and with the impressive suite of benefits, expect this number to grow as we move with SuiNS into 2025.

Intermediate

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Sui Name Service (NS): Your On-Chain Identity Made Simple

The cryptocurrency market is witnessing an influx of speculative trading, particularly with meme coins like DOGE, PEPE and BONK experiencing extraordinary gains. 

November 2024 has marked a significant milestone for Bitcoin, with its price soaring to $94,105. This unprecedented growth has been driven by global events and heightened social media discussions, with predictions of six-figure valuations. Historically, peaks in social media chatter often precede market corrections, signaling traders to exercise caution. Currently, while whale accumulation remains strong — with wallets holding over 10 Bitcoin adding 53,006 more BTC in just one month — retail traders remain surprisingly cautious. This wary sentiment contrasts sharply with the bullish behavior usually seen during price surges, suggesting a potential correction.

The cryptocurrency market is witnessing an influx of speculative trading, particularly with meme coins like DOGE, PEPE and BONK experiencing extraordinary gains. Despite their volatility, these tokens reflect a broader appetite for high-risk investments. Notably, whale investors holding 1M–100M DOGE are accumulating, while smaller holders are selling, creating conditions for potential breakouts. However, if new capital stops flowing, these speculative assets could face significant downturns. Additionally, while discussions around Bitcoin reaching $100K are increasing, they haven’t reached the levels seen earlier this year, indicating that fear of missing out (FOMO) may not yet be fully realized.

Institutional Interest and Ethereum's Resurgence

Demand for Bitcoin ETFs has surged, with daily trading volumes hitting a record $8.21 billion, signaling increased institutional interest. This activity often coincides with market peaks, but could also indicate new investments flowing into the crypto space. Meanwhile, Ethereum has also gained momentum, breaking above $3,100 for the first time in over 14 weeks. Additionally, whale accumulation is on the rise, suggesting that as Bitcoin leads the market, profits may soon be redirected into Ethereum. In contrast, Solana's price movements remain highly sentiment-driven, with funding rates indicating potential entry points for investors. Overall, altcoins are experiencing growth, particularly following the U.S. elections, which have reignited optimism in the crypto market.

Advanced

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Bitcoin's Resurgence: Analyzing Market Dynamics and Speculative Trends in November 2024

Crypto market makers play a crucial role in providing liquidity by consistently placing buy and sell orders. Learn more about how they work here.

The cryptocurrency market is notorious for its high volatility and sometimes low liquidity, making it a challenging environment for traders and investors. Executing trades can be difficult, often resulting in significant price 

Market making is a strategic approach that provides the necessary liquidity to stabilize markets, ensuring smoother trades and reducing volatility. By creating buy and sell orders around the current market price, market makers help maintain a healthy trading ecosystem. This article examines the fundamentals of market making, its benefits for traders and exchanges and the way it enhances the overall efficiency of the cryptocurrency market.

A crypto market maker is an entity or individual who primarily provides liquidity in cryptocurrency markets by continuously placing buy and sell orders for digital assets. This activity ensures efficient trading and helps maintain stable prices.

Crypto market makers play a key role in keeping markets liquid by continuously placing buy and sell orders on exchanges. Here's a closer look at how they operate.

Key Characteristics of a Crypto Market Maker

Crypto market makers provide liquidity and stabilize prices in the cryptocurrency market. The following are the key traits that enable them to operate effectively.

Market makers continually place buy and sell orders, ensuring the availability of transactions for traders. This constant availability reduces wait times for trades and minimizes the price impact of large orders, making the market more efficient and accessible for everyone.

One of the fundamental roles of market makers is that of managing the bid-ask spread. By consistently quoting competitive prices, they narrow this spread, thereby enhancing trading efficiency and reducing costs for other market participants. This spread is also their primary source of profit.

Market makers leverage advanced algorithms and HFT strategies to analyze market conditions and optimize their order placements. This technology allows them to react swiftly to price changes and maintain a balanced inventory of assets, which helps to manage risk and maximize profitability.

Due to the inherent volatility of cryptocurrency markets, effective risk management is vital for market makers. They employ various techniques, such as hedging and real-time market analysis, to minimize exposure to sudden price swings. This ensures their operations remain stable even in the face of market fluctuations.

By providing continuous liquidity and facilitating smooth trading operations, market makers enhance overall market efficiency. Their presence attracts more traders, which increases transaction volumes, boosts exchange activity and contributes to a healthier trading environment.

Given the quickly evolving nature of the cryptocurrency landscape, market makers must be adaptable, continually refining their strategies in response to new technologies, regulatory changes and shifts in market dynamics. This ensures they remain competitive and relevant.

Crypto market makers play a critical role in the cryptocurrency ecosystem by providing liquidity and stabilizing prices. Despite the integral role they play, however, their operations come with both advantages and disadvantages. 

Additional Importance of a Crypto Market Maker

Crypto market makers play a vital role in maintaining the efficiency and stability of the cryptocurrency market. Their presence on crypto exchanges ensures trading environments operate smoothly. 

Newer and smaller cryptocurrencies often struggle with liquidity. Market makers provide a market for these assets, promoting their growth and creating a more diverse and dynamic crypto ecosystem.

Through continual quoting of prices, market makers aid in fair price discovery, ensuring that cryptocurrency prices reflect actual market demand rather than extreme fluctuations. This promotes a more trustworthy and transparent trading environment that allows traders to make data-backed decisions. 

Crypto market makers are essential players in the cryptocurrency ecosystem, providing liquidity, stabilizing prices and ensuring smooth trade execution. Their use of advanced algorithms and real-time order placements encourages a more efficient, accessible and fair market. However, risks such as market manipulation, potential capital loss and lack of regulation can be problematic. Overall, the role of market makers in supporting emerging assets and maintaining market stability makes them indispensable for a healthy and growing crypto environment.

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Crypto Market Maker: Boosting Trades With Strategic Liquidity

SEC Chair Gary Gensler announced he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration.

The S&P 500 rose 0.53% as investors shifted toward cyclical stocks expected to benefit from a strengthening economy, while technology shares lagged. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 4.79%, with Bitcoin and Ether rising by  4.19% and 8.75%, respectively in the past 24 hours.

Today's top performer is XRP, which surged 24.3% following the partnership between Ripple and MCSocialVenture to boost financial resilience and access in emerging markets.

Ripple (XRP), launched in August 2012, is a blockchain technology company focused on improving international payments with its cryptocurrency, XRP. 

, focused on investing in emerging market entrepreneurs. The initiative will pilot financial resilience and humanitarian solutions built on the XRPL, aiming to advance equitable access to finance.

Check Out the Latest Prices, Charts, and Data of 

 he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration. Gensler, whose term runs until 2026, faced pressure from the crypto lobby due to the SEC’s strict regulatory actions against the industry, including high-profile cases against Coinbase and Binance. Gensler’s departure is seen as a victory for crypto advocates, who hope the next SEC chair will be more crypto-friendly. Trump has hinted at firing Gensler on his first day in office and is expected to appoint a chair with expertise in crypto, such as Mark Uyeda, Hester Peirce, or Chris Giancarlo.

Yesterday, BTC Spot ETF data revealed a net inflow of $396.7 million, driven by $404.5 million from non-GBTC sources, partially offset by a $7.8 million outflow from GBTC..

 for those who participated. To claim, visit 

 using code B0FKOP. Additionally, Morph Zoo Season 2 has launched on mainnet, allowing users to earn points by bridging ETH or executing transactions on Morph. The Bitget Wallet offers a 1.2x multiplier on points to maximize rewards.

Beginner

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SEC Chair Gary Gensler to Resign on Inauguration Day, Marking a Win for Crypto Lobby

Bybit Learn

web3

Crypto scams are rampant, and NFT is no exception. Master these techniques to identify a good NFT project & learn which projects to avoid.

These days, everyone is talking about NFTs, or non-fungible tokens. Irrespective of what you think about NFTs, there’s little doubt that the market for NFTs has exploded. Recent estimates suggest a 

, which is a hundred times larger than four years earlier.

As with everything new, speculations abound. Some people think that NFTs have reached a tipping point, and the bubble is going to explode. Others suggest that this is only the tip of the iceberg, because the NFT phenomenon is just beginning to go mainstream. The variety of sentiments confuses investors who are already disoriented by the chaotic environment, unable to decide whether to invest in NFTs and how much value a specific NFT project holds.

In truth, such confusion results primarily from misunderstandings about NFTs. In fact, non-fungible tokens are more than just digital images floating around the internet. Similarly, it's also true that not every NFT project is worth your investment.

Here’s a look at NFTs, why they have a future, and what makes a good NFT project.

Are NFTs Just Another Speculative Bubble?

A lot has been said about NFTs since their launch. From time to time, websites tracking NFT prices suggest that their value has decreased significantly, dropping as much as 75% in the space of a few months. As a result, most people automatically assume that the NFT craze is just another bubble which will burst, sooner or later.

In reality, anything related to the crypto sphere — including NFTs — has always remained extremely volatile. A broader look at cryptos suggests countless dips and peaks. For instance, the historical Bitcoin graph reveals numerous bubbles throughout its decade-and-a-half existence. Therefore, if history is any indication, everything that’s built on a solid foundation will peak at the right time — and NFTs are no exception.

People also speculate because they see NFTs as digital art without creative use. However, there’s no reason to count NFTs out — because they offer artists much more than traditional artwork, offering them verifiable ownership rights, enhanced security, and more flexibility in buying and selling.

Optimists also point out that NFTs are worth the hype because they have value beyond aesthetics. For instance, the NFT gaming space is rife with innovation. Players can purchase in-game assets and explore new dimensions, and NFTs are also helping people create digital identities.

Perhaps the most defining feature of the NFT is its potential to make markets more efficient. This efficiency is partly manifested in a transparent environment for digital artists, who can directly connect to a global audience without involving costly agents. Instead of artists going to Christie's, for auction, it's the other way around.

NFTs can even replace passports and IDs to streamline identification and travel. Similarly, they can be used to fractionalize the ownership of physical assets, including real estate, artwork and fine jewelry.

In essence, NFTs are no joke, because they solve real-world problems. NFTs are being used as event tickets, software licenses and fan club memberships. The possibilities are endless, and there’s no reason to think of NFTs as a baseless commodity or a speculative bubble.

Now that you have some ideas as to why NFTs are useful, it's time to consider if they can bring you some luck.

If you're someone who craves aesthetics or loves to explore new products, jumping on the NFT bandwagon is a no-brainer. It means that you're buying NFTs for the sake of art and fun.

On the other hand, if you're looking at an NFT as a future investment, you need to walk a tightrope and be able to discern between a good NFT and a bad NFT project. This is precisely what this article will help you to do: Identify ten important things to consider before buying NFTs.

What Will NFTs Mean in Another Ten Years?

If you've decided to invest in NFTs, you may be in for a pleasant surprise. In the next ten years, NFT projects will likely reach a new milestone. This is evident from the large business stakes of Twitter, Reddit and Facebook, each of which is investing heavily in buying and selling NFTs.

Mark Zuckerberg has already announced his intentions to make way for NFTs in a new business model, since NFTs offer privacy, safety and interoperability. If everything goes according to plan, there’s every reason to believe that NFTs will form the cornerstone of Facebook's reinvention into Meta, as it transforms its operations to integrate the realities of the metaverse.

The in-game marketplace is another big domain for NFTs. At present, gamers can’t use their in-game credits from one game in another. Once they lost interest in a game, their credits are wasted. This may no longer be the case in a few years, as NFTs are already allowing gamers to transfer the remaining credits to other gaming platforms. With scarcity, transferability and proof of ownership, the in-game purchases can be used as investments, instead of using them for fun only.

While there are countless other uses for NFTs, one of the most remarkable claims is being made by Tether co-founder William Quigley. He suggests that every consumer product in the next ten years will have a

. Considering that almost 20% of existing paintings owned by museums are non-authentic and approximately 3.5% of world trade is based on counterfeit products, digital records of ownership of physical assets may revolutionize the world and give NFT owners much more than they bargained for.

The stock market is the first thing that comes to mind when thinking about investments. However, most people are unable to relate NFTs to the stock market and traditional investment channels because they are only perceived as digital art. Contrary to this belief, NFTs represent real-world objects like art, music, in-game items, videos, and more. Accordingly, investing in NFTs means investing in real-world objects and virtual assets that have a meaningful impact on people’s lives.

Perhaps the most striking parallel between investing in NFTs and the stock market is in futures trading contracts. Just as a futures trading contract is built around an underlying asset, so are NFTs, which represent real assets. If no one doubts the feasibility of futures in the financial markets, there’s likewise no reason to doubt the validity of NFTs. As a matter of fact, NFTs hold much more value than futures contracts — because NFTs solve real-world problems. Therefore, it can be argued that NFTs are real investments that will likely form the backbone of investment projects.

Things to Note When Accessing an NFT Project

There are lots of NFT projects popping up every day. Whereas new projects have increased the number of choices available, the diversity has also made it difficult to pick a profitable project. Most people looking to invest in NFTs get burned because they make their choices without due diligence. This haste leads to loss, giving NFTs a bad reputation.

Fortunately, if you're willing to do a bit of research, without falling for the usual marketing gimmicks, there are lots of golden nuggets in the NFT market. When you’re ready, here’s how to go about it:

Investing in NFTs can be expensive. Therefore, it's important to pick NFTs that are within your budget and risk appetite. Don't blindly invest in a "blue-chip" project just because it has given investors high returns. The best advice is to look at a project from a potential ROI (Return on Investment) perspective. If you're an early entrant in a project, you're more likely to get much better returns from smaller projects, compared to projects that have already gone mainstream.

After setting a budget, look around for a platform that can give you an overview of potential NFT projects. For instance, 

 is an upcoming platform that ranks projects on the Solana NFT blockchain, based on 18 factors. Its objective is to filter potentially successful projects with high ROI. There are lots of other platforms built around this concept. OpenSea and Nansen are just a few more examples to consider. 

Once you've shortlisted the potential list of NFT projects, the first attribute to look for is the project’s utility. NFT projects with utility offer perks that go beyond dollar value. These NFTs are more than artwork, because owning them provides added value by giving access to exclusive members-only events, ownership of special characters in a game, dividends, unlocking limited-time experiences, and other perks. There’s no doubt that project utility is the defining feature of a potentially successful NFT, because these projects continue to attract more investors by increasing their brand valuation.

Joining an active NFT community and following top NFT collectors is another way to get insight into upcoming projects. Popular NFT groups usually have a paywall, which is reflective of the value they can provide to their members.

A vibrant community also ensures that the NFT project gets off the ground successfully. In the NFT market, community members are like customer service reps who can answer your most pressing questions and offer practical guidelines regarding useful investment strategies. Don't take numbers for granted; instead, judge an NFT by the number of active members it has, as well as its buying and selling activity.

Good NFTs never stay dormant. You can judge an NFT by viewing its social proof. Almost every new and upcoming project uses Twitter to post important news and events.

NFTs have just started to go mainstream. Therefore, it's imperative that you carefully look at the work experience of its founders and team. To be on the safe side, only pick projects that have a credible team that has worked on successful NFTs in the past. The more experience the team has, the more likely the project will succeed.

Only invest in NFTs that have a clear, transparent and detailed road map that you can understand. The road map should define specific milestones, and any changes must be communicated clearly to all stakeholders.

Whenever you create, buy, sell and transfer NFTs, you have to deal with the gas fees. These are essentially transaction fees which are unavoidable and keep fluctuating. Many investors end up on the losing side because they never consider these transaction fees in their plans. Before venturing into a project, try to evaluate what you’ll need to pay for a gas fee. Certain tools, such as Rarible Analytics and NFT Gas Station, can help you trace such expenses.

If you're interested in investing in an existing project, look for an NFT’s floor price. The floor price is the minimum amount required to become a member of a project. If the floor price is consistently going down, it means that the project is losing its demand. Theoretically, the floor price of a project will rise during its lifetime. Floor Checker and NFT Price Floor are just a couple of the many platforms which can help track floor prices.

Investors with deep pockets often look at the rarity score of a specific NFT. The NFT rarity ranking measures how rare an NFT collection is. Rare NFT collections yield greater ROI in the long run.

Like any other investment, an NFT is prone to fail if it doesn’t have a solid foundation. Perhaps the first indication of a doomed project is that it doesn't provide any utility or benefit to its investor. For instance, it's always risky to invest in an NFT just for its aesthetic value unless the NFT collection has already gained traction and amassed a lot of value.

Similarly, NFTs that don't provide investors tangible benefits are a telltale sign of failure. An NFT project that lacks liquidity will also underperform, because you need buyers who will buy your NFT in the future. A small community is also a risky proposition because without a robust community of users, there is usually little or no buying and selling. Consequently, such NFT projects can fail to get off the ground.

As you can see, NFTs are gearing up to become an important commodity in the near future. NFT applications are already blending online NFT ownership with offline use cases to make NFTs more valuable.

Despite these innovations, remember that purchasing NFTs also depends on personal taste and choice. Sometimes, it doesn't have anything at all to do with the money. People buy NFTs for various reasons, including personal connection and passion. At the end of the day, we recommend you buy NFTs that you enjoy owning — because their intrinsic value will never decline.

10 Things to Consider Before Buying an NFT

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