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

Explainers

OpenSea is the world's first and largest NFT marketplace. Find out the origin of it and why it is so popular amongst NFT collectors and digital creators.

Dive into the world of non-fungible tokens (

, the world’s largest NFT marketplace that has revolutionized the way digital assets are bought, sold, and traded. Whether you’re a seasoned NFT enthusiast or a curious newcomer, this comprehensive guide will unravel the intricacies of what is OpenSea, its founders’ pioneering vision, and how it has grown into a thriving platform for millions of users. So get ready to explore the endless possibilities of NFT trading and creation, and embark on an exciting journey through the world of what is OpenSea.

Understanding OpenSea: A Comprehensive Overview

Established in 2017, OpenSea has rapidly evolved into the world’s most extensive NFT marketplace, serving as a user-friendly platform for the trade, purchase, and sale of digital assets. It offers a diverse range of NFT categories, including:

Built on the Ethereum network and integrated with the Polygon blockchain, OpenSea ensures seamless transactions with reduced fees, making it a popular choice for NFT enthusiasts.

OpenSea’s intuitive interface simplifies the process of creating NFTs for users, while developers can utilize the platform to build customized NFT marketplaces for various purposes such as in-game items, crowdfunding initiatives, and utility NFT distribution.

Driven by the ambition to develop open protocols enabling developers and users to create open economies across games, platforms, and digital worlds, Alex Atallah and Devin Finzer founded OpenSea in 2017. They identified a need for NFT collectors to safely trade their digital assets, and thus, the world’s largest NFT marketplace came into existence.

Today, OpenSea embodies their vision of an all-encompassing platform for digital asset transactions, including digital currency.

OpenSea’s meteoric rise is evident in its impressive growth, boasting:

The platform’s quick expansion, powered by its accessible interface and various NFT categories, has positioned OpenSea as a preferred destination for global NFT enthusiasts.

The platform of OpenSea presents an intuitive marketplace for users to delve into and uncover NFTs. With various filters and search options, users can easily find and browse through NFT collections spanning a wide range of categories, such as:

When searching for a new home, it’s essential to consider not only the house itself but also other properties in the neighborhood to ensure you’re making the best investment.

Finding the perfect NFT on OpenSea is a breeze, thanks to the platform’s user-friendly navigation. Users can easily sort NFTs by applying filters such as price range, collection, rarity, and more. OpenSea’s marketplace also provides several categories for filtering, including art, music, domain names, virtual worlds, trading cards, collectibles, sports, and utility.

OpenSea accommodates a wide spectrum of NFT enthusiasts with its support for various NFT categories, such as art, music, collectibles, virtual lands, and sports assets. Some of the most popular NFT categories on OpenSea are Profile Picture (PFP) collections, including 

Creating, Buying, and Selling NFTs on OpenSea

With the platform’s simple and straightforward processes, users can easily engage in the world of NFTs.

OpenSea offers various sale types and auction options, catering to the diverse needs of its users.

Learning how to create NFTs on OpenSea is as simple as constructing an NFT collection and uploading digital files in accepted formats. With just a few clicks, users can mint their unique digital assets and showcase them to a worldwide audience.

Buying NFTs on OpenSea is a seamless process. Here are the steps:

OpenSea’s user-friendly interface makes it easy for users to discover and purchase their desired NFTs.

Selling NFTs on OpenSea is equally straightforward. Users can navigate to their collection, select the NFT they wish to sell, and choose between listing it as an auction or a fixed sale. OpenSea charges a fee of 2.5% for each transaction, ensuring a fair and competitive marketplace for all users.

Blockchain Integration and Multichain Support

By integrating with multiple blockchains like Ethereum and Polygon, OpenSea assures seamless transactions and minimized fees for its patrons. The platform’s multichain support enables users to access a diverse range of NFTs, promoting a more inclusive and thriving NFT ecosystem.

Built on the Ethereum network, OpenSea utilizes the Wyvern Protocol for smart contracts, enabling secure and decentralized NFT transactions. Ethereum’s features that make it an ideal choice for developers and businesses include:

Ethereum serves as the foundational blockchain infrastructure for OpenSea.

OpenSea’s integration with Polygon offers users:

While Polygon may lack the same level of familiarity within the NFT market as Ethereum, its benefits in terms of transaction speed and reduced fees make it an increasingly popular choice for NFT enthusiasts.

OpenSea maintains compatibility with a variety of crypto wallets, facilitating easy connection and management of NFTs for users. The platform emphasizes security measures to protect users’ assets, offering valuable advice on best practices and precautions to maintain the safety of digital wallets and transactions.

OpenSea supports an array of wallets, including:

This allows users to connect and manage their NFTs. Users can easily integrate their preferred wallet with OpenSea and use it to purchase, sell, and trade NFTs on the platform.

OpenSea encourages users to follow security best practices, such as using hardware wallets and being cautious of phishing attacks. The platform has implemented security measures to protect user wallets and transactions, locking compromised accounts and blocking stolen items.

However, users are ultimately responsible for the security of their digital wallets, and OpenSea recommends taking steps to ensure that wallets are secure.

By offering valuable NFT data and market trends, OpenSea equips users to make enlightened decisions and uncover top collections. The platform’s analytics tools, along with its API for tracking real-time NFT sales, offer valuable insights for collectors and investors alike.

OpenSea offers a range of NFT statistics and analytics tools, such as:

These tools allow users to mint nfts and sort them, including non fungible tokens, utility nfts, and other crypto collectibles, by sales volume, recent activity, and other metrics, providing valuable insights into the NFT market and trends.

OpenSea highlights top collections and projects, helping users identify popular and valuable NFTs. By consulting the rankings on the OpenSea website, users can discover the highest-ranking NFT collections based on volume, floor price, and other statistics.

Notable collections include Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Springfield Punks.

Comparing OpenSea to Other NFT Marketplaces

OpenSea distinguishes itself from other NFT marketplaces with its exclusive features, varied NFT categories, and competitive fees. However, it also faces challenges and controversies that may impact its reputation.

A comparison of OpenSea with competitors such as Rarible and SuperRare offers significant insights into the respective strengths and weaknesses of each platform.

OpenSea offers a user-friendly platform, diverse NFT categories, and low fees compared to competitors like Rarible and SuperRare. Its easy-to-use interface, comprehensive search options, and blockchain support make it a preferred choice for NFT enthusiasts.

Additionally, OpenSea adheres to metadata standards, ensuring a seamless and enjoyable user experience.

Despite its success, OpenSea has faced controversies, including insider trading allegations, plagiarism, and phishing attacks. These incidents may impact the platform’s reputation and user trust. However, OpenSea has taken steps to address these issues and implement measures to prevent future occurrences, demonstrating its commitment to maintaining a safe and secure marketplace for its users.

In conclusion, OpenSea has cemented its position as the world’s largest NFT marketplace, offering a diverse range of digital assets and a user-friendly platform for trading, buying, and selling NFTs. Its integration with multiple blockchains, compatibility with various wallets, and emphasis on security make it an attractive choice for NFT enthusiasts. So, whether you’re a seasoned collector or just starting your NFT journey, OpenSea is an excellent platform to explore the exciting world of non-fungible tokens. #Bybit #CryptoArk

OpenSea is a blockchain-based marketplace for buying, selling and trading NFTs, similar to eBay or Etsy but in a decentralized manner.

Overall, OpenSea is a safe place to buy and mint NFTs since they are stored in your own wallet. However, there have been reports of crimes targeting the platform and its clients in 2021 and 2022, so it is important to take precautions when buying or trading.

OpenSea is free to use for creating and minting Non-Fungible Tokens (NFTs). Although selling an NFT on OpenSea is free, there may still be transaction fees involved depending on the blockchain being used, and OpenSea will typically take a 2.5%-10% fee from the total sale.

Open Sea is a great place for beginners to start exploring the world of NFTs, as it offers many options such as sports collectibles, domain names, trading cards, and virtual worlds.

OpenSea is a decentralized platform for buying and selling NFTs across multiple blockchain platforms such as Ethereum and Polygon. It also enables users to mint their own NFTs.

What is OpenSea? Discover the World's Greatest NFT Marketplace

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