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

Bybit Guide

Keyless Wallet is a state-of-the-art cryptocurrency wallet that integrates advanced multi-party computation technology. Learn more about how it works here.

: Exploring the unlimited opportunities in Web3 safely with the right wallet that suits your needs.

With the continuous expansion of the cryptocurrency market, an increasing number of users are exploring various 

 for safeguarding their assets. Key factors in their decision-making process often include security, ease of use and overall user experience. 

Among the myriad choices, Keyless Wallet emerges as a standout option that effectively meets these criteria. 

This article delves into the intricacies of Keyless Wallet to unravel its functionality, benefits and the unique advantages it offers to users in the ever-evolving world of cryptocurrency.

Multi-party computation (MPC) is a cryptographic protocol that enables multiple parties to jointly compute a function over their inputs while keeping those inputs private. 

Keyless Wallet is a state-of-the-art cryptocurrency wallet that integrates advanced multi-party computation technology. As Bybit’s MPC wallet, it diverges from conventional 

) by granting users complete control over their digital assets without relying on third-party oversight. Bybit actively collaborates with 

 to continually enhance and adjust the Keyless Wallet’s security measures, ensuring that the highest standards of asset protection are met.

Keyless Wallet is designed to cater to all levels of digital asset users, from beginning to expert, and offers a user-friendly interface that simplifies asset management. Standing at the forefront of digital self-management, Keyless Wallet paves the way for a future where managing digital assets is secure, straightforward and free from the complexities of traditional custody models.

Keyless Wallet will be fully launched on the Bybit app on mobile devices at the end of January 2024.

Bybit’s Keyless Wallet employs a key share system, a pivotal aspect of its security and operational framework. Here's an overview of how this system functions.

Upon setting up the Keyless Wallet, key shares are generated as a fundamental part of the wallet’s security structure. You’ll also be able to set up a recovery password. These key shares are vital both for accessing and securing the wallet, and can be backed up with your cloud storage. Each user is entrusted with the responsibility of safeguarding their key share. This is crucial for the wallet's operation, emphasizing the user's role in the security and accessibility of their digital assets.

For instance, if you misplace your device, you can restore your Keyless Wallet using the key share backed up in your cloud storage along with your recovery password. To find out more about how you can restore your Keyless Wallet, you may refer to our 

However, it's crucial to recognize the responsibility this system places on the user. You are the sole custodian of both your key share and recovery password. Losing both the recovery password and access to your cloud storage, along with your mobile device, would result in irreversible loss of access to the wallet. Bybit's system does not include a centralized mechanism to reset passwords or recover lost key shares. This framework underscores the essence of self-custody, placing the onus of asset and access protection firmly on the user.

Keyless Wallet ushers in a new era of security in digital asset management. Its key benefits are described below.

Keyless Wallet eliminates traditional private key complications by storing fragmented keys in multiple secure locations, marrying robust security with unprecedented ease of access. Users no longer need to memorize complex mnemonics, thus offering a hassle-free experience. This feature is a game-changer particularly for users who find the concept of 

 daunting. It simplifies the digital asset experience, making it more accessible to a broader user base.

For example, if a user switches devices or uninstalls the Bybit app, they can seamlessly recover their wallet using a combination of three key factors: their Bybit Account, a recovery password and access to their personal cloud storage service, such as iCloud, Dropbox or Google Drive. This triple-factor authentication (3FA) approach for wallet restoration ensures both enhanced security and uninterrupted access to the user's assets, significantly adding to the wallet's user-friendliness and convenience.

Bybit actively collaborates with CertiK to enhance the Keyless Wallet’s security and is currently working toward CertiK certification. The Keyless Wallet’s design prioritizes security while eliminating concerns about private key leakage.

During interactions with decentralized applications (

), the wallet's design ensures that the complete private key is never fully revealed. This significantly lowers the risk of private key exposure, thereby safeguarding both the private key and the assets within the wallet. Users can rest easy knowing their assets are protected, without the constant worry of safeguarding seed phrases or private keys. This approach to security is particularly appealing to those who want strong protection for their assets without the complexities traditionally associated with it. 

Keyless Wallet stands as a testament to Bybit’s commitment to providing a user-controlled platform. It ensures users have an effortless and secure way to manage their digital assets, empowering them with autonomous control over their assets and melding security with user-friendliness. 

The wallet’s keyless feature is reshaping the landscape of digital asset management. It addresses the core needs of a larger group of users, focusing on simplicity, security and autonomy. Keyless Wallet isn’t just a tool for asset management, but a pathway to a more accessible and secure digital asset experience, embodying the ethos of “

No Seed Phrase, No Stress, Just Security.”

Who Is Best Suited to Use Keyless Wallet?

Keyless Wallet’s advanced security and self-custody features are designed to cater to a diverse range of users, each with their unique needs and preferences:

Cryptocurrency Enthusiasts and Everyday Users

This group includes individuals seeking a crypto wallet solution that combines user-friendliness with high security, without the complexities of managing seed phrases. These users prioritize convenience, enhanced security and complete control over their digital assets, and range from those newly venturing into the cryptocurrency world to more seasoned enthusiasts who desire a straightforward yet secure wallet experience. The keyless aspect of Keyless Wallet particularly appeals to this group, offering an intuitive, hassle-free way to manage digital assets, which aligns perfectly with their need for simplicity and robust security.

These are users who are already familiar with the Bybit ecosystem through using the custodial Bybit Wallet. They’re typically advanced in their understanding of wallet functionalities and digital trading. A key characteristic of this group is their emphasis on having personal control and privacy over their digital assets. They aren’t only active in the cryptocurrency market, but also have a keen interest in elevating the security and management of their investment portfolios.

Individuals Seeking Noncustodial Wallet Options

This group comprises individuals who are cautious about using custodial wallets due to potential security and control limitations. They tend to have a solid foundation in cryptocurrency knowledge, and prefer solutions that offer enhanced control over their assets. Individuals in this group are inclined toward decentralized options for managing their digital assets, and value the flexibility and security that such solutions provide.

Keyless Wallet is an exemplary choice for a wide spectrum of users, from cryptocurrency enthusiasts and everyday users to seasoned Bybit Wallet users and those seeking noncustodial alternatives. It stands out in the digital asset management space by offering a blend of simplicity, security and user autonomy, catering to the evolving needs of diverse users in the dynamic cryptocurrency market.

The decision to use Keyless Wallet depends upon your individual preferences and requirements in managing your digital assets. Its keyless feature is specifically designed to cater to a wider range of users, and to be particularly appealing to those with intermediate experience in the cryptocurrency domain.

Keyless Wallet redefines user experience in the crypto space. It’s an ideal wallet choice for those seeking a simplified, stress-free and secure method of managing their digital assets. In essence, it stands out as an innovative and comprehensive solution based on achieving these criteria. Its focus on keyless access makes it an attractive option across a broad spectrum of users in the cryptocurrency landscape, ranging from beginning to more seasoned enthusiasts.

Keyless Wallet is a groundbreaking development in cryptocurrency wallet technology, offering unmatched security, convenience and flexibility. As we anticipate its full launch at the end of January 2024, this wallet is set to redefine the standards of digital asset management, making it a top choice for a diverse range of 

Keyless Wallet: The Future of Secure Web3 Transactions

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