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

Curious about the possibilities of web 3.0 credentials? Give Project Galaxy and its GAL tokens a try.

When the World Wide Web — now known as Web 1.0 — was first brought online, users could view information from all over the world. Beginning in 2004, Web 2.0 boasted better usability for the end user, as well as more user-generated content. Today, an increasing percentage of internet users require decentralized systems that are private, secure, and owned by the community. 

Project Galaxy is the most expansive Web 3.0 credential data network available. The purpose of networks like Project Galaxy is to help projects and developers use NFTs and digital credentials to build stronger communities and products.

Whether you’ve recently begun to invest in crypto, or have been an investor for years, you may be wondering what 

 is. This project has been in development for several years and has already been used to launch over 500 Web 3.0 projects. The many different types of Web 3.0 projects that have been based on Project Galaxy infrastructure include loyalty programs, bootstrapping communities, custom voting systems and growth-hacking campaigns.

Project Galaxy initially began in early 2021 and has since been accessed by over 200,000 users across seven separate blockchains. Since its inception, Project Galaxy has quickly become among the most popular Web 3.0 

 because of how collaborative and open it is.

Initial development of Project Galaxy was handled by the 

, which is part of the Center for Comparative Genomics and Bioinformatics at Penn State University. The core Project Galaxy team also consisted of members from the 

 at Oregon Health & Science University, as well as the 

 at Johns Hopkins University. Project Galaxy has since turned into a global effort with continual improvements being made to the project.

Even though this Web 3.0 credential data network was initially created in 2021, numerous milestones have served to provide even more benefits to users. By July 2021, more than 10,000 credential-based NFTs had already been minted and fully claimed, via BNB Chain and Ethereum.

To understand just how large the Project Galaxy infrastructure has grown, it was announced toward the end of April 2022 that around 500,000 NFTs are minted through Project Galaxy every month. Some additional milestones that indicate widespread adoption of Project Galaxy include:

Project Galaxy is largely based around the idea of providing data consumers and developers with the infrastructure they need to deliver data to networks and to curate digital credentials. It's possible for contributors to use this infrastructure to curate various types of digital credentials, including on-chain and off-chain.

To understand just how beneficial the Project Galaxy infrastructure can be, let's take a look at how digital credentials are curated without Web 3.0 infrastructure. With Web 2.0, credential data is segregated throughout closed databases, which are owned and fully permissioned by institutions and applications.

The problem with this approach is that it leads to a fractured system in which the individuals who should own the data don't have easy access to it. In comparison, Project Galaxy provides developers with an aggregated Web 3.0 credential data network. With this type of network in place, users have control over their own data and digital credentials.

While Project Galaxy consists of a bevy of unique and useful features, the following section details some of the key features which define GAL.

Credential Data Network (On-Chain and Off-Chain Credentials)

If you want to know what GAL is, the truth is that this project is centered around a credential data network that accommodates 

 digital credentials. By offering both types of digital credentials, the Project Galaxy infrastructure allows curators to contribute credentials via multiple data sources.

When it comes to on-chain credentials, it's possible for curators to contribute their data from seven separate chains with wallet snapshots or sub-graph queries. As for off-chain credentials, curators have the ability to contribute digital credentials through data sources that are already integrated into Project Galaxy, including Discord, Twitter and GitHub.

Galaxy On-Chain Achievement Token (Galaxy OAT)

Another notable feature of Project Galaxy is the Galaxy on-chain achievement token, which is referred to as Galaxy OAT. This token serves as a lightweight solution that community managers and event organizers can use to create and distribute NFT campaigns without issue, after which community members can be rewarded. These on-chain achievement tokens are a kind of digital record of various achievements that have occurred.

Let's say that you buy tickets to a concert or NFL game. These tickets could come with a separate NFT that serves as a digital record of an event you attended. You would then be able to access this record and showcase the credential whenever you recall the memory.

When using OAT, event organizers are able to form their own pages on the 

 platform. They can also create events, as well as digital credentials, by simply submitting the badge design and parameters.

Event participants can also claim the NFT from their email via gas-less minting, which is a transaction-free solution for NFTs. In the short term, it's believed that Galaxy OAT will mainly be used for loyalty programs with DeFi, metaverse, NFTs, or other Web 3.0 projects. In the long-term, however, these tokens may be used for life experiences and real-world events.

If you decide to take advantage of the Project Galaxy infrastructure to build digital credentials, you'll also benefit from the Galaxy ID feature, which is essentially Web 3.0 LinkedIn. Every individual on Galaxy can use Galaxy ID for their universal username, which can be taken across multiple wallets and chains in Web 3.0. Users are also able to display their digital credentials and showcase their achievements once they have a Galaxy ID.

The Hashflow protocol is known to be relatively unique because of its ability to connect top crypto market makers with on-chain users. With this protocol in place, swapping tokens becomes considerably more gas-efficient and capital-efficient. Hashflow displayed some strong metrics early on in development. In fact, the alpha and beta phases of development increased the TVL to $1.2 million and $3.2 million respectively.

Despite Hashflow’s many advantages, it wasn't paired with a token early on, which limited its adoption among users. With this issue in mind, Hashflow has worked together with Project Galaxy to launch the Hashbot Genesis campaign with the Project Galaxy infrastructure. This infrastructure has given Hashflow the ability to incentivize users with exclusive NFTs. Since the introduction of Project Galaxy technology into the Hashflow DEX, the platform's weekly active users have increased from 3,000 to 13,000.

GAL tokens are a form of governance token that's used alongside the Project Galaxy DAO. Keep in mind that governance tokens can be used for voting on decisions pertaining to the ecosystem or one of the Web 3.0 projects. Token holders are able to shape the platform's future whenever new features or changes to the governance system are proposed. By issuing GAL tokens, the future of Project Galaxy rests in the hands of the users who claim these tokens.

GAL token holders can dictate the platform fee percentage that's collected by Project Galaxy. They can also control funds that are held with the community treasury. Any developer who uses data that’s been curated by Project Galaxy must pay platform fees with the GAL token. These fees are then distributed directly to the data curators, who use GAL tokens to determine the value of a data set.

Now that you know what is GAL, you should know more about GAL's price and how GAL is set to be distributed in the coming years. Project Galaxy launched on May 5, 2022, at which point a certain number of GAL tokens were unlocked. Keep in mind that Project Galaxy is distributing 200 million GAL tokens. Of these tokens, just under 2% are early adopter rewards, with 1.5% being allocated to Binance Launchpool. Another 4.5% are attached to the Project Galaxy ecosystem. The tokens for these three segments were fully unlocked at the token generation event that occurred on May 5.

Further distributions of GAL tokens differ, depending on who or what the distributions are going toward. For instance 15% of the 200 million GAL tokens are being used for marketing purposes. Around 20% of this allotment was unlocked at the token generation event. The remainder of this allotment is set to unlock quarterly in equal amounts for a period of three years. The available trading pairs include GAL/BTC, GAL/BUSD, GAL/USDT and GAL/BNB.

Even though it's impossible to predict the price of Project Galaxy and its token because of its recent launch, there are some pieces of information that can be used to gain a reasonable estimate of what GAL will be priced at over the next few years. The best aspect of the GAL token is that Project Galaxy solves one of the most notable problems associated with Web 3.0. The exponential growth that this token had even before its official launch indicated that it was in high demand, and would have a similarly high price.

Whether looking at Web 3.0 infrastructure, which includes Project Galaxy and other aspects of decentralized systems, it's always going to be challenging to identify how valuable this infrastructure is going to be on a long-term basis. However, Project Galaxy is built on sturdy foundations, indicated by the aforementioned road map and its use in many Web 3.0 projects.

Features like a credential data tag system and permissionless credential creation are set to launch later this year. The iterative updates they plan for 2022 and 2023 show that Project Galaxy isn't content with what it already delivers to users. At this moment, there's every indication that Project Galaxy will be a sound investment in the coming years.

While Project Galaxy has been around for a relatively short period of time, it has already proven to be invaluable to developers and data users alike who wish to create digital credentials and NFTs. In fact, the GAL token is already expected to quickly appreciate in value over the next few months. Now that you know what GAL is, you can determine if this token is right for you.

Project Galaxy (GAL): Building Web 3.0 Credentials in Crypto

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards