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

Altcoins

Crypto

The Synthetix protocol enables users to bet on the value of both crypto and real-life assets. Find out how and where you can get your hands on SNX tokens. The Synthetix protocol enables users to bet on the value of both crypto and real-life assets. Find out how and where you can get your hands on SNX tokens.

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The rapid growth of the crypto space has introduced plenty of exciting protocols. One that stands out is Synthetix. Its design enables users to bet on the value of both crypto and real-life assets.

This article will explain the Synthetix protocol and answer the question of whether the Synthetix Network token (SNX) is a good crypto investment. Let’s start by explaining Synthetix and how it works.

Synthetix is a derivatives liquidity protocol that is built on the 

network, which enables anyone to trade derivatives in the 

 space. It can issue different synthetic assets from both the physical and digital worlds. These synthetic assets are known as 

, and anything that has value can become a synth. This includes fiat currencies such as the dollar, cryptocurrencies like Ether or Bitcoin, and precious metals including gold and silver.

’s answer to futures, as its users can essentially bet on the value of different synths. Everything is realized through 

. The whole system is quite complex, but we’ll break it down for you in the next section.

Synthetix relies on two separate tokens to function. These are SNX and synths. (We’ll go into more detail about these in the following section.) The system combines fees, inflation, collateral, and staking to operate. The thing that makes this protocol special is how it collects the prices of all the assets it can issue.

’s decentralized oracles, which are more accurate and impossible to manipulate. With accurate current prices, all the synthetic assets have a correspondingly correct value.

On the governance side, the protocol was first governed by the 

. Though this was a not-for-profit organization, it was necessary to decentralize the control of the protocol even further. Enter 

The whole governance occurs through two artifacts known as SIP and SCCP. SIP stands for Synthetix Improvement Proposals, and SNX holders use it to make protocol improvement proposals. SCCP stands for Synthetix Configuration Change Proposals, which shows all the proposed changes for the protocol.

When someone creates a proposal, the Spartan Council, which is the main governing DAO consisting of 8 members, discusses SIPs through interviews. After evaluating all the implications of a proposal, they either accept it or deny it.

One of the most significant milestones in Synthetix’s development was the shift to 

. It meant significantly lower gas prices much and better scalability, allowing the protocol to move forward faster and keep growing with new features.

What Is the Synthetix Network Token (SNX)?

 token that powers the Synthetix platform. It’s an 

 token, meaning that it operates thanks to smart contracts. The platform’s complexity is a testament to the power of the Ethereum network.

Just what is Ethereum, exactly? Unlike Bitcoin, Ethereum’s network goes a step further, allowing developers to create dApps and smart contracts that run on its network. With the right approach and creativity, it’s possible to develop systems which support various functions.

On the other hand, the ERC-20 token is an asset on the Ethereum network. What Bitcoin is to the whole world, ERC-20 tokens are to the Ethereum network. In short, people can exchange them and use them for different purposes.

SNX plays a vital role in the Synthetix platform. SNX tokens are used as collateral when you want to create synths, which are synthetic assets that you can trade with other protocol users. In this way, you don’t actually hold the underlying asset, but rather trade with what it’s worth.

This dynamic makes the whole platform quite similar to traditional 

. You don’t own the actual asset; instead, you bet on its value by trading it with others. 

Therefore, SNX and synths are two separate things. To obtain a synth — which can be a synthetic BTC, dollar, gold, Tesla stocks, or any other synthetic asset — you have to stake SNX on the platform. 

By doing so, you create collateral and back the synth you’ve created. It’s important to note that the collateralization ratio is 600%. This means that for 100 sUSD, you need to deposit SNX tokens worth six times more. The governance manages the collateralization ratio.

SNX tokens are also considered governance tokens, meaning that token holders influence the decisions of the whole protocol. This is a great way to keep the protocol decentralized — essentially all holders have a say in making crucial decisions.

SNX holders can create proposals and those with SNX have the voting rights and can make decisions.

Staking the Synthetix Network token (SNX) is a simple process. Once you have the tokens, you can use them to make synths. Other dApps also play an important role in this process.

 with which you stake SNX. Its dApp allows you to make a synth sUSD which you can trade on 

). If you don’t want to trade your synth sUSD, you still get a reward for staking SNX in the system.

That’s because you’re helping to manage the system. The reward comes from the current monetary policy, and the exchange rewards when people trade synths.

The entire process is straightforward. However, to get a better picture of the complete system, it’s best to detail the whole Synthetix ecosystem.

The Synthetix ecosystem is a big one, as there are already several projects relying on the protocol to power their platforms. The biggest ones are 

 makes it easy for its users to swap from one cryptocurrency to another. The platform is the perfect addition to the DeFi ecosystem. It integrates with Synthetix to get the correct pricing of different pairs on its platforms.

This integration provides the best pricing and low fees, making Curve’s platform an ideal swapping option for eager traders.

Lyra is the first completely decentralized options protocol. It enables European options trading, and its platform integrates with Synthetix to make the trading process seamless. It also ensures low fees and quick transactions.

Those seeking binary options platforms will find Thales offers a broad range of trading options via its protocol. Traders can rely on sUSD, which Synthetix provides. As the seed investor of the whole protocol, there’s a high degree of support for this project from Synthetix’s side. 

The platform also uses Chainlink as its price feed, ensuring that assets’ prices are always correct and immune to any significant fluctuations.

Kwenta is a decentralized trading platform that’s completely powered by Synthetix. It leverages the protocol and enables traders to exchange real and derivative assets. Once you start using the platform, you can trade sUSD for other synthetic assets.

The platform keeps up with the latest changes, and is already running on the Layer 2 Optimism scaling protocol we mentioned earlier. This trading platform is critical for the success of Synthetix, as this is where users can trade a wide range of synths. People can also trade Synthetix’s perpetual futures. The protocol promises the best futures prices in any asset class, which means that on-chain permissionless futures allow traders to get prices for any market. They can trade futures on commodities, cryptocurrencies or fiat currencies in one place.

Furthermore, it’s the place where people can trade Synthetix’s perpetual futures. The protocol promises the best futures prices in any asset class. That means that on-chain permissionless futures allow traders to get prices for any market. They can trade futures on commodities, cryptocurrencies or fiat currencies in one place.

 aggregator, meaning that its users can benefit from the best ERC-20 token swaps. The platform’s USP is that it has supported synth trading since 

. Users on ParaSwap can trade real assets, such as Ethereum, for sUSD. Furthermore, the platform allows users to swap one synth for another.

 in the DeFi space, and the availability of synths on the platform was a massive step for the synth market.

Hedge funds are a very popular investment opportunity in the real world. This platform is the crypto space equivalent. It allows users to invest in various synthetic assets on Ethereum. In addition, dHEDGE presents some of the best investment pools in the crypto space.

With a clear track record, users can quickly pick the best investment opportunity and leave their investments to grow over time. Once investors start using the platform, they can opt for a broad range of synth asset pools.

Before investing, the user can see everything about the pool, including its history and who’s managing it. In addition, dHEDGE allows users to make informed decisions, lowering their investment risks.

 that lists the best trading protocol opportunities. It attracts thousands of investors, bringing more people to the synth ecosystem. Being a part of Yearn Finance is a big step for the entire Synthetix platform.

Aelin is an upcoming fund sourcing protocol. It will coordinate permissionless deals by using the Synthetix governance principles. The DAO will launch after Aelin’s forthcoming ICO.

Judging from the current state of DeFi, it looks like SNX is an excellent long-term investment. The platform pioneers synthetic trading options, and without too much challenging competition, it’s ready to grow big — quickly.

Another indicator of the token’s health is the vast ecosystem of platforms supporting its synths. As synths continue establishing a presence on various DEXs, the value of the SNX token will keep growing.

Even though the crypto space is unpredictable, SNX is likely to become a good long-term investment. The token is one building block of a handy platform that has yet to grow.

How Do I Buy Synthetix Network tokens (SNX)?

You can purchase SNX in a couple of ways. Each of them is straightforward, so it comes down to personal preference. One of the ways you can acquire SNX is by first obtaining Ethereum, which you can purchase on various online exchanges. Once you have ETH, it’s time to head over to Kwenta. 

There, you can use your ETH, exchanging it for sUSD, which is the by-product of SNX. You can then use sUSD to purchase other synths on the platform and trade them.

On the other hand, you can visit an exchange that has an ETH/SNX exchange pair listed and exchange your Ethereum for SNX tokens.

Getting SNX is a simple process, If you’re eager to try trading synthetic assets, you can easily do so by first acquiring SNX. Click the button below to find out about the current Synthetix Network token price and get going!

The Bottom Line on Synthetic Network tokens (SNX)

SNX is a promising token that powers a very versatile platform. Minting synths is a great way to securely bet on the value of real-world assets, as well as digital assets. You get a chance to make a profit without actually owning any of the underlying assets.

Given that Synthetix is part of an ecosystem which is continuing to grow, investing in SNX seems like a good opportunity. If you want to get your hands on SNX tokens and start minting and trading synths, 

 and make your investment. Simply use USDT to purchase as much SNX as you’d like and you’re ready to go.

Synthetix Network Token: What Is SNX in Crypto?

Grab Up to 5,000 USDT in Rewards

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