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

Altcoins

Terra 2.0 has finally been launched. Here's everything you would need to know about it including the latest airdrop of LUNA tokens.

With the recent collapse of the Terra platform, many 

 and LUNA classic holders are wondering what's next for the blockchain. Even though only a few weeks have passed since the Terra blockchain collapsed, a new iteration of this blockchain is already set to launch. This version of Terra is referred to as Terra 2.0. Once introduced, the revival of this platform passed with approval of more than 65% of holders. The following guide details everything you need to know about Terra 2.0, and can help you decide whether or not to add the new LUNA coin to your portfolio.

Terra 2.0 is a new version of the Terra classic blockchain. It will include a relaunch of the cryptocurrency known as LUNA. The new LUNA coin will replace the old one, and will be traded via the LUNA ticker.

As touched on previously, Terra 2.0 is essentially a new version of Terra classic that's meant to last. Even though Terraform Labs and Do Kwon aren't set to be a part of Terra 2.0, the company behind Luna and Terra developed a "strong revival plan" that was meant to effectively salvage the entire Terra classic ecosystem by creating the new Terra. This plan was the first to receive the Terra 2.0 moniker.

While there are strong signs that Terra 2.0 won't befall the same fate as its predecessor, cryptocurrency exchanges and tech entrepreneurs are currently divided on the viability of providing support to the Terra 2.0 blockchain.

The plan that Do Kwon and Terraform Labs originally created centered around validating every invalid block as well as the blockchain network transactions, which would allow the new LUNA coin and Terra 2.0 to flourish. This plan was set to occur via a hard fork, which meant that Terra 2.0 wouldn't be directly linked to LUNA classic but would still be part of the same blockchain.

While Do Kwon's proposal was considered, it received very little support. Instead of being based on the original Terra blockchain, Terra 2.0 is tied to an entirely new blockchain, to be referred to as the new Terra. The original LUNA token has switched over to LUNA classic.

If you're thinking about investing in Terra 2.0, keep in mind that the Terra and LUNA coins are considered to be sister coins, which means that maintaining balance between these coins requires users to purchase some Terra before exchanging it for LUNA. This process results in a small amount of profit. 

On May 24, it was announced that the Terra 2.0 testnet was live, which means that all of the mechanics for this new blockchain platform are now locked in. All that's left is for the new LUNA tokens to be airdropped, which is set to occur at different intervals.

The pre-collapse snapshot was taken around May 7, 2022. On the other hand, the post-collapse snapshot occurred 20 days later on May 27. Holders of LUNA before the collapse occurred will receive an airdrop that's close to 1:1 of what they held at the time of the collapse. In comparison, crypto investors who purchased these coins after the collapse are set to receive an airdrop that amounts to a ratio of 1:0.000015 to match the value on May 27.

Multiple Airdrops of New LUNA Tokens Will Occur

The two additional airdrops are meant to compensate TerraUSD holders, which involves paying holders of this stablecoin before it dropped from its peg, as well as the ones who purchased the stablecoin after the peg dropped. UST holders before the crash will receive an airdrop that's valued at 1:0.033. On the other hand, people who purchased the stablecoin after this event will receive Terra 2.0 at 1:0.013.

Let's say that you hold 1,000 UST on May 27. In this situation, you will receive 13 new LUNA tokens via an airdrop. An individual who holds 1,000 LUNA classic tokens on May 27 will receive 0.15 new LUNA tokens. Regardless of the category that an investor was in, they received 30% of their total airdrop upon the launch of Terra 2.0, which was on May 27. The remainder of the airdrops will be vested linearly over a two-year time period, which comes with a cliff of six months.

Keep in mind that this airdrop is occurring in what's known as a "bonded state," which means that transfers won't be available for 21 days after receiving the airdrop. During this three-week period, the airdrop will become unbonded. This type of delay caused many stakers and investors to lose millions when the initial LUNA collapse occurred.

The reason that investors who hold a considerable amount of LUNA will only receive a portion of their Terra 2.0 tokens at launch is to make sure that they don't sell it off immediately. If every notable investor in Terra classic decided to sell their stake after receiving 100% of their airdrop, the new Terra would almost certainly fail. Any investor with more than one million Terra or LUNA classic tokens must wait one year before receiving a portion of their airdrop. The remaining portion will be vested over a four-year period.

What Will Happen to the Old Terra Blockchain?

Both TerraUSD and LUNA classic were native tokens of the initial Terra network, which was a 

project developed by Terra Labs. The goal of this blockchain platform was to provide a peer-to-peer electronic cash system. The two tokens that were available through this blockchain included UST and LUNA. UST was a stablecoin, which allowed it to be pegged directly to the U.S. dollar. This peg meant that UST was supposed to maintain a value that was close to one U.S. dollar. The LUNA coin was an essential component in making sure that UST kept its peg.

The peg was maintained via a standard contract-based algorithm. TerraUSD remained at or near $1 by burning LUNA tokens, which allowed new tokens to be created. On the original Terra platform, users needed to swap LUNA tokens for UST, and UST for LUNA. These trades would occur at a guaranteed $1 price, even if the market price of one token differed at the time of the trade.

Eventually, TerraUSD was no longer able to maintain the peg to the U.S. dollar, which resulted in its value dropping precipitously. However, the precise reason that this stablecoin lost its peg has yet to be discovered. When all of this took place, the algorithm that powered the entire platform attempted to correct the issue by issuing a considerably higher number of LUNA coins than normal.

In fact, total LUNA supply increased from more than 700 million tokens around May 5, 2022 to seven trillion tokens just eight days later. This resulted in LUNA losing upward of 99.9% of its total value. By introducing trillions of new coins to the market, a single coin’s value was eventually reduced to a mere fraction of a cent.

Now that the old LUNA tokens are essentially worthless, they’ve been renamed LUNA classic, and are listed under the LUNC ticker. As for the old Terra blockchain, it’s going to effectively cease to exist. New Terra is an entirely separate blockchain. In regard to the UST stablecoin, this is the one aspect of the Terra blockchain that will disappear completely. Even though new LUNA coins are being issued, the stablecoin won't be.

The first airdrop has already been distributed, and Bybit users will have received their new LUNA in their Spot Accounts. You can also check the Terra 2.0 Phoenix-1 Mainnet on the Terra Station Desktop App to view your wallet balance. 

The viability of the new Terra on the cryptocurrency market remains to be seen. While many platforms have pledged to support the new coin, widespread adoption has yet to fully occur. Since this new platform no longer depends on a stablecoin being pegged to the U.S. dollar, a total collapse may be less likely. As with any crypto investment, conduct extensive research and analysis of recent price trends before going forward with an investment into the new LUNA.

Terra 2.0 looks to be an exciting platform, with the potential for a well-performing future. Nevertheless, keep the previous Terra collapse in mind. The best way to safeguard against substantial crypto losses is by diversifying your portfolio and making sure that you have a mixture of risky and safe crypto investments.

Terra 2.0: What the Future Holds for LUNA

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