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

Blockchain

The Ordinal inscriptions market is much younger and still less liquid than the NFT market, but inscriptions are quickly gaining the attention of creators and traders as a viable NFT alternative.

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 immutably and permanently recorded on the world’s largest and probably most secure blockchain 

 (BTC) network? This question might force many NFT enthusiasts to pause and think a bit. But one person didn’t hesitate much before shelling out $450,000 in bitcoins in December 2023 for the right to own an Ordinal inscription — a unique digital artifact based on Bitcoin’s own implementation of NFT functionality. As of mid-February 2024, this stands as the most expensive Ordinal inscription sale in the brief history of 

Ordinal inscriptions, which allow you to attach pieces of data or media to individual satoshis, the smallest units in a BTC coin, have made it possible for creators to own unique, non-fungible assets on the Bitcoin chain. And unlike standard NFTs, which are typically based on blockchains like 

 (AVAX), Ordinal inscriptions/Bitcoin NFTs don’t require any 

Since their introduction in early 2023, Ordinal inscriptions have attracted both considerable interest and controversy in the Bitcoin community. However, one thing is certain — this niche is growing by leaps and bounds, and it may soon become a serious rival to the standard, smart contract–powered NFT ecosystem. 

What attracts people to Ordinal inscriptions on Bitcoin? And how are they different from NFTs on other blockchains? In this article, we’ll take a look at both Ordinal inscription technology and standard NFTs, and detail their key differences.

Ordinal inscriptions are digital assets created on the Bitcoin blockchain via attaching data such as images and videos to an individual 

 They’re as immutable as Bitcoin itself, as they’re made and stored directly on-chain. This innovative feature allows crypto artists to embed creative content onto Bitcoin and establish direct ownership and proof of the authenticity of their artwork.

The Bitcoin blockchain, lacking any smart contract capabilities, has never featured the classic NFT functionality available on Ethereum and other smart contract chains. In December 2022, blockchain developer Casey Rodarmor ingeniously noted that every single satoshi — the smallest unit in a BTC coin – can be uniquely traced on the Bitcoin network, according to the chronological order in which it’s been mined. For example, the very first satoshi in the first mined block has the Ordinal number 0, the second satoshi in that block has the Ordinal number 1, and so on.

Rodarmor didn’t stop at this observation. He realized that pieces of data — e.g., text, images, programming code or video — can be attached (or inscribed, per his chosen terminology) to a satoshi. The satoshi then becomes an identifiable, trackable and unique token with a piece of custom content inscribed into it, essentially an NFT-like asset.

In January 2023, Rodarmor launched the Bitcoin Ordinals protocol, which combined Ordinal theory and inscription methodology to facilitate the creation of unique NFT-like tokens on the Bitcoin network.

Media that can be inscribed onto an Ordinal NFT cannot exceed 4 MB, the limitation imposed by Bitcoin’s standard block size. In June 2023, Rodarmor introduced the concept of recursive inscriptions — a way of chaining Ordinal inscriptions that essentially removes the 4 MB size cap. Recursive inscriptions allow you to carry over data from previously created inscription tokens into a new inscription. By chaining together multiple inscription tokens in this manner, you can theoretically inscribe enormous amounts of media onto your Ordinal NFTs.

Since their introduction, Bitcoin Ordinals have been growing in popularity — and it hasn’t taken long for other blockchains to join the race. Throughout 2023, many other chains have implemented their own variations of 

 on Ethereum, Solinscriptions on Solana and Arbscriptions on Arbitrum (ARB).

 (NFTs) are unique crypto tokens that reside on a blockchain and are typically used to certify ownership of a digital artwork.

 The actual artwork — be it an image, animation or video — is usually stored off-chain, while the NFT itself contains metadata confirming the ownership and other vital details.

Metadata associated with an NFT includes detailed information such as the artwork's title, the artist's name, a description, the unique identifier, the date of mint and potentially other relevant details (for instance, edition number or properties specific to the blockchain where it's hosted). The process of minting an NFT requires using smart contracts and paying 

NFTs experienced a boom in 2021. The most expensive NFT, "The Merge", sold for a whopping $91.8 million. Other famously 

 include Beeple's "Everydays: the First 5000 Days", which fetched $69.44 million, and "CryptoPunk #5822", which sold for $23.7 million.

Differences Between Ordinal Inscriptions and NFTs

Ordinal inscriptions and standard NFTs used on smart contract chains share one fundamental commonality — both are used to facilitate the creation of, and trade in, uniquely identifiable, non-fungible crypto tokens. Yet their resemblances end pretty much there. Behind their similar façades, Ordinal inscriptions and NFTs are actually very distinct technologies. Let's take a closer look at the critical differences between them.

The most apparent technical difference between Ordinal inscriptions and NFTs concerns the use of smart contract technology. NFTs require smart contracts. Without these, NFTs can’t be minted or transferred. In contrast, though often referred to as Bitcoin NFTs, Ordinal inscriptions don't use smart contracts at all. In fact, they couldn’t, given the Bitcoin network’s lack of smart contract functionality. Rodarmor's ingenuity lies in being able to implement NFT-like functionality on Bitcoin without the need for any smart contracts whatsoever.

Ordinal inscriptions store all the media or artwork inscribed onto a satoshi token right on the Bitcoin chain. In contrast, most NFTs store only the metadata associated with the artwork on-chain. The actual media is stored off-chain, often on centralized platforms such as Google Drive, Dropbox or other Web 2.0 cloud solutions.

Options also exist to store your NFT-related digital assets on decentralized storage platforms, such as the 

 (AR). However, even in these cases, the NFT token typically resides on a different platform from the one on which its artwork is hosted. For example, many NFTs are stored on Ethereum or Solana, while their associated artwork is kept on IPFS.

Essentially, an NFT token residing on a blockchain serves only as a pointer or reference to the media it describes. This is the typical implementation of NFT technology, and stems largely from the fact that most blockchains don’t have the optimal technical environment for storing anything other than small-size data.

There are ways to store your NFT and all the media associated with it fully on-chain. Some platforms even facilitate the process of creating 

 for users. However, file size limits and transaction efficiency are still limited in these cases. As of early 2024, the most common way of creating and storing NFTs involves the use of off-chain storage environments.

As of mid-February 2024, the costs of inscribing a satoshi on Bitcoin are significantly higher than the costs of minting an NFT, perhaps aside from NFTs on Ethereum, a chain known for its scandalously high fees.

Most creators use third-party platforms like 

 to inscribe Ordinal tokens. These platforms make it easy to handle the whole inscription process without requiring the user to dive deep into technicalities. While technically adept users can inscribe directly on the chain without the use of third parties, the technical details of the process are far from trivial. 

With that in mind, we’ve calculated how much it would cost to inscribe a token for a typical non-technical user via the OrdinalsBot platform, one of the most popular and affordable services for Ordinal inscriptions. Using the platform’s interface, we first submitted a tiny 9 KB image file to be inscribed, and requested the most affordable (lowest priority) setting, which takes several days to complete the whole inscription process. We received a quote of $11. When we asked for the normal priority, which takes one hour to process an inscription, the price rose to $23.

However, 9 KB is hopelessly small for any serious image-based artwork, so we decided to use a more realistically sized image of 300 KB, still not a large file by any stretch. This is when the costs exploded! On the economy setting, which takes several days to process, the quote we received was $179, while the normal priority (one hour to process) was $529.

Even on Ethereum, well-known for its high transaction fees, the typical cost to mint an NFT is between $50 and $200, somewhat lower than the cost of getting an Ordinal inscription on Bitcoin. Moreover, most other NFT-capable chains feature minting costs that are orders of magnitude lower than the amounts above. For instance, minting on 

 (POL) will set you back by just a few cents, while creating a Solana-based NFT normally costs $2–$4 these days.

The NFT market is much older and more established — and features higher liquidity levels — as compared to the nascent Ordinal inscriptions market. The first NFT was minted back in 2014, and by 2017, the 

blockchain game had led to an explosion of interest in NFTs. By 2021, the NFT niche was a multibillion-dollar market, and an essential subcategory of the broader crypto market. 

While the NFT market has declined from its heyday of 2021, it still features considerable trade volumes. In fact, in the last 30 days to Feb 18, 2024, total NFT sales were slightly over $1 billion.

On the other hand, the Ordinal inscriptions market has recently celebrated its first anniversary. And yet, its market already features trading volumes similar to those found in the NFT sphere. In January 2024, the total trading volume of the Ordinals market was 

, quite a number for such a new area. While the price of inscriptions may not have quite reached that of NFTs at their peak, the high

st inscription sale price was already recorded at 10.4 BTC (around $450,000 at the time of sale in December 2023) for a Bitcoin inscription from the 

Being fully on-chain, Bitcoin Ordinals arguably feature a higher security level than that of NFTs, most of which have their actual artwork stored off-chain. The blockchain's built-in cryptographic security mechanism and decentralization play a crucial role in protecting on-chain assets, including Ordinal inscription tokens.

In contrast, NFTs often rely on centralized Web 2.0 platforms that might be more vulnerable to security hacks than blockchains. Moreover, Bitcoin — the home of Ordinals — is often cited as one of the industry's most secure (if not 

 most secure) decentralized blockchain networks.

Ordinal inscriptions are a fledgling technology, with a market that’s still in initial development. Among the pioneering platforms where you can trade inscriptions is the 

 and similar inscription tokens from various other blockchains.

The Bybit Inscription Marketplace also facilitates a trade in inscribable, fungible cryptocurrencies, fungible cryptos based on the same inscription technology as their non-fungible counterparts (Ordinal inscriptions). On Bitcoin, they’re based on the 

 that leverages the Ordinals protocol to facilitate the launch of fungible and inscribable crypto assets. The Bybit Inscription Marketplace features a variety of 

, as well as similar tokens from other blockchain platforms.

Since NFTs are a much more mature technology than Ordinal inscriptions, they’re available on a broader variety of centralized and decentralized platforms. Some 

 include OpenSea, Rarible and SuperRare, among many others.

Bybit is also among the leading providers in the NFT market, with two marketplaces for NFT-focused trade — 

 — to cover the needs of all segments of NFT creators and traders. Both marketplaces allow you to list and trade NFTs. Meanwhile, NFT Pro offers a couple of additional, innovative features, one of which is the ability to aggregate NFT data and offers from different external marketplaces. Moreover, NFT Pro allows you to synchronize your bids with all aggregated marketplaces.

Ordinal inscriptions have brought the concept of NFTs to the Bitcoin chain, albeit in a unique way that’s not based on smart contracts. Now, you can have your unique artwork represented on the world’s first, largest and arguably most secure blockchain — a privilege that wasn’t available to NFT enthusiasts in the past. For digital collectible investors, there are also opportunities in the Bitcoin NFT niche. The Ordinal inscription market, although relatively new and lacking the volumes seen in the NFT market, is growing fast, and with a less developed market come unique opportunities for returns.

NFTs also continue to be a thriving area of the crypto market. Although their trade volumes are down, compared to the days of the 2021 NFT mania, the NFT concept isn’t going anywhere. Perhaps the emergence of Bitcoin Ordinal inscriptions was something that the NFT market needed in order to experience another spike in interest from creators and traders alike. People are talking NFTs again — and this time, it’s thanks to Ordinal inscriptions.

 or trader who’s interested in digital collectibles, when you’re choosing between standard NFTs and Bitcoin Ordinal inscriptions, take into account that there are some fundamental differences between the two. Sometimes, it pays to try both so you can compare and contrast what works better for your individual needs.

Ordinal Inscriptions vs NFTs: How Are They Different?

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