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

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Blockchain

Altcoins

Explainers

Axela is a web3 solution serving as a universal network that builds bridges between multiple blockchain ecosystems. 

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The future of web3 is strongly dependent upon the ability of transactions to be completed across multiple blockchain ecosystems. More than that, this interoperability must be secure, fast and easy. However, thus far, both developers and users have struggled with 

 complexity. While blockchains are secure networks, the segregation associated with the fractured service market comes with costly deployment challenges and increased security risks. Axelar’s web3 overlay network provides an essential solution to these issues, enabling seamless interactions across various blockchains with a single click, a feature that significantly enhances the user experience in the web3 space. 

Axelar is a programmable interoperability network that revolutionizes web3 ease of use for both developers and end users. It enables effortless interaction with any asset or application across different chains. Axela is a web3 solution serving as a universal network that builds 

 The simplified architecture of Axelar, with its routing and delivery protocols, supports secure cross-chain communication with one-click functionality.

Further, the platform’s developers have designed the Axelar network to elevate security. 

Specifically, its decentralized architecture uses a 

 In addition, traffic can be suspended if interconnected chains are deemed to be malicious or compromised, in order to quickly isolate the problem.

In the vast expanse of the internet, the concept of 

 often escapes the notice of everyday users. Yet, it stands as a cornerstone of digital commerce and communication that’s integral to enabling global interactions, such as international video calls.

As we delve into the realm of web3, we’re in a phase akin to the internet's infancy in the 1980s, characterized by the rise of innovative applications across a variety of networks, each one isolated and unable to tap into its full global market potential due to a lack of interconnectedness. 

In order to appreciate the transformative impact of Axelar, it's essential to explore the evolving narrative of cross-chain functionality and its pivotal importance for the web3 landscape.

The Axelar network is uniquely positioned to dominate the interoperability market, a feat that entails integration with an extensive array of decentralized applications (

). Currently, Axelar leads this space, boasting three times more blue-chip DeFi integrations than its closest competitors. Axelar's collaboration with leading projects spans key web3 categories.

Axelar's ascendancy in the market is largely attributed to its superior technology, particularly in terms of security and scalability. This has been widely recognized within the developer community and corroborated by independent assessments, including a notable report by the Uniswap Foundation.

Axelar functions as a tech stack with three layers. Its first is a proof of stake blockchain that uses permissionless and PoS protocols to process cross-chain requests. A cross-chain gateway protocol sits over the blockchain, through which validators monitor and process cross-chain communication using 

. The cross-chain gateway protocol includes consensus, multi-party computation and voting for on-chain event verification. 

The second layer are the gateways consisting of smart contracts that the validators read and write to execute cross-chain transactions. The final layer, over the blockchain and gateway layer, is the API and SDK layer, which lets developers easily establish DApps across chains.

When an integrated blockchain is established, it has limitless interoperability functionality. More specifically, the 

 supports applications with popular blockchains like 

Axelar is a decentralized network with several standout features that enhance the functionality of cross-chain routing, while also supporting improved user experiences. What are some of these critical elements of the Axelar network?

 is a cross-chain liquidity router built on Axelar using Axelar General Message Passing (GMP). It enables conventional bridging, as well as native-to-native swaps in one click – as well as fast finality via Squid Boost, a feature that completes cross-chain swaps in seconds. Users interact directly via a simple user interface and top wallets and DEXs including MetaMask and dYdX integrate Squid via an SDK for seamless, decentralized cross-chain swaps. Try it out at 

General Message Passing (GMP) goes beyond bridging, giving dApps the ability to securely transmit any payload, including function calls, across blockchains. This is the core of Axelar’s programmable 

. GMP enables developers to compose across multiple chains, delivering access to assets and functionality as seamless, one-click experiences for their users. Prominent NFT and GameFi projects like Decentraland are using GMP capabilities to deliver these experiences to their users. 

 further supports interoperability by making it programmable. Developers can thus set up their DApps directly on Axelar via smart contracts, instead of having to build and manage them in multiple chains. The Axelar Virtual Machine supports two new products — the Interchain Amplifier and the Interchain Maestro. While the Interchain Amplifier supports easy and seamless connections via Axelar and its supported blockchains, the Interchain Maestro allows developers to launch and manage their DApps across all interconnected chains. 

At this time, Interchain Token Service – the first product atop Interchain Maestro – is approaching mainnet launch. Interchain Token Service allows developers to easily issue and manage tokens across multiple chains with full fungibility and custom functionality. 

This section compares the Axelar network to three prominent competitors: Chainlink Cross-Chain Interoperability Protocol (CCIP), LayerZero and Wormhole.

Currently, Axelar connects 54 chains, surpassing its competitors in network reach. Its early investment in scalable architecture has enabled easy integration of new blockchains, handling over $7 billion in transactions. Competitors such as Chainlink CCIP, LayerZero and Wormhole are trailing in adding new chains, due to less scalable infrastructures.

As web3's complexity escalates, Axelar's ability for permissionless blockchain connections will become increasingly vital, allowing immediate web3 integration for new blockchain projects.

 feature will enable developers to use smart contract templates for easy blockchain integration, supported by AXL-funded validator incentives. This feature is designed to adapt to emerging technologies, such as 

, ensuring future-proof interoperability.

Axelar stands out as the only decentralized interoperability platform, a fact supported by multiple independent reports, including one from the Uniswap Foundation. This decentralization is key to avoiding the significant losses seen in centralized cross-chain hacks.

Competitors such as Chainlink CCIP, LayerZero and Wormhole rely on a proof of authority (

) model with limited validators that’s been criticized for centralization risks. Axelar, in contrast, uses delegated proof of stake (

) consensus and a dynamic validator set that’s the largest (75) in cross-chain. In addition, Axelar’s hub-and-spoke network topology model enhances safety and containment in emergencies, unlike the pairwise networks of its competitors.

Layered Security: Cross-Chain Risk Management

Axelar's security strategy includes multiple layers, as follows.

Axelar is unique in offering a programmable cross-chain platform, complete with developer tools like Axelarscan. This contrasts with the closed, non-programmable stacks of CCIP, LayerZero, and Wormhole.

Cross-Chain Programmability and Token Liquidity

Axelar's ITS (Interchain Token Service), nearing mainnet launch, allows for easy management of native tokens across chains, a feature not fully supported by solutions like LayerZero’s Omnichain Fungible Tokens.

As Ethereum evolves, Axelar's role becomes crucial in maintaining interoperability among an increasing number of blockchains. Unlike basic bridges and sequencers, Axelar can support complex cross-chain processes with smart-contract logic, ensuring a seamless user experience and reducing developer workload.

Recognized as a leader in cross-chain solutions for web3, Axelar Network is entering 2024 with an expansive 

 following its impressive advancements in 2023. The network, highly regarded for its security, scalability and programmability, is already the preferred choice of major DeFi applications, DEXs, wallets and enterprise clients. This growth trajectory positions Axelar as the definitive cross-chain platform in the web3 ecosystem.

Looking ahead to 2024, Axelar is set to bring transformative changes. Key initiatives include the launch of the Axelar Virtual Machine, which will foster chain-agnostic development through open-source tools on a decentralized cross-chain infrastructure. Additionally, the network plans to enable permissionless connections for various chains through its Interchain Amplifier, potentially connecting hundreds of blockchains within the Ethereum Layer 2 ecosystem. 

Other noteworthy developments include the introduction of Interchain Tokens that enhance fungibility and functionality across all connected chains, and a gas-burning mechanism aimed at making the network 

. Moreover, Axelar is set to integrate diverse consensus approaches from blockchains such as Solana and Stellar, and improve its cross-chain gas fee estimation services. 

These advancements underscore Axelar's commitment to maintaining its leadership in the cross-chain domain while fostering a more interconnected and efficient blockchain ecosystem.

The native token of Axelar is AXL, which supports the network's decentralized interoperability. This 

 token is used for governance, staking, paying transaction fees and liquidity providing. As a PoS network, validators also earn rewards from securing the network. Some parameters covered under governance include the base inflation rate, chain rewards, transfer rate limits and the addition of new EVM chains.

Rewards increase the total AXL token supply. This inflationary structure is designed to enhance security, stability and decentralization to maintain and grow the network over the long run. 

 compatible variation of AXL is wAXL. This token is functional on all 

-compatible chains. Note that wAXL cannot be used for providing liquidity in exchange for rewards, and has to be converted back to native AXL in order to provide liquidity.

One billion AXL tokens were issued at the genesis block. These were initially allocated with 17% to the Axelar team, 12.5% to company operations, 29.54% to backers, 5% to a community sale and 35.96% to community programs. The majority of these tokens were initially locked. AXL tokens can be staked, but not transferred or spent during the locked period. The release schedule varies for each allocation group, ranging from six months to four years. 

The Axelar network employs inflationary rewards to encourage validators to support connections with external chains. This strategy has effectively managed over $7 billion in cross-chain volume and numerous requests.

With ambitions to expand and integrate hundreds or thousands of new blockchains, the Axelar Foundation is proposing 

The proposed changes aim to enhance AXL's utility and value as the network grows. These modifications could potentially lead to a deflationary trend for AXL in response to increased network activity.

Axelar stands as a comprehensive interoperability platform, connecting various blockchains and enabling the execution of smart-contract logic across chains. The core of this functionality is the AXL token, which not only fuels the network's operations but also ensures its security. Validators on the Axelar network stake AXL tokens to participate in the PoS consensus mechanism, playing a crucial role in verifying cross-chain transactions and earning rewards for their contributions.

, Bybit offers a marketplace for Axelar’s native token, AXL. 

AXL drives the interoperability of the decentralized Axelar network and supports cross-chain requests. AXL can be purchased on major crypto exchanges, including Bybit. Before making your token purchase, you’ll need to 

 and has an easy-to-use interface that simplifies orders. 

 in collaboration with Axelar where you can win prizes by completing simple tasks from Dec 15, 2023, 12PM (UTC) through Dec 31, 2023, 12PM (UTC). In order to qualify to win, you’ll need to:

Web3 has increasingly moved into the spotlight, and continued growth in this area is rooted in the ability to improve security and functionality for cross-chain communication. Axelar is a decentralized solution that supports the interoperability of multiple ecosystems while also enhancing security and functionality. Its network is becoming a critical aspect of web3 functionality, and its dominance will grow as more developments are introduced.

Axelar (AXL): Building Interoperability for the Crypto World

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