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

Blockchain

Dogechain is a recently launched Layer 2 network for popular meme coin Dogecoin. Find out how it works and how it relates to Dogecoin in this article.

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If you’re active on Twitter, you’ve probably seen news about a project called 

 that was recently launched. Its name bears an uncanny resemblance to the official 

 is a leading meme coin created by two software engineers as a joke. However, contrary to popular belief, Dogechain is not a project launched by the same software engineers. Curious to find out more? Read this article to understand what Dogechain is — and why it was created.

As mentioned above, Dogechain isn’t affiliated with Dogecoin. Instead, it's a separate community-first blockchain that aims to empower Dogecoin holders. Using the bridge, Dogecoin holders can access blockchain games, 

 and various types of DeFi apps. They need some kind of a bridge, because Dogecoin is mainly used for payments and purchases only. Since Dogecoin has limited benefits, the founders of the Dogechain project aim to complement the original Dogecoin cryptocurrency so it can be used for other purposes beyond its initial use.

In other words, this new project seeks to bring scalability, security, robustness and utility to the Dogecoin network.

The idea of launching Dogechain may be puzzling for anyone who’s seen Dogecoin surge to new heights. Why would anyone need to improve a popular project like Dogecoin, which has already proven immensely successful?

In hindsight, the popular Dogecoin has its limitations that need to be solved. Let's talk about these limitations first.

When it launched in 2014, Dogecoin gained tremendous popularity due to 

 that most people could identify with. At the time, the project looked very promising because it tried to replace typical cash with crypto cash. Moreover, the internet meme, Doge, was already a huge hit among early crypto users.

As a result, Dogecoin became an instant success. In the following years, the value of the coin grew tremendously with the backing of global influencers like Elon Musk and Snoop Dogg. To this day, the popularity of Dogecoin remains intact. Dogecoin is popular because it has achieved its initial aim to transform itself into a popular crypto used for online transactions.

Despite the overwhelming success of Dogecoin, its age is starting to catch up with it. It needs an overhaul because Dogecoin is mainly used as a means of online payment. These days, almost all of the major coins offer this function. Therefore, Dogecoin won’t evolve simply because its followers love participating in the meme culture with which it’s associated.

Dogecoin’s Limitations & Dogechain’s Strengths

This is where the Dogechain project comes into play. Dogechain is an EVM-compatible blockchain that runs on the Polygon Network. The Dogechain team created this blockchain to bridge over Dogecoin, allowing Dogecoin users to access the growing DeFi ecosystem.

Dogechain isn’t a Layer 2 network, nor is it associated with Dogecoin. Instead, it’s a kind of bridge that will let Dogecoin holders transfer their tokens to the Dogechain so they can buy NFTs, develop 

 apps and participate in various types of DeFi projects.

, the project aims to expand the use cases for Dogecoin by improving its utility. Consequently, Dogecoin users can participate in various types of DeFi projects by wrapping their DOGE tokens into Dogechain smart contracts to receive wrapped Dogecoin (wDOGE) 

 (PoS) tokens. These wDOGE PoS tokens live on the Dogechain network. If required, the wDOGE PoS tokens can be converted back to Dogecoin.

Here are typical use cases of wDOGE PoS tokens:

Besides these benefits, there are many other reasons why you may want to take a closer look at Dogechain. For instance, it offers a superior alternative to Dogecoin's proof of work (PoW) Scrypt mining algorithm. Dogecoin's algorithm is difficult to scale for mass usage, so the Dogechain bridge can solve such constraints.

Similarly, the existing setup of Dogecoin is extremely resource-intensive. It’s believed to consume 6.54 TWh to operate, which is equal to the energy consumed by a small country. The growth of Dogecoin means that it will leave a heavy carbon footprint. Dogechain deals with this dilemma by offering a less energy-intensive alternative.

Finally, the Dogecoin PoW consensus mechanism cannot scale fast enough to meet the demands of millions of simultaneous transactions. Therefore, it's the right time for a complementary blockchain that can perform quick transactions and enable 

Dogechain is a standalone EVM-compatible blockchain that relies on the 

 framework, which is specifically designed for building scalable Ethereum-compatible blockchain networks. Since the Dogechain is built with Polygon Edge, it retains some of the properties of its parent protocol.

Using the protocol has certain advantages. For instance, Polygon Edge is EVM-compatible. This means that developers can create tokens on the blockchain using the popular 

 protocol. Likewise, the framework enables Dogechain to use the PoS mechanism, which is faster, scalable and more 

 than the PoW used by Dogecoin. Above all, the framework boasts smart contract capability, allowing token holders to pay for gas with DOGE.

Dogechain also uses EVM, the Ethereum virtual machine, which is at the core of its operations. Using EVM, developers can quickly build and deploy solutions since they don't need to do everything from scratch.

Overall, the combination of the Polygon Edge framework and EVM helps Dogechain enhance Dogecoin to a level that isn't possible without integrating such high-end technologies.

It's also worth noting that Dogechain’s architecture is distinct from that of all other blockchains. While it's built using Polygon Edge, the blockchain doesn’t use Polygon's "security as a feature" function. Instead, it relies on its own sets of validators to achieve security. Similarly, the checkpoint mechanism and mainchain contracts features of Polygon are also disabled.

The cross-chain protocol is another important component worth discussing. It links the original Dogecoin blockchain to the Dogechain.

You can use the protocol to exchange DOGE with a wDOGE token. The protocol requires a ratio of 1:1 to achieve compatibility across cross-chain transactions. Whenever you peg a DOGE token, the Dogechain will mint a wDOGE token. Conversely, if you destroy a wDOGE token, you can withdraw a DOGE token to the Dogecoin blockchain.

Following are some of the primary features of the cross-chain protocol:

Dogechain is not in any way affiliated with Dogecoin. Instead, it's a separate project which aims to enhance the capabilities of Dogecoin by offering greater utility for Dogecoin. 

Since the relationship between the two different blockchains is often confusing, the founders of Dogecoin, 

, had to clarify the ambiguity caused by the launch of Dogechain.

The buzz surrounding the launch also forced the Dogecoin Foundation to 

 to their followers. For instance, a tweet on August 16, 2022, 

 "Claims in paid media that Dogecoin launched a ‘Dogechain’ test network are false. Neither @Dogecoin /@dogecoin_devs , nor @BillyM2k, @ummjackson or others associated with @DogecoinFdn are in any way affiliated with the token."

On August 26, 2022, a Twitter user named 

 Dogecoin developer and founder Markus has rejected an offer of 10 billion DOGE tokens to promote Dogechain, much to the happiness of the Dogecoin community. This amount is currently worth approximately $14 million.

While the two projects aren’t related to each other, the future impact of Dogechain on the Dogecoin token is fairly inevitable. Even before the launch of its official token, errant rumors that Dogechain is a Layer 2 network of Dogecoin pumped up the price of DOGE by nearly 11% in a single day. Since then, DOGE’s price has retraced its original trajectory.

While Dogechain has been confirmed to not be an official Layer 2 network of Dogecoin, it doesn't mean that investors have stopped taking notice of Dogechain — because the value of the project’s own native crypto, the DC token, has multiplied six times in the initial five days of its launch, from $0.0007294 to $0.004501. This clearly shows that investors are keenly watching the development, irrespective of the ownership.

Here are four important features of Dogechain to help explain how it plans to evolve:

 consensus allows everyone in the community to participate in the network without strict terms and restrictions, thus giving rise to a permissionless and decentralized blockchain. IBFT is one of the many flavors of 

, the proof of authority algorithm. In simple terms, it tries to overcome shortcomings of both PoW and PoS. Benefits of IBFT include immediate block finality, reduced time between blocks, high data integrity, fault tolerance and operational flexibility.

The main advantage of EVM compatibility is the ease of achieving 

 with the Ethereum ecosystem. Dogechain is EVM-compatible, which means that any existing Ethereum smart contracts are easily migrated to Dogechain without modification. Without EVM compatibility, it would be difficult for new users to build new 

Just like other decentralized protocols, the Dogechain framework is built around decentralization. This means that token holders can propose new projects, voice their opinions, influence decision-makers and vote on blockchain parameters.

The cross-chain compatibility between Dogechain and the Dogecoin blockchain is perhaps its most defining feature. When needed, you can easily wrap Dogecoin tokens via the Dogechain bridge, and use it to buy NFTs, participate in GameFi or create DApps. This cross-chain compatibility also ensures that you can convert DC tokens to DOGE, and send them back to the Dogecoin blockchain.

Dogechain is specifically designed for Dogecoin holders so they can easily gain access to NFTs, games and DeFi protocols and apps without abandoning Dogecoin. Let’s take a look at some of the following use cases.

 protocol allows Dogechain users to publish their own NFTs. You can think of ERC-721 as a more advanced version of ERC-20. It lets you integrate your NFTs into the existing NFT landscape.

Dogechain is an EVM-compatible blockchain, which means that it’s compatible with a wide variety of popular crypto initiatives. For instance, you can seamlessly integrate DeFi protocols such as 

 with Dogechain. Similarly, you can lock the native currencies, DC and wDOGE, in various liquidity pools.

You can also build an entire DeFi universe on the Dogecoin platform. In addition, Dogecoin holders can use wDOGE and DC cryptocurrencies to participate in virtual gaming events, or to share digital resources.

DC is the primary governance token for the Dogechain blockchain. Besides serving community initiatives, it will act as the "go-to-token" for fueling transactions, smart contracts and DApps in the wider DeFi ecosystem.

Unlike other crypto tokens, the DC token was pre-mined entirely upon the release of the Dogechain mainnet. In the first phase, 1,000 wDOGE tokens minted by the protocol were used to pay for the initial gas fee. Any additional wDOGE will be used to pay for transaction fees on the Dogechain blockchain.

After the first phase, DC will take over as the main token on the platform. The launch of DC occurred on August 24, 2022. According to the Dogechain website, three percent of $1 trillion, the total supply — or 30 billion tokens — will be 

 to early users. Fifteen percent of these (or 4.5 billion tokens) will be released immediately on September 1, 2022, while the remaining 85% will be unlocked monthly over the next 12 months.

 also mentioned that there will be future airdrops for Dogecoin holders to receive free DC tokens later this year, so you can certainly stay tuned to their 

Dogechain’s blockchain mainly uses the slashing protocol to safeguard itself from threats and malicious activities. The slashing mechanism not only protects the blockchain, but also penalizes dishonest behavior via disciplinary actions. Anyone can submit evidence of slashing. However, the evidence must be accompanied by proof, and is subject to fees.

While there are plenty of safety procedures in place, it's reasonable to suggest that Dogechain is still a relatively new infrastructure that’s prone to instability. Furthermore, since it's not a Layer 2 network of Dogecoin — and the founders of Dogecoin have explicitly said that they aren’t affiliated with this project — you must use necessary precautions when bridging to transfer assets.

Some of the original blockchains that focused primarily on payment processing are now looking for additional ways to scale. To solve the scalability issue, many of them have turned to Layer 2 networks.

Since Dogecoin also needs a solution in order to scale, the Dogechain project may be a blessing in disguise. In fact, Dogechain may be a better solution than a Layer 2 network, because it lets the Dogecoin ecosystem expand without using native resources. If you decide to invest in Dogechain, do so at your own discretion, and as always, do your own research.

What Is Dogechain — And How Does It Relate to Dogecoin?

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