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

Crypto

Bitcoin

Is Bitcoin legal? Depending on where you are in the world, this may be a legitimate question to ask. Read about Bitcoin's legal status here.

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A revolutionary computer protocol purposed towards a decentralized payments system -Bitcoin. This revolutionary currency has been gaining popularity for years now. Still, despite its amazing features, there is a burning issue that has brought constraints to its true blossoming.

This debate has been raging for over a decade now, and it’s the issue of the legality of Bitcoin.

So stay tuned as we will be taking you on a journey around this very issue.

, let’s take a quick peek at what it really is. 

is a digital currency (cryptocurrency) initially coined (excuse the pun) in 2008 and given a domain name, “Bitcoin.org,” in the same year. It was created by 

 who used the assumed false name, Satoshi Nakamoto. It was launched in January 2009. 

 with no third-party facilitation, which means a user can directly share transactions with another user without needing any intermediary such as banks. On October 31, 2008, Nakamoto released a 

, which depicted a vision of how an electronic form of money could revolutionize the current financial markets and transaction systems.

The paper proposed utilizing a decentralized ledger of transactions in batches, known as “blocks.” The blocks refer to files where transaction data is permanently stored. Furthermore, the underlying network that processed the Bitcoin transaction is called the 

. The purpose was to offer people secured online transactions; hence the transactions were secured by 

Nakamoto initiated the first transaction 

” – the first block on the blockchain, which contained 50 Bitcoins. That was when Bitcoin was officially launched as the world’s first cryptocurrency. 

Bitcoin’s competitive advantage comes from being the first cryptocurrency created. It has since spawned a worldwide community of millions of devoted followers who put their money into Bitcoin through investing, trading and using Bitcoin in their regular daily transactions. The rise of the principle of cryptographic money is based on a calculated idea that has inspired the advancement of thousands of competing projects. The entire cryptocurrency market has its foundation in the creation of Bitcoin. 

Because of its first-to-market status, Bitcoin (BTC) remains at the peak of a very strong cryptocurrency market long after its introduction. Even though Bitcoin has lost its undisputed total dominance, it is still the biggest cryptocurrency with a

 of over 4 times its nearest competitor, Ethereum, as of March 2021.

 is constantly fluctuating – something it is well-known for.

Nevertheless, despite its popularity, many countries are still debating 

 or not. Especially to those new to the currency, many think that Bitcoin actually isn’t. Indeed, in some countries, it isn’t legal. In some other countries, it’s completely legal. While in some other countries, it’s a bit of both (depending on the function). This brings us down to our next concern: why does such an invention with such a huge potential to revolutionize transaction systems have legal concerns? 

We all know that every fiat currency is introduced, generated, and regulated by a single entity – central banks. All over the world, central banks control the flow of currencies according to local laws, which means that no ordinary citizen can trade money without abiding by government regulations. It’s considered a crime to act otherwise. 

When Bitcoin was introduced, it became an exception to the established legal process that regulates currency. Bitcoin was a currency the first of its kind in the world – not controlled by the government or central banks. Additionally, the fundamental idea of Bitcoin infers that anybody with enough computing force and sound financial acumen can make their coins by just being an active part of the network. 

However, the increasing popularity and acceptance of the BTC has led law enforcement and tax authorities worldwide to understand the concept of Bitcoin and how to use it within the existing legal framework. Consequently, the legality of Bitcoin depends upon a few measures – like what you do with it, where are you located, or how old you are.

Regardless of numerous conspiracy theories doubting the utilization of Bitcoin, its decentralized nature guarantees that no one can hold you back from utilizing it. Consequently, many legal experts are being urged to understand the very nature of Bitcoin to be able to regulate it, which would, in turn, make it easier to characterize Bitcoin legally from a legislative and regulatory standpoint. 

Several jurisdictions have a hard time legalizing Bitcoin due to its unique, decentralized, and intangible nature. But something that is gaining popularity like a wildfire is harder to control. 

While US-based traders are controlled and monitored by regulators, many offshore traders still don’t, which provides regulating bodies with an edge to classifying Bitcoin as illegal. For instance, the history of cryptographic money is filled with scams. Instances where traders were robbed and fell prey to digital currency scammers are unfortunately not uncommon occurrences.  

It’s quite normal for regulators to be concerned over a monetary system that cannot be completely controlled, considering historical scams. At most, the authorities can attempt to discourage individuals from using Bitcoin through threats or cutting off access to the world World Wide Web, which isn’t practical in all reality, considering the current dependency of people and businesses on the internet. 

Here are a few concerns that hold back regulating authorities to legalize Bitcoin; 

Still, law enforcement authorities remain concerned over Bitcoin’s popularity among the traders of illegal products. It is suspected that Bitcoin’s secrecy, anonymous transactions, and decentralized nature can be misused in tax evasion structures and black money markets (money laundering). 

Let’s look at the United States first. What is its legal status there?

Despite all these concerns about its use in the illegal trading of goods, the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has 

 Bitcoin as a decentralized virtual currency. They issued a guideline that stated that those who obtain virtual currency and use it to purchase legal goods are not breaking the law. Several websites, such as 

, accept cryptocurrency as a form of payment. Besides these websites, there is an increasing number of merchants across the United States where Bitcoins are accepted as a form of currency.

Besides, the authorities categorizing Bitcoin legal at several instances, the list goes on where nothing seems to be stopping Bitcoin from gaining popularity. Some of these things are: 

Bitcoins are treated as property rather than cash or liquid money. For instance, if you make a purchase using your Bitcoin, you actually traded an asset vs. the commodity or service required. The value of Bitcoin depends upon the market rate at the time of buying or selling. So any profit, or loss is subject to taxation and the pulse of the market.

In January 2020, a US House of Representatives 

 was proposed to exempt taxing Bitcoin transactions, if the gain is up to $200. The bill has not been voted into law yet.

Here is a pick of some other countries where Bitcoin is recognized as being legal.

However, there are several countries around the world where Bitcoin is illegal to some extent. Some in more aspects than others.

There are only a few countries where Bitcoin is illegal in every shape and form. They include Algeria, Bolivia, Egypt, Morocco, and Nepal.

Some limitations that keep cryptographic forms of currency from gaining widespread popularity are the chances that a person’s digital currency fortune could easily be destroyed by a PC crash or that a virtual vault might be unprotected by a programmer. These issues may resolve with time as technology advances. What will be harder to overcome is the essential oddity that besets digital forms of money – the more well-known they become, the more guideline and government investigations they are probably going to attract, which happens to erode the basic reason for their existence. 

The cryptocurrency may be rising in use as a part of the world’s financial system, but it still has to gain the legal authorities’ confidence. It has to provide security and safeguard and preserve user anonymity. If all these areas are satisfied, we may see new avenues open for the world’s biggest cryptocurrency. However, looking at Bitcoin’s current situation, there is little doubt about Bitcoin’s future success. But how successful it can get, may well depend on its legal status in different countries around the world.

The seemingly exponential rise of Bitcoin has created a buzz and triggered many debates globally about the future of cryptocurrency. No matter which way you look at it, however, on a global scale, the popularity of Bitcoin is rising. In the coming years, as it is adopted more into the mainstream, then it isn’t a realistic expectation that more and more countries will fully embrace it legally.

With the new found knowledge in crypto, why not sign up to Bybit?

Is Bitcoin Legal?

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