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

DeFi

Nest Protocol is a distributed pricing oracle network based on the Ethereum blockchain which uses a special “quote mining” mechanism.

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NEST Protocol is a recently launched price prediction platform based on the 

 blockchain that aims to improve the crypto market. The NEST coin is its native token, used in their DAPP, a decentralized smart contract interaction tool. The NEST token is used to meet liquidity needs for the platform.

Have you heard about NEST Protocol? Here, you can find detailed information about what Nest Protocol is, how it works, where you can buy its token — and if it’s worth investing in. 

 is a distributed pricing oracle network based on the Ethereum blockchain which uses a special “quote mining” mechanism to ensure that off-chain data is synced to on-chain prices. A distributed pricing oracle network provides price information outside of the blockchain in a decentralized way, without a single point of entry or a governing body.

To fully understand the NEST Oracle protocol, we first need to know what an oracle is and why it's important. When developing a new piece of 

 technology, it's important to incorporate data from the real world, via 

, into the actual blockchain. What does that mean?

Here's a quick example: If you have a prediction-based blockchain platform that allows users to bet on outcomes of real-world events, like sports games or elections, you need accurate information outside the blockchain in order for your platform to properly function.

The technology used to collect that information is called an 

. To be effective, oracle data needs to satisfy 

The biggest issue with many oracle services is that they tend to rely on centralized exchanges. Since centralized oracles are controlled by a single source, a significant amount of trust has to be placed on thay entity. The consequences of over-reliance on a single third party can be serious. If the oracle gets compromised, the smart contract — and correspondingly, the entire blockchain — is impacted. NEST Oracle aims to solve this problem by being a truly decentralized oracle.

While there are many decentralized price prediction protocols, such as 

, in the market, NEST stands out in several ways. The most unique is that it forms a price directly on the chain, instead of having to upload external price data on the chain. And unlike other oracles, it also makes use of a verification system.

NEST Protocol is built on a price reference system called "quotation mining." The quotation system allows anyone to participate and use NEST tokens — coins that act as economic incentives within the NEST network. This encourages a more balanced distribution of the network and promotes a trustless system, which is central to the very concept of 

. There are three parties interacting in this network, as follows.

 Participants who provide price quotations to the contract. In addition, they need to lock in a specific amount of the quoted asset, and pay a commission fee to receive NEST tokens.

: A verifier accepts the quoted price offer, and must also lock a greater volume of the asset, which needs to be more than double that of the miner’s, in order to prevent fraud. If the quoted price differs from the market price, verifiers can trade at the quoted price to earn an 

 revenue and submit a new price to be added into the chain. 

: These are usually DeFi protocols or institutions that pay a fee to the NEST Protocol.

The price is constantly corrected in a price chain. It starts when a quote price deviates from the market price. If an arbitrage trade is performed after the price verification, the miner may incur impermanent loss in their locked assets. This in turn incentivizes miners to offer the most accurate price.

Meanwhile, when a verifier replaces the price quote originally set by the miner, the new quotation has to be verified by yet another miner. The amount locked must be more than double that of the previous verifier. 

The process continues in a chain, until there’s a quotation that isn’t arbitrage traded. This quotation is deemed effective and is recorded in the blockchain. When the verification period ends, miners and verifiers can retrieve their locked assets.

As discussed, NEST tokens are used as economic incentives within the NEST Protocol. The tokens are issued on the Ethereum blockchain, following the 

. The maximum number of NEST tokens is set at 10 billion. What's unique about the NEST project is that the tokens aren’t issued in advance, and can instead be issued only through quotation mining.

If you want to mine NEST, you need to submit quotations. In turn, you'll receive the tokens as a reward. Additionally, the fees collected by the Ethereum network when presenting quotations will be returned to token holders, which incentivizes users to hold on to their NEST coins.

Furthermore, to use the price quotations calculated by the NEST system, you'll need to pay a fee in ETH. A percentage of this fee will be returned to NEST token holders as ETH — which means that the more users the protocol has, the more fees will be returned.

NEST Protocol stands out with three key features: Speed, resilience and security.

The protocol is designed to be fast. To provide correct prices quickly, the NEST network relies on many price providers. The more providers there are, the quicker the prices will be updated. 

As a decentralized network allowing for free participation of miners and verifiers, the NEST ecosystem doesn’t have a single point of failure, and it doesn't require a centralized review system.

NEST is also designed to be attack-resistant, making it highly secure. The quotation mining process requires an increasingly larger amount of assets to be locked into the contract, which prevents fraud. Participants also face the issue of 

 of their assets, which motivates them to present a true quotation as much as possible.

As mentioned before, no private sales or pre-mining was conducted for NEST. The only way to acquire the NEST token is through quotation mining, motivating most users to hold the token long-term. The NEST token is deflationary, and with more integration, the users can expect further deflation.

The minted NEST token is split in an 80:15:5 distribution ratio. Miners receive 80% and 15% will be given to the NEST Node, which comprises holders of the NEST Governance token. The remaining 5% is attributed to the NEST developers.

There are a few game-changing advantages that make NEST Protocol stand out:

While other oracles have to upload price data on the chain, NEST Oracle can load prices directly on the chain with its innovative price quotation system.

NEST Protocol incentivizes users to hold on to their NEST tokens through quotation mining. The more token holders who use the protocol, the greater the number of tokens that will be returned to them.

NEST Protocol is designed to be fast and functional. The network relies on many price providers to quickly update prices. The protocol is also resistant to attacks and therefore secure.

On the other hand, there is a key disadvantage of NEST Protocol that we need to take into consideration:

The maximum supply of NEST tokens is 10 billion. That’s a relatively high maximum supply as compared to other protocols. So why is this a problem? Well, high supply sometimes means low demand, which can lead to low prices.

As the first oracle to provide actual on-chain price prediction, NEST Protocol provides many potential advantages to the DeFi space. It could potentially be used to balance tokens, automatic settlement mortgage loans and futures.

While it currently has very few partners, NEST shows promise with its innovative technology. It also has many use cases in the DeFi world, being used in a 

 like CoFiX and on a lending platform like Parasset. However, it faces strong competition from the current oracle leader, Chainlink.

At the moment, the NEST token is listed on multiple popular cryptocurrency exchanges. If you're interested in purchasing NEST, you need to make sure that you're buying from a secure source.

The easiest way is to purchase NEST through cryptocurrency exchanges such as 

. Before trading, always DYOR (Do Your Own Research) to ensure that the exchange and crypto project are both listed as "reliable."

The NEST Protocol integrates blockchain data with decentralized real-world data to provide an ever more accurate prediction of the market trend. As a truly decentralized oracle, NEST Protocol helps to solve many issues inherent to a centralized oracle. This increases the likelihood for mass adoption of blockchain technology in the real world, bridging networks together while building a reliable and secure system for all.

Nest Protocol (NEST): Speed and Innovation Combined

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards