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.

market maker.png

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

Trading

Bybit Guide

Learn everything you need to maximize your gains in Bybit WSOT 2024 Squad Showdown, from entry requirements to ranking strategies and prize breakdowns.

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 Main Competition (Squad Showdown) but need help figuring out where to start? We’re here to help you! From competition entry criteria to ranking criteria, you’ll discover all the competition details you need to know to effectively strategize your trades — so you can ace this year’s 

How to Join the Bybit WSOT 2024 Main Competition (Squad Showdown)

The Bybit WSOT 2024 Main Competition (Squad Showdown) is a 

 contest with a total prize pool of 7,150,000 USDT that runs from Oct 10, 10AM UTC to Oct 31, 10AM UTC.

 All derivatives contracts (including USDT Perpetuals, USDC Contracts, USDC Options, and Inverse Contracts) are eligible. However, volumes from 

button during the registration stage between Oct 1, 2024, 10AM UTC and Oct 20, 2024, 10AM UTC. 

Before joining the Squad Showdown, you must open a 

 (UTA), as only UTAs are eligible for participation. Please 

, Pro 3+ (Pro 3, 4 and 5) and Institutional account users are not eligible for the campaign. After opening your UTA account, you’ll also have to deposit a minimum of 500 USDT before you can join the competition. 

 to participate in multiple competitions simultaneously. You can open up to five accounts 

 one UTA Main Account and four Unified Trading Subaccounts. 

You can join as a squad and/or as an individual. If you wish to join a squad in the competition, you’ll have to meet the requirements set by the squad. A squad will require a minimum of 20 members to be eligible to participate in the competition.

Besides the capability to use Subaccounts to participate in multiple competitions concurrently, this year's WSOT also levels the playing field with the introduction of weight class. The tiered system allows users to choose from three different tiers of wallet amounts, which are then categorized into three different weight classes, based on their selected asset tier —

 Lightweight ($500), Gold ($2,000) and Diamond ($10,000). 

Each weight class has its own prize pool, where users in higher asset tiers will share a larger portion of the prize pool based on their individual profit rankings. Lightweight users must have a minimum balance of $500 in their participating accounts, and the top 100 individuals in this tier will share 10% of the total prize pool. Gold users require at least $2,000, and the top 100 individuals in this tier will share 30% of the total prize pool. Lastly, Diamond users need a minimum of $10,000, with the top 100 individuals sharing 60% of the total prize pool. This structure ensures that both retail traders and larger players can compete fairly within their own divisions.

Additionally, instead of individuals competing in squads or in individual leaderboards, squads now compete with others in different "weight classes" as each squad's points will be adjusted according to the weight categories of its members.

The WSOT 2024 Squad Showdown is divided into four reward categories: 

The WSOT 2024 Squad Showdown includes several extra rewards in addition to the main rewards. The first extra reward is for 

, worth 100,000 USDT and awarded to the Squad that meets the trading volume threshold of 50,000 USDT with the most votes. You can choose to be loyal and vote for your squad, or vote for the squad you think is most likely to win. Voting will run from Oct 10, 2024, 10AM UTC to Oct 21, 2024, 10AM UTC. For every $30,000 in trading volume, you will get one vote ticket, up to a maximum of 15 vote tickets per user. Please 

 that votes cannot be modified after voting. All users who have voted for the final winning squad, as well as the members of the winning squad, will share the 100,000 USDT prize. 

. The squad that hits the top 10 squad PnL (%) rankings for the most dates will share the 50,000 USDT prize equally among its members. WSOT 2024 also features an extra chance in the form of a PnL% 

, whereby users with negative PNL% can receive one ticket for every 50,000 USDT transaction, with a maximum of three tickets during the event. If you’re a VIP or an Affiliated user, you’ll immediately receive one card upon registration. 

The awarding phase will occur from Nov 1, 2024, 10AM UTC through Nov 12, 2024, 10AM UTC. You can view your rewards on the 

 page. All rewards will undergo a risk assessment before being distributed. Once cleared, your rewards will be available in the 

Bybit WSOT 2024 Main Competition Ranking Categories

The competition is split into Individual and Squad categories, ranked according to Individual Profit, Individual Trading Volume and Squad PnL (%). The following explains how we break down the ranking categories for individuals and squads, and details the formula used to determine the winners.

 reward features a prize pool of 2,800,000 USDT, which accounts for

. This prize pool will be distributed among the top 100 participants in each tier 

 Lightweight (10%), Middleweight (30%) and Heavyweight (60%). The system will calculate the profits of all eligible contracts, based on the snapshot prices at the time of the last update.

Rankings will be based on users' profits. However, users with a trading volume of less than 50,000 USDT will be excluded. 

Individual Profit Reward and Calculation Formula

Individual Profit = [Account Equity (incl. unrealized PnL and/or bonus) − Initial Equity (incl. unrealized PnL and/or bonus) + Withdrawal Amount During Competition − Deposit Amount During Competition]

The PnL (%) of your UTA will include all USDT and USDC 

 and Spot Margin trading, as well as leveraged tokens. The tokens in your UTA will be converted to their USD equivalents, and your overall PnL (%) may be affected if the prices of the tokens fluctuate.

It’s important to note that actions such as deposits and transfers to and from your UTA will affect your PnL (%). Assets exchanged in the UTA are not counted as deposits or withdrawals. Below are the main actions that affect your PNL:

: Calculated every five minutes until the conclusion of the competition.

: At the beginning of the competition, if a user's wallet balance in a specific contract currency is at least 500 USDT for more than five minutes, the system will record that balance as the initial equity for the competition.

: Accumulated withdrawals (including any withdrawals and asset exchange) during the competition period.

: Accumulated deposits (including transfers, awarded bonuses, commissions and asset exchange) during the competition period.

 reward is 1,400,000 USDT, accounting for

 and distributed among the top 100 participants. The system will calculate the trading volume for eligible contracts and reward participants with higher trading volume. Each account's trading volume will be calculated separately, and the main account's volume will not include the trading volume from any Subaccounts.

Rankings will be based on users' trading volumes, with trading volumes of

50,000 USDT excluded. All calculations only factor in assets from the Derivatives account.

Any amount transferred to the Derivatives account shall be considered as a deposit, and any amount transferred from the Derivatives account to Spot or Earn accounts will be regarded as a withdrawal.

The Squad PnL (%) reward amounts to 1,400,000 USDT, 

 and distributed among the top 10 squads. To be eligible for rewards, the total trading volume of the squad must 

 a minimum value of 50,000 USDT. If the squad's cumulative trading activity is below this threshold, they won't qualify for the reward distribution, regardless of other factors. 

In each winning squad, the Squad Leader will receive 20% of the squad’s winnings, the top 20% of eligible members will share 30% of the squad’s winnings, and the remaining 50% of the squad’s winnings will be evenly divided among the Squad Members who reach the threshold volume. 

The 1,400,000 USDT Regional Squad PnL (%) reward accounts for 20% of the total prize pool. There are nine regions set for WSOT 2024: English, Japanese, Korean, Mandarin, Russian, Ukrainian, Southeast Asian, European and Open Zone. The top three squads of each region (27 squads in total) with the highest PnL (%) points will share the prize.

How Squad Profit and PnL (%) are Calculated

Squad PnL (%) Reward and Calculation Formula

Squad Member’s Profit = [Account Equity (incl. unrealized PnL and/or bonus) − Initial Equity (incl. unrealized PnL and/or bonus) + Withdrawal Amount During Competition − Deposit Amount During Competition]

Squad Member’s PnL (%) points = Profit / (Initial Equity + Total Deposits) * 100% * tier weightage points

Squad PnL (%) points = top 20% squad members' average pnl% points + percentage points of all squad members who meet trading volume threshold

Each member who trades for more than $50,000 will contribute 0.01 points to the squad. If there are fewer than 20 members in the squad who meet the requirements, the points will still be divided by 20.

As weight classes are attributed to individuals, the individual weightages will affect the calculation of the ranking in the squad. These weights are represented by weightage points 

Lightweight (10 points), Middleweight (30 points) and Heavyweight (60 points) 

which impact the importance of each level in the final calculation.

These points determine the influence of each member's contributions in the squad ranking, with higher-ranked categories such as Diamond contributing more heavily to the squad's overall Pnl (%) score.

Can I upgrade or downgrade my Asset Tier?

You can upgrade your asset tier by transferring more funds into your participating account(s). Once upgraded, your ranking will be adjusted according to the new tier's rankings. Your initial asset tier is determined by the balance in your participating account(s) at the time of registration. If your balance falls below the minimum requirement for your current tier, you won't be downgraded. However, your rankings will not be valid until your balance meets the requirement again.

Can I receive both Squad and Individual Rewards?

Yes. You can receive both Squad and Individual Rewards if you join a squad.

Can I make a withdrawal during the competition period?

There are no restrictions on deposits, withdrawals or asset exchanges during the competition. However, please note that these actions may impact your PnL (%) and competition ranking.

You can become a Squad Leader simply by visiting 

 button between Oct 1, 2024, 10AM UTC and Oct 9, 2024, 10AM UTC. Once you submit your request, approval will be done within two (2) working days. After becoming a Squad Leader, you can recruit Squad Members by sharing your squad link or the QR code on your squad page. As a Squad Leader, you can decide on the squad's entry settings. If a squad is set to public, anyone can join the squad. If a squad is set to private, a PIN code is required to join the squad. Note that anyone can join regional squads without a PIN.

Can I change squads during the competition?

No. You cannot change squads when the competition is taking place. However, you may choose to change to another squad one (1) hour before the start of the competition.

What if my squad has fewer than 20 members?

If a squad has fewer than 20 members, the system will automatically assign all members (including squad leader) randomly to a suitable squad 30 minutes before the start of the competition.

Bybit WSOT 2024: All You Need to Know To Maximize Your Gains

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards