With strong support from Mysten Labs, $NS is expected to become a new star in the SUI ecosystem

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远山洞见2024/11/18 07:53

By:远山洞见

I. Project introduction

Sui Name Service (SuiNS) is a core service in the SUI ecosystem, developed by Mysten Labs, aimed at simplifying user Web3 identity management. Through SuiNS, users can register personalized domain names for wallet addresses, decentralized websites, and other on-chain resources, making blockchain interaction more intuitive and convenient, and enhancing the User Experience in the Web3 environment.

At present, SuiNS has more than 265,000 registered addresses, 53,000 of which have been resolved on the chain, demonstrating its important position in the SUI ecosystem. SuiNS provides users with a simpler Web3 identity solution, which helps to enhance the recognizability of on-chain resources and promote the wide application of the SUI ecosystem.

Users can register and manage SuiNS domain names by visiting the official website. This service not only meets users' personalized needs for on-chain identity, but also lays the foundation for decentralized identity verification and resource interaction in the future Web3 era.

With strong support from Mysten Labs, $NS is expected to become a new star in the SUI ecosystem image 0

II. Project highlights

1. Official background and strong support

Sui Name Service (SuiNS) is developed and incubated by Mysten Labs, the development team behind SUI, with strong endorsement from official funds and technical teams, demonstrating strong product delivery capabilities. As the official domain name service of the SUI ecosystem, SuiNS has been fully guaranteed in terms of resources and reputation.

2. Simplified Web3 identity management

SuiNS provides a simple on-chain identity management solution, allowing users to register personalized domain names for on-chain resources such as wallet addresses and websites, optimizing the Web3 interaction experience, improving the readability and recognizability of addresses, and making Web3 more user-friendly.

3. Convenient registration and multiple preferential mechanisms

SuiNS provides a smooth registration experience, where users can directly complete domain registration and management on the official website. In addition, it supports multi-year renewal options, and users can also enjoy discounts by using discount codes, making domain registration more affordable.

4. Extensive ecological application and market recognition

As of now, SuiNS has 265,000 registered addresses and 53,000 domain names for on-chain resolution, occupying an important position in the SUI ecosystem. Its unique decentralized identity solution brings users a more convenient on-chain experience, while further promoting the development of the SUI ecosystem and the active level of users.

III. Market value expectations

The NS project focuses on virtual identity services, with a current unit price of 0.42173 dollars and a total circulating market value of approximately $63.26M, with a fully diluted market value of approximately $210.87M. Based on its market positioning and comparative analysis with benchmark projects, the expected market value of NS is as follows:

1. FIDA - Humanized ID for Virtual World

Current unit price: 0.22 dollars

Market capitalization: $113.77M

Fully diluted market cap: $220.48M

When NS reaches a similar circulating market value level, the unit price is about 0.758 dollars

2. ID - Decentralized Generic Domain Name Protocol

Current unit price: 0.451 dollars

Market capitalization: $194.18M

Fully diluted market cap: $900.62M

When NS reaches a similar circulating market value level, the unit price is about 1.294 dollars

3. ENS - Ethereum Domain Name System

Current unit price: 18.28 dollars

Market capitalization: $623.79M

Fully diluted market cap: $1.83B

When NS reaches a similar circulating market value level, the unit price is about 4.158 dollars

IV. Token Economics

NS Token is the native token of Sui Name Service (SuiNS), which aims to support the operation and governance of decentralized domain name service platforms, while incentivizing users to actively participate in the ecosystem. The initial price of NS Token is $0.09, and the total supply is 500 million. The following is a detailed allocation and usage description of the token.

Token distribution

Project Treasury and Market Maker: 35% (175,000,000 tokens) TGE will be released 50%, and the remaining part will be linearly released within 6 years to support the development, maintenance, and liquidity needs of the SuiNS platform, ensuring stable market liquidity.

Investors: 10.93% (54,650,000 shares) TGE released 0%, locked for 12 months, linearly released within 24 months, providing early funding support for the project and ensuring investors' long-term commitment.

3. Mysten Labs: 9.5% (47.5 million tokens) TGE release 10%, the remaining part will be linearly released within 48 months to ensure the long-term support of the development team for the project and promote project innovation.

Early team members: 7.5% (37.5 million pieces) TGE release 0%, locked for 12 months, linearly released within 24 months, motivating team members' long-term investment and development.

Voting reward: 5% (25,000,000 tokens) TGE release 5%, linearly released within 24 months, motivating users who actively participate in governance and jointly promote the decentralized development of the platform.

6. Community members: 22.07% (110,350,000) TGE released 0%, linearly released within 48 months, allocated to community members to support user growth and active level of SuiNS ecosystem.

7. Airdrop share: 10% (50,000,000) will be released at 100% TGE to motivate early users and increase the platform's attention and participation.

Token usage

1. Governance and incentives

NS tokens will be used for decentralized governance of the SuiNS platform, allowing users to participate in platform decisions and increase community participation.

2. Liquidity support

The tokens allocated to the project treasury and market makers will be used for liquidity support to ensure market stability.

3. Community rewards

Tokens rewarded by community members and voting incentivize active customer engagement Platform Governance and ecosystem construction, and promote the long-term development of the platform.

Ecological expansion and development

4. The project treasury will support the functional expansion and ecological development of SuiNS, including the development of new functions and the integration and cooperation with other projects.

V. Team and financing

The team information of the SuiNS project has not been made public yet. However, the project has demonstrated strong technical strength and product delivery capabilities, and it is expected that the team quality will be good.

SuiNS was incubated by Mysten Labs and, as an important part of the SUI public chain ecosystem, has received official endorsement and support from the public chain. It not only brings resource security to the project, but also enhances the market's recognition and trust in SuiNS.

VI. Risk Warning

1. As the official domain name service of the SUI ecosystem, SuiNS is facing competitive pressure from other public chains and decentralized domain name services. In the Web3 domain name market, Ethereum's ENS has established a high market awareness and user base. If SuiNS cannot continue to expand its influence or maintain innovation in the SUI ecosystem, it may lose market share to other domain name services and weaken its ecological position.

2. The release arrangement of NS tokens includes multiple large unlocks, especially the initial release of 50% of the 35% tokens held by the project treasury and market makers, which may put pressure on the market price. As the unlocking period progresses, the circulation of tokens in the market will increase significantly. If liquidity management is insufficient, it may lead to increased volatility in token prices.

VII. Official link

Website：https://x.com/SuiNSdapp

Twitter：https://x.com/SuiNSdapp

Discord：https://discord.com/invite/69te6EwCxN

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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