SuiNS, the native onchain naming service on the Sui blockchain, announced the launch of its native token, NS. This token launch will help to solidify SuiNS’s role as a key player in the onchain namespace and marks a pivotal moment for both SuiNS and the broader Sui ecosystem.
Created with support from core contributors and community members including Mysten Labs, SuiNS is the name service solution of the Sui network. SuiNS allows users to register their name onchain and associate it with their wallets, simplifying peer-to-peer transactions, improving onchain user experience, and cementing users’ individual presence in the Sui ecosystem.
Earlier this year, SuiNS distributed soulbound NFTs to more than 180 thousand wallets containing SuiNS domains and handles, granting them the right to claim NS tokens upon launch. With the official release of NS, these holders will be able to convert their NFT into fungible NS tokens, which will enable them to participate in SuiNS token-based governance protocol. Participating in governance not only gives token holders a say in the development of the protocol but also earns them rewards.
Since its launch, more than 279k handles have been registered in the protocol, and many major ecosystem protocols, including Sui Wallet, Cetus, Aftermath, Turbos Finance, and Sui Vision, have implemented it for their users.
“We’re ecstatic to see another step towards the decentralization of community-driven projects in the Sui ecosystem with the launch of the NS,” said Sean Mikha, Founder and CEO of SuiNS. “By empowering the owners of SuiNS names to decide the future of the protocol, we’re positioning SuiNS handles to become the onchain naming service for the world.”
The total token supply for the NS token, as outlined on the tokenomics page on the SuiNS site, is 500,000,000 tokens, with 150,000,0000 being distributed today as part of the initial circulating supply. The remainder of the total token supply will be released over 6 years.
About SuiNS
SuiNS is the on-chain name service for the Sui ecosystem, allowing individuals and businesses to register human-readable account names, such as @alice, that map to traditional wallet addresses. These handles can be used to confidently send and receive tokens on-chain, as well as participate in games, social apps, and more. For more information about SuiNS, please visit https://suins.io.
About Sui
Sui is a first-of-its-kind Layer 1 blockchain and smart contract platform designed from the ground up to make digital asset ownership fast, private, secure, and accessible to everyone. Its object-centric model, based on the Move programming language, enables parallel execution, sub-second finality, and rich on-chain assets. With horizontally scalable processing and storage, Sui supports a wide range of applications with unrivaled speed at low cost. Sui is a step-function advancement in blockchain and a platform on which creators and developers can build amazing user-friendly experiences. For more information about Sui, please visit https://sui.io.