1 week Ago By Yoo Mi-ja
British Virgin Islands— SuiNS, the native onchain naming service on the Sui blockchain, today announced the launch of its native token, NS. This token launch will help solidify SuiNS's role as a key player in the onchain namespace and mark 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 Sui network's name service solution.
It allows users to register their names onchain and associate them with their wallets, simplifying peer-to-peer transactions, improving onchain user experience, and cementing users’ 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 can convert their NFT into fungible NS tokens, enabling them to participate in SuiNS token-based governance protocol.
Participating in governance gives token holders a say in developing the protocol and 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 protocol's future, 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. 150,000,0000 are being distributed today as part of the initial circulating supply.
The remainder will be released over 6 years..
