SuiNS Announces 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.

SuiNS, a decentralized naming service on the Sui blockchain, has announced the launch of its native token, NS. This token will play a crucial role in further cementing SuiNS's position within the Sui ecosystem.

The launch of the NS token will also mark a significant step towards the decentralization of the SuiNS protocol. With the token serving as a governance token, holders will be able to participate in the protocol's development and direction.

To participate in governance, token holders will be able to delegate their tokens to governance participants, who will then be responsible for putting forth proposals, discussing them, and ultimately voting on the proposals that will shape the future of the protocol.

In addition to having a say in the protocol's development, participants will also be eligible for rewards, which will be distributed periodically.

As a reminder, earlier this year, SuiNS distributed soulbound NFTs to over 180,000 wallets that contain SuiNS domains and handles, granting them the right to claim NS tokens upon launch.

With the official release of the NS token, these holders will be able to burn their NFT in order to convert it into fungible NS tokens. These tokens will then enable them to participate in the SuiNS token-based governance protocol.

Since its launch, over 279,000 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 excited to see another step towards the decentralization of community-driven projects in the Sui ecosystem with the launch of the NS token,” 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 remaining total token supply will be released over 6 years.

About SuiNS

SuiNS is the on-chain name service for the Sui ecosystem that allows 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.