SuiNS protocol launches NS Token, empowering Web3 identification services

The SuiNS protocol is about to launch the NS Token, which is a key step for the platform's transition to decentralization. The NS Token will not only be used to purchase domain names and participate in governance but will also continuously expand its use as the protocol develops. The NS Token, expected to be officially released on November 14, will provide community members with the opportunity to directly participate in shaping the future of the protocol.

Core Functions of NS Token

As the core asset of the SuiNS ecosystem, the NS Token aims to enhance the utility of the protocol and provide users with benefits beyond simple holding. Users holding the NS Token can enjoy the following main features:

Participate in governance decisions

The NS Token grants holders direct voting power in key development decisions of the SuiNS protocol. Users can increase their influence by locking NS Tokens, with each month of locking adding 10% to their voting power, up to a maximum of 12 months. This mechanism not only encourages long-term active participation but also allocates voting rewards to participants, further incentivizing a community-driven governance model.

To ensure the basic participation of the community and the legitimacy of decision-making, proposals require at least 1% of the initial circulating NS to participate to be considered valid. Through this process, the NS Token not only enhances the integrity of the protocol but also rewards those users who actively participate in shaping the future of SuiNS.

discount purchase domain name

In addition to participating in governance, the NS Token can also be used to purchase SuiNS domain names at a discounted price. This feature allows community members to acquire domain names with a fixed number of tokens, ensuring that the price is stable and predictable, without worrying about potential premiums that may arise in the future.

Future Development Direction

SuiNS is actively developing new features to further enhance the value of its Web3 identification services. With the implementation of these new features, the use of NS Token will also be expanded accordingly, providing community members with more ways to participate in the development of SuiNS. By actively participating, users can drive innovation within SuiNS, enhance the utility of the NS Token, and build an ecosystem that serves users in the long term.

Build Decentralized Web3 Identification Services

The goal of SuiNS is to become a fully decentralized Web3 domain service, and the NS Token is a core element in achieving this goal. Community members holding NS Tokens will have a voice in the evolution of the protocol and will influence the development direction and strategic decisions of SuiNS through governance voting. This model not only directly hands governance power to users but also closely ties the development of SuiNS to community interests, laying a solid foundation for the joint growth and innovation of Web3 identification.