The SuiNS protocol launches the NS Token, empowering decentralized Web3 identification services

The SuiNS protocol is taking an important step towards Decentralization, with the NS Token set to launch on November 14th. This Token is not only the core of protocol governance but will also provide users with various practical uses, making it a key asset within the SuiNS ecosystem.

The main functions of NS Token include participating in governance and purchasing domain names. In terms of governance, holders can increase their voting weight by locking their tokens, with a 10% increase in weight for each month locked, up to a maximum of 12 months. This mechanism encourages users to participate in the development of the protocol in the long term. To ensure community participation, effective proposals require at least 1% of the circulating NS to participate.

In addition to governance rights, the NS Token can also be used to purchase SuiNS domain names at a discounted price. This feature provides users with a stable and predictable domain pricing mechanism, without worrying about potential price fluctuations in the future.

As SuiNS continues to develop new features, the use of NS Token will further expand. The protocol development team is exploring more innovative applications to enhance the value of Web3 identification services. The launch of these new features will provide more participation opportunities for NS Token holders while promoting the development of the entire ecosystem.

The ultimate goal of SuiNS is to become a fully decentralized Web3 domain service. In this process, the NS Token plays a crucial role. By granting community members governance and decision-making power, SuiNS ensures that the development direction of the protocol aligns with user interests. This community-driven model not only enhances the degree of decentralization of the protocol but also lays a solid foundation for innovation and growth in Web3 identification services.

With the launch of the NS Token, SuiNS is paving the way for the future of Web3 identification. By encouraging community participation and innovation, SuiNS is expected to become an important force in driving the development of decentralized identity solutions.