As a seasoned analyst with years of experience in the dynamic world of blockchain and digital assets, I find BitGo’s latest move to offer custody support for Sui Network’s new tokens, NS and DEEP, an intriguing development. With my roots firmly planted in the early days of Bitcoin, I’ve witnessed the evolution of this industry and understand the importance of a reliable custodian like BitGo in the DeFi space.
In a recent announcement, BitGo is now offering safekeeping services for two fresh tokens within the Sui Network environment: Sui Naming Service (NS) and DeepBook (DEEP).
In the year 2023, BitGo became the pioneer in providing custody and staking services for SUI, the indigenous token of the Sui Network. Notably recognized for its speed and affordability, this blockchain platform is now seeing increased participation from BitGo, who are currently backing two new initiatives: Sui Naming Service and DeepBook. The company has expressed their commitment to these projects in a recent statement.
Today, we’re thrilled to deepen our bond with the Sui network by backing two innovative projects: NS and DEEP. These projects are instrumental in bolstering Sui’s underlying structure and contributing to the wider Web3 community.
The Sui Naming Service (NS) simplifies blockchain addresses on the Sui network by making them easier for humans to understand. This feature enables institutions to establish a distinctive identity framework. Token holders of NS also get an opportunity to influence key decisions regarding the Sui Network by taking part in project governance, which includes voicing their opinions on significant proposals that may impact the network’s future development.
DeepBook represents a significant expansion within the Sui Network, functioning as a decentralized version of a central limit order book. It operates entirely on-chain, taking advantage of the Sui blockchain’s multi-processing capabilities to manage trades swiftly and affordably. This results in efficient routing, matching, and settlement of orders in a transparent and decentralized fashion. The design of DeepBook emphasizes flexibility and user-friendliness, making it crucial for developing decentralized financial applications.
BitGo’s Custody Support for NS and DEEP
By expanding its custody services to encompass NS and DEEP tokens, BitGo allows users to securely hold these tokens in both cold and hot storage. This means that businesses, banks, and exchanges utilizing BitGo’s infrastructure can safely oversee their assets while reaping the advantages of the burgeoning Sui ecosystem. Additionally, the digital asset company emphasized that this action aligns with its objective to empower institutions within the DeFi sector. In other words, they are saying: This step is in line with our mission to strengthen institutions operating within the Decentralized Finance (DeFi) sphere.
Through our reliable token storage options, institutions can now safely keep their NS and DEEP tokens. This move signifies the progress towards giving institutions greater control in the Decentralized Finance (DeFi) sector and decentralized identity.
BitGo is now a significant figure in safeguarding upcoming digital assets in the blockchain sector. Approximately 20% of all Bitcoin transactions by value on the chain are currently being protected by them. This company has expanded to take the lead as the largest standalone digital asset guardian.
The increased backing it receives is vital for the wider acceptance of the Sui Network as well as its related technologies. As the Sui system expands, secure storage solutions offered by BitGo are likely to be key factors in drawing in institutional investors and developers.
The integration of Sui Naming Service and DeepBook also signals the growing importance of Web3 technologies, where decentralized identity and on-chain trading are central to finance’s future. This new development will further position the company well in taking the lead in supporting innovative blockchain ecosystems like Sui.
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2024-10-16 13:02