Update: Sui has confirmed that its blockchain network is back up and processing transactions again. The team identified the outage as caused by a bug in transaction scheduling logic that led to validators crashing.
Layer-1 blockchain, Sui, is currently facing downtime and is unable to process transactions. In a statement on Nov. 21, the Sui team acknowledged the issue and assured users that a fix would be implemented soon. The project stated:
“The Sui network is currently experiencing an outage and is not processing transactions. We have identified the issue and a fix will be deployed shortly.”
Meanwhile, the CryptoSlate data shows that the outage has caused the price of SUI to decrease by approximately 7% to $3.42. This decline contrasts with the overall bullish trend in the crypto market, with Bitcoin hitting a new all-time high.
A setback for Sui’s promising trajectory
This downtime marks the first significant disruption for the network since its launch in May 2023. Often dubbed as a “Solana Killer,” Sui now faces comparisons to Solana’s history of network issues.
The outage comes at a crucial time for Sui, which has been gaining attention from both retail and institutional investors. Grayscale recently launched a Sui-focused investment trust, and VanEck introduced an SUI-linked exchange-traded note (ETN) for European investors. These developments underscore the increasing confidence in Sui’s long-term potential.
Additionally, Sui’s DeFi ecosystem has seen rapid growth, with trading volume on Sui-based decentralized exchanges (DEX) hitting a record high of nearly $6 billion this month. The network’s total value locked (TVL) has also reached an all-time high of around $2 billion.
Despite this setback, market analysts remain bullish on Sui’s future. They believe that if the network continues to grow at its current rate, it could present a significant challenge to established players like Solana and Ethereum in the near future.
Mentioned in this article
