Sui network outage triggers 7% price drop despite broader bull market
Replace: Sui mentioned the blockchain community “is again up and processing transactions once more.” The workforce attributed the outage to “a bug in transaction scheduling logic that brought about validators to crash.”
Layer-1 blockchain, Sui, has confirmed that its community is at the moment down and unable to course of transactions.
In a Nov. 21 assertion, the workforce behind Sui recognized the problem and introduced {that a} repair can be deployed shortly. The mission acknowledged:
“The Sui community is at the moment experiencing an outage and never processing transactions. We’ve recognized the problem and a repair will probably be deployed shortly.”
In the meantime, Sui’s standing page reveals that block manufacturing stopped over an hour in the past because of a “main outage” that disrupted its validators.
In accordance with CryptoSlate’s information, this outage has brought about the worth of SUI to drop by about 7% to $3.42 on the time of writing. The downturn contrasts with the broader crypto market’s bullish pattern, with Bitcoin reaching a brand new all-time excessive.
A setback for Sui’s promising trajectory
This marks the primary important downtime for the community since its launch in Could 2023. Sui, sometimes called a “Solana Killer,” now faces comparisons to Solana’s historical past of community disruptions.
The outage comes at a crucial second for Sui, which has gained appreciable consideration from retail and institutional traders. Grayscale not too long ago launched a Sui-focused funding belief, and asset administration big VanEck launched an SUI-linked exchange-traded be aware (ETN) for European traders. These developments spotlight the rising confidence in Sui’s long-term potential.
In the meantime, Sui’s DeFi ecosystem has skilled fast development. Buying and selling exercise on Sui-based decentralized exchanges (DEX) has reached an all-time excessive of almost $6 billion this month, whereas the community’s complete worth locked (TVL) can be at a document excessive of round $2 billion.
These numbers are pushed by elevated memecoin buying and selling and the introduction of native stablecoins like FDUSD and USDC on its blockchain.
Regardless of this setback, market analysts stay optimistic about Sui’s future. They argue that if its development continues at this tempo, the blockchain might pose a critical problem to established gamers like Solana and Ethereum within the close to time period.
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