Update: Sui said the blockchain network is “backed up and reprocessing transactions.” The team attributed the outage to “bugs in the transaction scheduling logic that caused validations to fail.”
blockchain layer 1, Suihas confirmed that its network is currently down and cannot process transactions.
In a statement on November 21, Sui's support team identified the problem and announced that it would be fixed soon. This project stated:
“The Sui network is currently down and is not processing transactions. “We have identified the issue and a solution will be implemented soon.”
In the meantime, Sui's situation Page It indicates that block production stopped over an hour ago due to a “major outage” that disrupted its validation.
according to CryptoSlate's data, the outage has caused the price of SUI to fall by about 7% to $3.42 at the time of writing. This stagnation contrasts with the bullish trend of the digital currency market, and Bitcoin has reached an all-time high.
A setback for Sui's promising path
This is the first significant failure of the network since its launch in May 2023. Sui, often referred to as “Solana Killer,” now compared to Solana's history of network disorders.
The blackout comes at a critical moment for Sui, which has escalated Considerable attention from retail and institutional investors. Grayscale recently a Sui focused investment trustand asset management giant VanEck Introduced a SUI-linked exchange-traded note (ETN). For European investors these developments highlight growing confidence in Sui's long-term potential.
Meanwhile, the DeFi Sui ecosystem has experienced rapid growth. Trading activity on Sui-based decentralized exchanges (DEX) reached an all-time high of nearly $6 billion this month, while total network locked value (TVL) also reached an all-time high of nearly $2 billion. .
These numbers are due to the increase in memecoin transactions and the introduction of native stablecoins FDUSD and USDC on its blockchain
Despite the setback, market analysts remain optimistic about Sui's future. They argue that if it continues to grow at this rate, blockchain could pose a serious challenge to established players like Solana and Ethereum in the short term.
