As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of ups and downs, outages, and recoveries. The recent downtime experienced by the Sui Network has certainly piqued my interest, given its reputation as a potential Solana-killer.
The Sui Network, a decentralized Layer-1 blockchain, experienced an extended period of inactivity, failing to produce any blocks over the past few hours. Insights from Suivision indicated that the network encountered a significant disruption, with certain validators encountering difficulties in verifying transactions, which they referred to as a “major outage.” The price of SUI dropped by approximately 10%, but it subsequently rebounded once the network began processing transactions again.
Sui Network Faced Major Outage
Based on reports from Suivision, the Sui Network has been offline for over two hours as of now. Since 09:15 UTC today, no new blocks have been created on the blockchain.
Members of the Sui community have raised concerns about certain validators, and the team is actively looking into the reasons behind the service interruptions. The main account on the X platform has confirmed the outage.
Right now, the Sui network is down and isn’t handling transactions. We’ve found the problem and will soon implement a solution. Thank you for your understanding as we work to resolve this, and we’ll keep you informed with further updates.
For the first time, the Sui Network is experiencing an outage, earning comparisons to Solana’s challenges in the past. Members of the cryptocurrency community have been quick to criticize Sui, with some saying “No surprise Sui is the new Sol” and others calling it a “Solana moment”. The incident has sparked a wave of memes on the X platform, with many using “first time?” as a joke.
Solana folks to Sui folks right now:
— juzy (@juzybits) November 21, 2024
As per SanXz’s report, it appears that the Sui Network is functioning, not experiencing downtime. However, there’s a problem with an RPC issue concerning validators, which is causing interruptions, and the Sui team is currently looking into it.
Nevertheless, a user named ‘reisen’ countered this analysis by stating, “It’s pointless for nodes or validators to be active if no blocks are generated. In essence, not creating blocks for an hour and a half is the same as being offline.
After a quick fix by the dedicated team of Sui network validators, the system is now operational once more, resuming transaction processing.
The outage lasting for two hours was due to an issue in the transaction scheduling mechanism, leading to validator crashes. This problem has since been fixed.
— Sui (@SuiNetwork) November 21, 2024
Price Tumbled 10% During Downtime?
As SUI transaction activity resumes, its price may experience fluctuations, but the SUI community remains optimistic (or bullish) so far. On the other hand, the Bullishify.sui platform is designed to help boost this sentiment.
Is SUI mimicking Solana’s move? Recall how SOL plummeted in December 2020 only to skyrocket 1000% shortly after? It seems like SUI is saying, ‘We’re playing the same game.’ Get ready, folks!
After experiencing a 10% decrease over the past day, the SUI price has rebounded and is now being traded at $3.63. According to CoinGape’s evaluation, the SUI price could potentially surge to $18, resulting in an impressive 750% increase on a monthly basis, and more than 500% growth for the year.
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2024-11-21 15:45