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Sui Network Faces a Major Outage – Can the ‘Solana Killer’ Rebound?

Key Takeaways

  • The Sui Network faced a major outage, halting block production for over two hours due to a bug in transaction scheduling logic;
  • The network's native cryptocurrency, SUI, dropped 11% during the downtime but recovered to $3.60 after restoration;
  • Sui Foundation's swift recovery emphasized the importance of validator collaboration in addressing blockchain disruptions.
Sui Network Faces a Major Outage – Can the ‘Solana Killer’ Rebound?

On November 21, the Sui Network, a Layer-1 blockchain known for facilitating fast smart contract deployment, faced a major operational disruption, ceasing block production for over two hours.

The network outage, confirmed by the SuiVision explorer, went to a standstill, with the last block recorded at 9:15 AM UTC and no further activity for some time. The Sui Foundation addressed the situation publicly on X, acknowledging the disruption and confirming efforts to resolve the issue.

The incident drew attention from various industry analysts, many highlighting Sui's aspirations to rival Solana SOL $226.70 . This unexpected pause also impacted SUI SUI $4.72 , the network's native token, which saw an 11% drop in value, settling at around $3.40 despite maintaining a 75% gain over the prior month.

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The downtime prompted responses from exchanges, including South Korea's Upbit $4.77B , which temporarily suspended SUI deposits and withdrawals due to network instability.

Two hours after the initial halt, the foundation announced the network's restoration, crediting a swift resolution to a collaborative effort by Sui validators. The cause was attributed to a flaw in the transaction scheduling mechanism, which led to validator crashes. Following the deployment of a fix, block production resumed, and transaction processing returned to normal.

The recovery helped mitigate the financial impact on SUI, with the token rebounding to approximately $3.60 when operations were fully restored. However, this outage has raised concerns, particularly as Sui has faced similar issues during its testnet phase, as noted by Tim Kravchunovsky, CEO of Chirp, a decentralized telecom network built on Sui.

Outages and exploits continue to test the resilience of blockchain networks and decentralized platforms alike. Just recently, Polter Finance faced a $1.2 million exploit that forced it to shut down operations. What led to this shutdown? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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