Sui Network Outage Halts Transactions, Impacts SUI Price

The Sui Network, a decentralized layer-1 blockchain, encountered a significant disruption on November 21, with its block production halted for over two hours. According to Sui Vision, the blockchain explorer for the network, no new transaction blocks have been generated since 9:15 AM UTC.

Official Confirmation and Response

The Sui Network acknowledged the outage on its official X account, attributing the issue to an internal problem. In its statement, the team assured users that the cause had been identified and a fix would soon be implemented. “We’ve identified the issue, and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates,” the protocol stated.

Impact on SUI Token

The outage had a swift impact on the SUI token’s market performance. Within the past hour, the token’s price dropped by nearly 2%, reaching $3.41. Over the last 24 hours, SUI has seen a sharper decline of 7.29%. Despite the downturn, the token remains up by approximately 75% over the past month.

Currently ranked 18th among cryptocurrencies, SUI boasts a market capitalization of $9.7 billion and a fully diluted valuation of $34 billion. Its circulating supply stands at 2.8 billion tokens.

Temporary Suspension on Upbit

The South Korean crypto exchange Upbit reacted to the outage by temporarily suspending deposits and withdrawals for the SUI token. The exchange warned users that transactions initiated after the announcement might face recovery challenges.

Comparisons to Solana

The incident has reignited discussions about Sui’s ambition to rival Solana. Several industry commentators on X drew parallels between the two blockchains, highlighting Solana’s history of outages, the most recent of which occurred in February. Critics were quick to note the irony, given Sui’s positioning as a “Solana Killer.”

Crypto YouTuber Ajay Kashyap remarked, “SUI blockchain is down. And they claimed to be a Solana Killer.” Another user quipped, “Sui [is] just repeating Solana history.”

As the blockchain ecosystem awaits further updates from the Sui Network, the incident underscores the challenges faced by emerging platforms vying for dominance in the competitive layer-1 space.

source