The decentralized Layer-1 blockchain Sui Network recently experienced a major downtime, with no blocks being produced for a few hours. According to reports from Suivision, the network faced a “major outage” as some validators encountered issues with approving transactions. This downtime caused the price of SUI to drop by 10%, but it later recovered as the network resumed processing transactions. The Sui community members reported problems with some validators, prompting the team to investigate the cause of the disruption.
The official handle on the X platform acknowledged the downtime and assured users that they were working on fixing the issue. This outage marks the first time that the Sui Network has faced such a significant disruption, leading some in the crypto community to draw comparisons to past outages experienced by Solana. The incident sparked meme frenzy on the X platform, with users making humorous remarks about the situation.
Despite the downtime, some analysts like SanXz clarified that the Sui Network was not entirely down but was facing an RPC issue related to validators. However, users expressed concerns about the lack of block production during the outage. Thankfully, the Sui Network is now back up and running, thanks to the swift action taken by the community of Sui validators. The 2-hour downtime was attributed to a bug in transaction scheduling logic, which caused validators to crash.
During the downtime, the price of SUI experienced a 10% drop, but the community remains optimistic about the network’s future. Some users on the X platform drew parallels between Sui’s downtime and Solana’s past issues, highlighting the potential for a significant price rally in the near future. As per CoinGape analysis, SUI price is expected to rally to $18 with 750% gains on the monthly timeline and more than 500% gains on the yearly timeline.
In conclusion, the recent downtime experienced by the Sui Network highlighted the challenges faced by decentralized blockchain platforms. Despite the disruption, the swift response from the Sui community helped resolve the issue and restore normal operations. As the network resumes processing transactions, the price of SUI has recovered from its initial drop, signaling confidence in the platform’s resilience. Moving forward, the Sui team will likely implement measures to prevent similar outages in the future and ensure the network’s stability for users and investors.
