The Sui network is back online after a 2-hour outage
A layer 1 blockchain network that supports decentralized finance continues block production. The team says a bug that caused validators to crash has been fixed.
The Sui (SUI) team has announced that it has resumed trading after the network went offline for two hours amid “major outages”.
In the year On November 21, the Sui team confirmed that the network was unable to produce any new blocks, stating that the team is working to fix it. The outage, which occurred during a period of intense activity in the crypto market, lasted for about two hours.
Sui's team previously noted that:
“Service Notice: The Sui Network is currently experiencing an outage and will not be processing transactions. We have identified the issue and a fix will be available soon. We appreciate your patience and will continue to provide updates.
However, Sui is now back online after a bug fix.
“The Sui Network is back up and running transactions, thanks to the quick work of our amazing community of Sui Validators. The 2-hour outage was caused by a transaction scheduling logic error that caused validators to fail, which has now been resolved,” the forum posted on X.
The value of SUI
Following the news, the price of SUI, the originator token of the L1 blockchain network, dropped significantly. According to market data, the price dropped from $3.62 to $3.36.
However, the SUI/USD pair was trading around $3.49 at the time of writing, while after a slight uptick, Bitcoin is down 5% as it crosses $98,000. Sui wanted to further trim these losses.
Key Sui Network Developments
Swi recently received native support for its first digital dollar stablecoin, adding to the expansion of the ecosystem. FDUSD is set to strengthen the network's liquidity and transaction efficiency at SUI, bringing decentralized finance additional benefits to traditional finance.
The Layer 1 blockchain's total value locked (TVL) recently surpassed $1.3 billion amid several key developments. It includes the launch of USDC on the network and the unveiling of Greyscale's Sui Trust. Investment firm VanEek's launch of a financial product based on it also added to the optimism.
According to DeFillama, Sui's TVL is over $2.4 billion. The price of SUI token has increased by 78% in the last month and more than 520% in the last year.
