In brief
- Sui blockchain suffered a six-hour outage, the second major incident since 2023 launch.
- The network was fully restored by 4:30 p.m. ET, with a full incident report coming soon.
- The SUI token was barely affected, trading at $1.85 with minimal price impact.
The Sui blockchain has recovered from an outage that lasted nearly six hours, knocking the layer-1 network out of commission without any new blocks being produced during that span.
The network’s X account said Wednesday morning that Sui was experiencing a “network stall,” and that “the Sui Core team is actively working on a solution.”
A few hours later, the Sui network status site was updated to say that a “fix has been implemented and we are monitoring the results.” Around 4:30 p.m. Eastern Time, the site noted that “validators have rolled out the fix and the system is fully functional.”
The Sui Foundation team said on X that it will provide a full incident report “in the coming days.” Decrypt reached out to the Sui Foundation and Mysten Labs for comment, but did not immediately receive a response.
This marks the second major outage in the Sui network’s history following an event in November 2024. “All validators were stuck in a crash loop, preventing all transaction processing,” the foundation wrote in a blog post about the November outage.
The network was developed by Mysten Labs and launched in May 2023. Mysten is led by several former senior executives and architects for Meta’s now-defunct digital wallet program, Novi.
The SUI token, which launched the same time as the network, has barely been affected by the outage. At the time of writing, SUI was trading for $1.85 after having gained 0.2% in the past day. It’s now 1.4% higher than it was this time last week, according to crypto price aggregator CoinGecko.
Sui was launched as a so-called Solana killer, aiming to beat its competitor on speed and throughput. Sui sets itself apart from some earlier blockchain ecosystems by allowing parallel processing of transactions and horizontal scaling, which allows it to maintain low transaction costs.
The Sui network currently holds just over $1 billion worth of assets, according to data from DeFi Llama. That figure had been on the decline since October, when the network held $2.6 billion worth of assets.
It slid below $1 billion in early December, the same time the broader crypto market saw prices sag, has been steadily climbing since the start of this year.
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Source: https://decrypt.co/354657/sui-back-online-network-stall-six-hours-downtime
