Layer-1 blockchain, Sui, has confirmed that its community is at the moment down and unable to course of transactions.
In a Nov. 21 assertion, the staff behind Sui recognized the problem and introduced {that a} repair can be deployed shortly. The mission acknowledged:
“The Sui community is at the moment experiencing an outage and never processing transactions. We’ve recognized the problem and a repair will probably be deployed shortly.”
In the meantime, Sui’s standing web page reveals that block manufacturing stopped over an hour in the past resulting from a “main outage” that disrupted its validators.
In accordance with CryptoSlate’s information, this outage has prompted the worth of SUI to drop by about 7% to $3.42 on the time of writing. The downturn contrasts with the broader crypto market’s bullish pattern, with Bitcoin reaching a brand new all-time excessive.
A setback for Sui’s promising trajectory
This marks the primary important downtime for the community since its launch in Could 2023. Sui, also known as a “Solana Killer,” now faces comparisons to Solana’s historical past of community disruptions.
The outage comes at a crucial second for Sui, which has gained appreciable consideration from retail and institutional buyers. Grayscale lately launched a Sui-focused funding belief, and asset administration large VanEck launched an SUI-linked exchange-traded word (ETN) for European buyers. These developments spotlight the rising confidence in Sui’s long-term potential.
In the meantime, Sui’s DeFi ecosystem has skilled speedy development. Buying and selling exercise on Sui-based decentralized exchanges (DEX) has reached an all-time excessive of practically $6 billion this month, whereas the community’s whole worth locked (TVL) can also be at a report excessive of round $2 billion.
These numbers are pushed by elevated memecoin buying and selling and the introduction of native stablecoins like FDUSD and USDC on its blockchain.
Regardless of this setback, market analysts stay optimistic about Sui’s future. They argue that if its development continues at this tempo, the blockchain might pose a severe problem to established gamers like Solana and Ethereum within the close to time period.
