Layer-1 blockchain, Sui, has confirmed that its community is presently down and unable to course of transactions.
In a Nov. 21 assertion, the workforce behind Sui recognized the difficulty and introduced {that a} repair could be deployed shortly. The undertaking said:
“The Sui community is presently experiencing an outage and never processing transactions. We’ve recognized the difficulty and a repair can be deployed shortly.”
In the meantime, Sui’s standing web page reveals that block manufacturing stopped over an hour in the past as a result of a “main outage” that disrupted its validators.
In response to CryptoSlate’s knowledge, this outage has triggered 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 development, 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, sometimes called a “Solana Killer,” now faces comparisons to Solana’s historical past of community disruptions.
The outage comes at a important second for Sui, which has gained appreciable consideration from retail and institutional traders. Grayscale just lately launched a Sui-focused funding belief, and asset administration large VanEck launched an SUI-linked exchange-traded word (ETN) for European traders. These developments spotlight the rising confidence in Sui’s long-term potential.
In the meantime, Sui’s DeFi ecosystem has skilled speedy progress. 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 complete 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 progress continues at this tempo, the blockchain may pose a critical problem to established gamers like Solana and Ethereum within the close to time period.