Originally published on: November 21, 2024
Sui Network, a decentralized layer-1 blockchain aimed at rapid smart contract deployment, encountered a significant outage lasting over an hour on Nov. 21, disrupting block production.
During the downtime, as reported by SuiVision, the Sui blockchain ceased producing blocks, with the last one timestamped at 9:15 am UTC. This interruption drew attention from industry watchers emphasizing Sui’s potential as a key rival to Solana, the fourth-largest cryptocurrency.
Notably, the outage affected Sui’s native cryptocurrency, SUI, causing a nearly 11% price drop, though it remained stable at around $3.40. Major exchanges, including Upbit, briefly halted SUI deposits and withdrawals due to network issues.
After identifying the problem, Sui Foundation swiftly deployed a fix, resolving the bug in transaction scheduling logic that caused validators to crash. Following the two-hour ordeal, the network resumed normalcy, with SUI trading at approximately $3.60 as per CoinGecko data.
Tim Kravchunovsky, CEO of Chirp, a decentralized telecommunications network built on Sui, highlighted this as the first major outage, noting previous minor disruptions on the testnet. Despite the setback, the swift recovery reflects the resilience and strong community support surrounding the Sui Network.
Witnessing such challenges only strengthens and fortifies blockchain networks like Sui, proving their ability to overcome obstacles and emerge even stronger. Stay tuned for more updates on Sui’s journey in the crypto space.
