Sui Network Resumes Block Production After Fixing Bug
Updates on Sui Blockchain Network
- Sui, a layer 1 blockchain network that supports decentralized finance, has successfully resumed block production.
- The team has fixed a bug that caused validators to crash, leading to the network going offline for nearly two hours.
The Sui (SUI) team recently announced the resumption of transaction processing after facing a major outage that caused the network to go offline for almost two hours.
On Nov. 21, the Sui team acknowledged the network’s failure to produce new blocks and assured users that they were working on a solution. The outage occurred during a period of heightened activity in the crypto market and lasted for close to two hours.
Earlier, Sui’s team had issued a statement regarding the outage:
“Service Announcement: The Sui network is currently experiencing an outage and not processing transactions. We’ve identified the issue and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates.”
Fortunately, the bug has been fixed, and Sui is now back online and operational.
According to a post on X, the platform stated, “The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators. The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved.”
Impact on SUI Price
Following the network’s recovery, the price of SUI, the native token of the L1 blockchain network, experienced a sharp decline. Market data indicated a drop from highs of $3.62 to $3.36.
Currently, the SUI/USD pair is trading around $3.49, down 5% from recent levels. Despite a slight recovery as Bitcoin surpassed $98,000, Sui aims to reduce these losses further.
Key Developments in the Sui Network
Sui recently introduced native support for the First Digital USD stablecoin, expanding its ecosystem. The integration of FDUSD on SUI is expected to enhance the network’s liquidity and transaction efficiency, bringing additional benefits of decentralized finance to traditional finance.
The total value locked (TVL) on the layer 1 blockchain surged past $1.3 billion due to various significant developments, including the launch of native USDC on the network and the unveiling of Grayscale’s SUI Trust. Additionally, the introduction of a Sui-based financial product by investment firm VanEck added to the positive outlook.
As per DeFiLlama, Sui’s TVL currently exceeds $2.4 billion. The SUI token price has risen by 78% in the last month and over 520% in the past year.
