SUI network faces two-hour network outage
The Sui Network blockchain faced more than two hours of inactivity this Thursday (21), during which time the network did not produce any blocks. As a result, the price of the SUI token fell by more than 10% when investors detected the shutdown. But the price has already recovered.
Suivision data showed that the network faced “major outage” as some validators faced issues approving transactions. The team was later able to restore blockchain activity.
Sui Network faces major unavailability
The Sui Network began its inactivity at 6:15 am this Thursday, Brasília time, and remained that way for more than two hours. Community members have reported issues with some validators, and the team is investigating the cause of the outage.
“The Sui network is currently experiencing an outage and is not processing transactions. We have identified the issue and a fix will be rolled out soon. We appreciate your patience and will continue to provide updates,” said the network’s X profile.
This is the first time that Sui has faced such unavailability and has gone hours without producing blocks. Users criticized the network failure and even made jokes about the situation. “No wonder Sui is the next Solana,” said one person on X.
The comment makes reference to Sui's outfit showing off with a Solana competitor, who has gone through several instabilities in the past. The network suffered from blocks that caused its blockchain to fail to produce blocks on several occasions.
However, an analyst known as SanXz stated that Sui is not actually down, but that it just had an issue with the validators. On the other hand, network users said that, in practice, it is the same thing.
“Having operational nodes/validators is useless when no blocks are produced – So not producing blocks for 01:50 is equivalent to being down,” said one user.
Token fell, but recovers
When the outage occurred, the price of the SUI token, which powers the Sui blockchain, fell by more than 10%. The price recovered as block production returned.
In this specific case, the community was not pessimistic about the devaluation of the token. On the contrary, there were those who compared SUI with Solana's SOL token, predicting a strong appreciation.
“Sui pulling a Solana? Remember when $SOL dropped in December 2020 and then rose 1,000% shortly after? $SUI's like, 'Yeah, we're following the script too.' Fasten your seatbelts, family!” said a trader.
SUI price is currently trading at $3.63. According to analysts, SUI price could rise to $18 in this bull cycle. In other words, recording gains of 750% on the monthly timeline and more than 500% gains on the annual timeline.