Simply put
- Sui Blockchain experienced a six-hour outage, marking its second significant incident since 2023.
- The network was fully operational again by 4:30 PM ET, with a complete incident report expected soon.
- The SUI token was mostly unaffected, trading at $1.85 with little change in its price.
The Sui blockchain has bounced back from a nearly six-hour outage, which halted new block generation and took down the Layer 1 network.
On Wednesday morning, the network’s X account indicated that Sui was facing a “network outage” and that the “Sui Core team is actively working on a solution.”
Later in the day, Sui’s status site updated to say, “A fix has been implemented, and we are monitoring the results.” By around 4:30 PM ET, the site confirmed that “verifiers have deployed the fix and the system is fully functional.”
The Sui Foundation announced on X that it intends to release a complete incident report “within the next few days.” The Sui Foundation and the Misten Institute did not respond immediately to requests for comments.
The outage marks the second major disruption for the Sui network. A prior incident in November 2024 involved all validators getting stuck, which halted transaction processing, as the foundation explained in a follow-up blog post.
The Sui network, developed by Mysten Labs and launched in May 2023, was created by a team including several former top executives from Meta’s failed digital wallet initiative, Novi.
SUI tokens, which launched alongside the network, seem resilient to outages. Currently, SUI is valued at $1.85 after a slight increase of 0.2% in the last day. It’s also up 1.4% compared to this time last week, as reported by the crypto price aggregator CoinGecko.
Positioned as a “Solana killer,” Sui aims to outperform competitors in both speed and transaction throughput. One of its unique features is parallelism and horizontal scaling of transactions, which helps maintain lower costs.
Recent data indicates that the Sui Network has current assets over $1 billion. This value has been in decline since October when assets reached $2.6 billion.
In early December, the total dipped below $1 billion alongside a general market downturn, yet it has shown steady growth since the start of this year.
