{"id":100318,"date":"2024-11-21T13:02:35","date_gmt":"2024-11-21T17:02:35","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=100318"},"modified":"2024-11-21T13:02:38","modified_gmt":"2024-11-21T17:02:38","slug":"sui-price-drops-after-major-network-outage","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/sui-price-drops-after-major-network-outage\/","title":{"rendered":"Sui Price Drops After First Major Network Outage"},"content":{"rendered":"\n

Sui blockchain faced its first major network outage, halting transactions for two hours due to a bug in transaction scheduling.<\/p>\n\n\n\n

\"Sui
Sui Price Drops After First Major Network Outage<\/figcaption><\/figure>\n\n\n\n

Sui, a layer-1 blockchain<\/a> developed by Mysten Labs, encountered its initial significant disruption on Thursday, as the network was unable to process transactions for approximately two hours.<\/p>\n\n\n\n

Major Network Outage in Sui<\/h2>\n\n\n\n

Sui's official Twitter account (also known as X) stated that the outage was the result of a “bug in transaction scheduling logic that caused validators to crash.” Sui stated that a solution for the issue has since been implemented, and the network's community of validators has promptly embraced it.

Sui had maintained consistent uptime since the network was operational in May 2023, until the flaw rendered its validators inoperable. Sui's most recent incident occurred in June, when its testnet experienced a temporary disruption.

Developed by the team responsible for Meta's Diem project, which is now defunct, Sui employs a modified variant of its Move programming language. In essence, the open-source programming language is centered on “objects” that exist as user-level assets.<\/p>\n\n\n\n

According to DefiLlama<\/a>, the project is eighth among all chains in terms of the value of assets secured in smart contracts on Sui's network, also known as total value locked (TVL). The sum of $1.6 billion has increased by 55% in the past month, correlating with an increase in Sui's stock price.

During the outage, Sui's token plummeted to $3.36; however, it has since rebounded to $3.56 as of this writing, representing a nearly 5% decline in value over the past day. The price had reestablished itself at a high of $3.68 following the outage, but it has since declined once more.

The price of SUI has increased by approximately 80% since Donald Trump<\/a>‘s White House victory this month, similar to the behavior of many digital assets since Election Day.

Sui, which was branded as a “Solana killer” due to its emphasis on rapid transaction velocities, experienced intermittent outages on Thursday, which were similar to those encountered by Solana. For instance, Solana encountered five significant disruptions in 2022, with the most recent incident occurring in February of this year.<\/p>\n\n\n\n

Armani Ferrante, the CEO of Backpack\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, a wallet for NFTs based in Solana, characterized Sui's outage as a standard occurrence on Twitter. He stated that the initiatives that experience occasional outages are typically those that are pushing the boundaries of what is feasible on-chain.<\/p>\n\n\n\n

\u201cDowntime is just a fact of life,\u201d he wrote. \u201cIf you don't go down, you're not pushing the limits.\u201d<\/p>\n\n\n\n

Sui did not immediately respond to a request for comment from Decrypt<\/em>.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Sui blockchain faced its first major network outage, halting transactions for two hours due to a bug in transaction scheduling. Sui, a layer-1 blockchain developed by Mysten Labs, encountered its initial significant disruption on Thursday, as the network was unable to process transactions for approximately two hours. Major Network Outage in Sui Sui’s official Twitter […]<\/p>\n","protected":false},"author":36,"featured_media":100326,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10381,886,14307],"class_list":["post-100318","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-network-outage","tag-price","tag-sui"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/can-sui-hit-50-sui-price-predictions-for-2024-25-v0-bDtrh5351W4pSrN9x6xNxjClfO-sOp76H1OvV6nOv8E.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=100318"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100318\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/100326"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=100318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=100318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=100318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}