Sui Network will fix the staking reward issue on October 27, 2024, at 17:30 UTC, starting with Epoch 564.
Sui Network announced that a fix for the issue with staking reward distribution will be available to users on October 27, 2024, at 17:30 UTC, coinciding with the start of Epoch 564. During the transition to a new epoch on October 24, a flaw triggered and halted the distribution of stake rewards for epochs 560, 561, 562, and 563.
Despite the stoppage, the network emphasized that there was no loss of funds or incentives earned in the past. Furthermore, the restoration of regular operations may result in a resurgence of investor confidence, which may in turn lead to a rise in the amount of staking activity and a favorable change in the price of this cryptocurrency.
On October 24, the Sui Network faced an epoch swap issue that disrupted the supply of staking incentives. The problem had an effect on the distribution of rewards for four different epochs, namely 560, 561, 562, and 563. On the other hand, the network emphasized that there were no losses of awards or monies staked during this period.
We plan to deploy this fix on October 27 at 17:30 UTC, marking the start of epoch 564. Sui Network has recommended that customers refrain from unstaking until the beginning of the new period in order to guarantee that they will receive the delayed incentives.
Users who unstaked their tokens prior to the update might not be able to accumulate incentives during the problematic epochs. The implementation of this proposal will guarantee a seamless transfer back to normal operations. In a tweet, the Sui network said,There is no impact on the operations of the network.
“Please be advised that the implemented fix will now go live with epoch 564 on Sunday, October 27 at 10:30am PT. Sui users should avoid unstaking until epoch 564 has begun.
Despite the fact that no staking awards or monies have been lost, the distribution of rewards from epochs 560, 561, 562, and 563 will be postponed until epoch 564 after the delay has occurred. Following the disruption that occurred with the staking reward, the price of SUI witnessed a huge fall.
It reached a low of $1.70, a decline of 6.80% from its previous higher price. The market’s reaction to the news of the reward distribution suspension led to the decline. The price of the network has experienced swings since then, and it has recovered marginally to $1.79; but it is still under pressure.
The stakeholder issue occurred at the same time as a more widespread market collapse, which added to the difficulties that SUI was experiencing. In spite of the fact that there was an increase in trade activity, the gloomy feeling continued to prevail, according to technical indicators.
Analysts believe that addressing the issue on October 27 will restore investor confidence, ultimately leading to a price recovery. Restoring the staking procedures will enable the recovery of some of the lost value over the past week. The price of SUI is currently trading at $1.79 on the 1-hour chart, with modest bullish momentum and rising 0.69%.
As a result of the MACD indicator displaying a positive crossover that places the MACD line above the signal line, it is possible that an upward trend is developing. The price has consolidated with small candlesticks, which indicates that there is little volatility before a probable breakout in either direction.
Although the price of SUI fell, the Sui Network experienced a significant rise in trading activity, with volume hitting $691 million, which is a 25% increase from the previous level. Despite the difficulties brought up by the staking bug, the rise demonstrates that there is a significant amount of market interest in SUI.
Investors are positioning themselves in advance of the scheduled fix, with the expectation that the price will bounce to $3 after normal operations have resumed.
