Sui Network Experiences Significant Downtime, Impacting Crypto Market
Crypto Events: Sui Network's Unfortunate Downtime
On November 21, Sui Network, a notable challenger in the cryptocurrency space heralded as the ‘Solana killer,’ suffered an unexpected outage. For over 1.5 hours, the network halted block production due to a bug in its transaction scheduling logic, prompting confirmation of a crash among its validators.
Impact on the Cryptocurrency Market
- The native token, SUI, declined by approximately 7% during the downtime.
- Several exchanges, such as Upbit, temporarily paused SUI transactions.
- Post-resolution, the network is operational again, but questions linger about its ability to remain competitive.
Comparisons with Ethereum and Solana
The downtime has reignited discussions about Sui's capability to compete with Solana. Notably, Solana has weathered similar outages in its past, raising doubts on whether Sui can maintain its footing in a space dominated by legacy networks.
Despite these challenges, Sui has recorded an impressive uptime of over 99% over the last 90 days, indicating a level of reliability in standard operation.
Market Response and Future Outlook
At the time of writing, the price of SUI stands at $3.63, reflecting a small drop yet displaying a 10% increase over the preceding week. All eyes remain on Sui Network as it recovers and attempts to reestablish confidence among its user base and investors, especially with ongoing support from its validator community.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.