Sui Network suffered a major disruption on November 21st after failing to produce blocks on its mainnet, which effectively brought the blockchain to a standstill.
Following a two-hour downtime, the network resumed operations, once again processing transactions.
Sui Network Restored After Downtime
According to the official announcement by the team behind the Layer 1 network, the outage was caused by a bug in the transaction scheduling logic that led to validator crashes.
“The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators. The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved.”
Meanwhile, SUI experienced a drawdown of almost 10% in response to the outage from $3.7 to $3.35 before climbing back up to the press time price of $3.64. The network issues also prompted South Korean crypto giant Upbit to suspend SUI deposits and withdrawals temporarily.
SUI – The ‘Solana Killer’?
Sui, a Layer 1 blockchain founded by Evan Cheng, Adeniyi Abiodun, Sam Blackshear, George Danezis, and Kostas Chalkias – former engineers from Meta’s Novi division – was developed under the umbrella of Mysten Labs.
The recent downtime has drawn responses from industry observers, many of whom highlighted Sui’s aspirations to rival Solana as a leading blockchain. Solana itself has faced scrutiny over frequent hours-long outages in the past, prompting several fixes to its infrastructure. While these issues helped Solana to operate seamlessly for a year, the streak ended with a 5-hour outage on February 6th. No further incidents have been reported since.
According to data from DeFiLlama, the total value locked (TVL) within Sui’s DeFi ecosystem breached the $1 billion mark in October 2024 surging to a new all-time high of $1.65 billion on November 17th. The figure has slightly dipped to $1.60 billion, at the time of writing.
