- Sui Network experienced a significant outage, halting block production for over an hour.
- The SUI price dropped more than 5%, reflecting the market’s reaction to the network’s instability.
The Sui Network faced an outage lasting over an hour on November 21, resulting in a 5% drop in the SUI price. This incident highlights concerns about the blockchain’s reliability and the volatility it can trigger in the crypto market.
The disruption started at 09:15 UTC and lasted more than 51 minutes, during which the network could not produce new blocks. This halt in block production is important because it prevents the validation and processing of transactions. With active block production, transactions are timely, leading to certainty for users.
The community’s reaction with many users using social media to voice their concerns. Some drew parallels with past issues experienced by Solana, questioning whether SUI might face similar reliability challenges as it scales.
Upbit a prominent cryptocurrency exchange suspended SUI deposits and withdrawals in response to the network’s issues. Which is essential for decentralized applications and transactions.
The Sui development team has acknowledged the outage and is investigating its cause. While they have yet to determine the exact issue, they have assured users that they are working to address it promptly. Potential factors for the downtime may include validator problems, software bugs, or network congestion. However, no specific reasons have been confirmed yet.
SUI Crypto price drops
After the Sui Network outage, the price of SUI dropped by more than 5%, reaching about $3.36. This shows how network problems can affect investor trust and the price. And in the resistance about $3.6.
What’s Next for $SUI?
The development team for $SUI is expected to provide further updates soon regarding the root cause of the outage and the measures they will implement to prevent similar issues. This situation highlights the technical challenges involved in building decentralized networks.
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Source: https://thenewscrypto.com/sui-network-outage-causes-5-drop-in-sui-crypto-price/