- Sui, a layer 1 blockchain network that supports decentralized finance, has resumed block production.
- The team says a bug that caused validators to crash has been fixed.
The Sui (SUI) team has announced the resumption of transaction processing after the network went offline for nearly two hours amid a “major outage.”
On Nov. 21, the Sui team had confirmed that the network had failed to produce any new blocks, stating that the team was working on a fix. The particular outage, which hit as the crypto market buzzed with enhanced activity, had lasted nearly two hours.
Sui’s team had earlier noted:
“Service Announcement: The Sui network is currently experiencing an outage and not processing transactions. We’ve identified the issue and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates.”
However, Sui is now back online after a bug fix.
“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,” the platform posted on X.
SUI price
Following the news, the price of SUI, the L1 blockchain network’s native token, declined sharply. Market data shows the price fell from highs of $3.62 to $3.36.
However, the SUI/USD pair traded around $3.49 at the time of writing, down 5% after a slight uptick as Bitcoin smashed past $98,000. Sui was looking to further trim these losses.
Key Sui network developments
Sui recently welcomed native support for the First Digital USD stablecoin, adding to the ecosystem’s expansion. FDUSD on SUI is set to bolster the network’s liquidity and transaction efficiency, bringing further benefits of decentralized finance to traditional finance.
The layer 1 blockchain’s total value locked (TVL) recently spiked past $1.3 billion amid several key developments. It included the native USDC launch on the network and Grayscale’s unveiling of its SUI Trust. Investment firm VanEck’s launch of a Sui-based financial product also added to the optimism.
According to DeFiLlama, Sui’s TVL stands at over $2.4 billion. The SUI token price has increased 78% in the past month and over 520% in the past year.
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