The Sui Network is suspected to be down for more than two hours. The protocol has not produced any new transaction blocks since Nov. 21 UTC 9:15.
Based on the latest data from Sui Network’s explorer site Sui Vision, the decentralized layer-1 blockchain has stopped producing blocks for more than two hours.
At the time of writing, the last transaction block took place on Nov. 21 at 9:15 am UTC. Since then, no new blocks have been produced on the blockchain.
The Sui Network confirmed the outage on its official X account, stating that the blockchain is currently unable to process transactions. However, it claims that the problem has been identified and will be back to normal soon.
“We’ve identified the issue and a fix will be deployed shortly. We appreciate your patience and will continue to provide updates,” wrote the protocol on X.
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.
— Sui (@SuiNetwork) November 21, 2024
Sui’s blockchain outage has seemingly impacted the SUI token price. According to data from crypto.news, the Sui token has gone down by nearly 2% in the past hour. It is currently trading hands at $3.41. In the past 24 hours, SUI has plummeted by 7.29%.
Even though, the token has gone up by nearly 75% in the past month.
SUI currently ranks in the 18th place in the lineup of cryptocurrencies, holding a market cap of $9.7 billion and a fully diluted valuation of $34 billion. The Sui token has a circulating supply of $2,8 billion tokens.
The South Korean crypto exchange, Upbit, announced it will be temporary suspending deposits and withdrawals for the Sui token due to its block generating outage.
The notice informs users that if they deposit or withdraw Sui tokens after the announcement was posted, then there is a chance that their funds cannot be recovered.
Several crypto industry figures took to X to comment on the recent Sui Network outage. Most of them teased Sui’s goal of becoming Solana’s biggest competitor. Ironically, the Solana blockchain also has a track record of outages in the past, with the latest one recorded in February this year.
“Sui [is] just repeating Solana history,” said one X user.
“Hasn’t Solana gone down multiple times?” asked another X user.
“SUI blockchain is down. And they claimed to be a Solana Killer,” wrote crypto YouTuber Ajay Kashyap on his X post.