Sui Price Down Following Network’s First Major Outage

Sui, a layer-1 blockchain built by Mysten Labs, experienced its first major outage Thursday, as the network failed to process transactions for around two hours.The outage was caused by a “bug in transaction scheduling logic that caused validators to crash,” Sui’s official account Since the network went live in May 2023, Sui had experienced Created by the team behind Meta’s now-defunct Diem project, Sui leverages a modified version of its Move programming language. Essentially, the open-source programming language is centered around “objects” that exist as user-level assets.When it comes to the value of assets locked in smart contracts on Sui’s network, also known as total value locked (TVL), the project is ranked eighth among all chains, according to Sui’s token fell as low as $3.36 amid the outage, but it has since risen back up to $3.56 as of this writing, showing a nearly 5% decrease in price over the past day. The price had climbed back as high as $3.68 after the downtime, but has since dipped again.Like many digital assets, the price of SUI has rallied since Election Day, jumping approximately 80% since Donald Trump’s White House victory this month.Billed as a “Solana folks to Sui folks right now: pic.twitter.com/jJFY6i2vju— juzy (@juzybits) November 21, 2024Armani Ferrante, the CEO of Backpack, a Solana-based wallet for NFTs, “Downtime is just a fact of life,” he wrote. “If you don’t go down, you’re not pushing the limits.”Sui did not immediately respond to a request for comment from Edited by Andrew Hayward