As a seasoned researcher with a keen eye for detail and years of experience observing the dynamic world of blockchain technology, I can’t help but be intrigued by this latest development involving Sui. The outage, while regrettable, is not uncommon in the fast-paced, ever-evolving landscape of cryptocurrencies.
The power failure started approximately 9:15 am (UTC), leading to no more blocks being generated since then. The Sui Foundation recognized the problem, explaining that the network was unable to process transactions at the moment, with a solution expected soon.
The outage was due to an issue with the transaction scheduling mechanism containing a bug that made validators shut down. Around 11:30 am UTC, the network restarted its functions after the application of the solution to this problem.
The event had an instant impact on Sui’s native digital currency, SUI, causing its value to plummet by more than 5%, trading at around $3.49. This drop triggered the liquidation of roughly $2.17 million worth of long positions, according to Coinglass.
The power outage sparked responses from the cryptocurrency community, as some compared Sui to Solana, another blockchain with a history of multiple outages. Critics raised concerns about Sui’s dependability, considering its goal to compete with Solana. Meanwhile, supporters contend that one incident should not undermine Sui’s overall performance and potential.
Due to the outage, platforms such as Upbit temporarily paused SUI deposits and withdrawals, attributing it to network problems. The quick handling of the issue and the network’s return to regular functioning were viewed as reassuring indicators of Sui’s robustness and the efficiency of its development team.
Although this occurrence sparked worries about the network’s robustness, it also brought to light the hurdles that budding blockchain platforms encounter as they grow and develop. The swift and transparent actions taken by the Sui Foundation during the downtime were instrumental in preserving users’ faith and trust in the platform’s future.
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2024-11-22 11:26