As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen my fair share of blockchain outages and network issues. The recent downtime experienced by Sui, a blockchain that was positioning itself as a competitor to Solana, left me feeling a bit uneasy.
On November 21st, the blockchain platform Sui, known for its quick implementation of smart contracts at the base layer, encountered a substantial disruption that halted block production for over an hour.
As a researcher, I experienced an unexpected incident on November 21st when the Sui blockchain seemingly halted its operation. Based on the data obtained from the Sui Network explorer, SuiVision, it appears no new blocks were generated for over an hour.
According to the data, the last block occurred at 9:15 am UTC, with no new blocks produced since.
As a keen observer in the crypto industry, I’ve noticed a significant response from various analysts following the recent downtime. Many of them have highlighted Sui’s aspirations to challenge Solana (SOL) as a major competitor. Given that Solana is the fourth-largest cryptocurrency by market capitalization, this is no small feat.
Crypto YouTuber Ajay Kashyap posted that the SUI blockchain is currently not functioning, and he had previously referred to it as a potential competitor of Solana.
The temporary halt has influenced Sui’s native digital currency (SUI) as well, experiencing a decrease of approximately 11% currently, based on information from CoinGecko. At present, it trades at roughly $3.40, but has still managed to increase by around 75% over the past month.
Some primary cryptocurrency platforms have addressed concerns related to the Sui blockchain. Specifically, the South Korean exchange Upbit has temporarily suspended transactions involving SUI (deposits and withdrawals), attributing this action to ongoing network problems.
As I write this, the Sui Foundation has yet to disclose any details concerning the downtime. CryptoMoon reached out to them for a statement on the matter, but regrettably, we didn’t receive a reply before the article went live.
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2024-11-21 13:54