The Sui blockchain network temporarily halted transaction confirmations following a sudden outage on Thursday. In the statement made by the Mysten Labs team, which developed the network, it was stated that there was a congestion in the main network and therefore transactions were suspended. The team emphasized that they are actively working on solving the problem.
Details of network outage
In the post made from Sui’s official social media account, a warning was shared that the main network is currently experiencing a congestion and transactions may be put on hold during this period. While users were asked to be patient, it was stated that they would be informed as new developments occurred. What caused the outage has not yet been disclosed at the time of the incident.
The Sui team announced that congestion continues on the main network and efforts are ongoing to continue the transaction flow. The team recommended being prepared to pause operations until updated information is shared.
This latest incident is not the first technical issue Sui has encountered. The platform, which launched its main network in 2023, has been on the agenda with short-term performance drops and similar network outages since then.
Price movement of Sui network and SUI token
Sui aims to be an alternative to leading blockchain networks such as Ethereum and Solana, claiming the advantage of fast transaction capacity and low fees. SUI, the native token of the network, showed a sharp decline, losing 8 percent in value within 24 hours after the latest outage. However, movements in the general cryptocurrency market were seen to be mixed.
| Network | Release Date | Last Cutoff Date | Native Token | Change in the Last 24 Hours |
|---|---|---|---|---|
| Sui | 2023 | Thursday (latest) | SUI | -8% |
| Ethereum | 2015 | No major outage known | ETH | Mixed |
| solana | 2020 | intermittently in the recent past | LEFT | Mixed |
Such outages in networks continue to be a matter of concern, especially for those developing decentralized finance and blockchain-based applications. High-performance altcoin projects are trying to upgrade their network infrastructure to meet user expectations, even though they encounter such technical problems from time to time.
Mini dictionary: Layer 1 blockchains are the main blockchains that form the basis of the cryptocurrency ecosystem. Different applications and tokens can be developed directly on these infrastructures, which have their own network protocol; Examples include Bitcoin, Ethereum, Sui and Solana.
Brief information about Mysten Labs and Sui
Mysten Labs, which developed the Sui network, is known as a technology startup that aims to provide a fast and efficient infrastructure for decentralized applications. The company focuses on creating innovative solutions to the scalability and performance problems faced by blockchains, especially those with high transaction volumes.
After the network outage, the Sui team announced that the investigation was continuing and that they would regularly inform the community.
