coinjournal.net
- Sui, a layer 1 blockchain network that supports decentralized finance, has resumed block production.
- The team says a bug that caused validators to crash has been fixed.
The Sui ($SUI) team has announced the resumption of transaction processing after the network went offline for nearly two hours amid a “major outage.”
On Nov. 21, the Sui team had confirmed that the network had failed to produce any new blocks, stating that the team was working on a fix. The particular outage, which hit as the crypto market buzzed with enhanced activity, had lasted nearly two hours.
Sui’s team had earlier noted:
“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.”
However, Sui is now back online after a bug fix.
“The Sui network is back up and processing transactions again, thanks to swift work from the incredible community of Sui validators. The 2-hour downtime was caused by a bug in transaction scheduling logic that caused validators to crash, which has now been resolved,” the platform posted on X.
$SUI price
Following the news, the price of $SUI, the L1 blockchain network’s native token, declined sharply. Market data shows the price fell from highs of $3.62 to $3.36.
However, the $SUI/USD pair traded around $3.49 at the time of writing, down 5% after a slight uptick as Bitcoin smashed past $98,000. Sui was looking to further trim these losses.
Key Sui network developments
Sui recently welcomed native support for the First Digital USD stablecoin, adding to the ecosystem’s expansion. FDUSD on $SUI is set to bolster the network’s liquidity and transaction efficiency, bringing further benefits of decentralized finance to traditional finance.
The layer 1 blockchain’s total value locked (TVL) recently spiked past $1.3 billion amid several key developments. It included the native USDC launch on the network and Grayscale’s unveiling of its $SUI Trust. Investment firm VanEck’s launch of a Sui-based financial product also added to the optimism.
According to DeFiLlama, Sui’s TVL stands at over $2.4 billion. The $SUI token price has increased 78% in the past month and over 520% in the past year.