Sui, a layer 1 blockchain network supporting decentralized finance, has resumed block production. The team says the bug that caused the validator to crash has been fixed.
The SUI team announced that it has resumed processing transactions after its network was offline for nearly two hours due to a “major outage.”
On November 21, the Sui team confirmed that the network was unable to generate new blocks and said it was working on a fix. The outage occurred amid a flurry of activity in the cryptocurrency market and lasted for nearly two hours.
Sui’s team previously pointed out that:
“Service Notice: We are currently experiencing an outage on the Sui network and are unable to process transactions. The issue has been identified and a fix will be deployed soon. Thank you for your understanding. We will continue to update you. We will continue to provide information.”
However, after the bug was fixed, Sui is back online.
“Thanks to the quick work of our amazing community of Sui validators, the Sui network is back up and processing transactions again. The two-hour downtime was due to a bug in the transaction scheduling logic that caused the validator to crash. However, it has now been resolved,” the platform posted on X.
Sui price
Following this news, the price of SUI, the native token of the L1 blockchain network, plummeted. According to market data, the price fell to $3.36 from a high of $3.62.
However, the SUI/USD pair was trading around $3.49 at the time of writing, down 5% after rising slightly as Bitcoin broke above $98,000. Sui sought to further reduce these losses.
Major Sui network development
Sui recently welcomed native support for the First Digital USD stablecoin, further strengthening its ecosystem expansion. FDUSD on SUI is planned to enhance the network’s liquidity and transaction efficiency, bringing the added benefits of decentralized finance to traditional finance.
Layer 1 blockchain Total Value Locked (TVL) recently surged past $1.3 billion, among several important developments. This includes the launch of native USDC on the network and the announcement of SUI Trust by Grayscale. Investment firm VanEck’s launch of a Sui-based financial product also added to optimism.
According to DeFiLlama, Sui’s TVL is over $2.4 billion. The SUI token price has increased by 78% in the last month and over 520% in the past year.
