Sui Network Faces Extended Outage Again Just Months After Previous Incident

Sui Network Faces Another Outage

The Sui layer-1 blockchain has encountered a significant outage, marking its second major incident this year. The network, which aims to compete with other fast layer-1 solutions, has been down for over five hours as engineers work on a resolution.

On Thursday morning, the Sui team alerted users via X, stating, "Sui Mainnet is currently experiencing a network stall. Please note that transactions may be paused at this time. Updates will be provided as they become available." By the afternoon, an update noted that a fix was being rolled out to validators.

This recent outage resembles a previous incident in January, where the network experienced a stall lasting nearly six hours. Additionally, the blockchain faced validator issues in 2024 that hindered transaction processing.

As the team addresses the current downtime, the SUI token has seen a decline of 5.4% in the past 24 hours, trading at $0.92. This drop is more significant compared to major cryptocurrencies like Bitcoin and Ethereum. Earlier this year, SUI ETFs launched, allowing traditional investors to access SUI tokens and staking rewards.

Since reaching an all-time high of $5.35 in January, the SUI token has plummeted over 82% from that peak. Developed by Mysten Labs, a spin-off of Meta’s Diem project, Sui raised $300 million in a Series B funding round in 2022, valuing the company at $2 billion.