The SUI token suffered a loss of nearly 10% in the last 24 hours, with a current approximate value of $3.42, according to data from The Block. This cryptocurrency, with a market capitalization of $9.8 billion, ranks 18th among the most valuable digital assets.
A disruption that paralyzed the network
For the first time since its launch in May 2023, the Sui mainnet experienced a serious issue with its validators, stopping block production for nearly two hours. During this time, users were unable to carry out transactions or access decentralized applications (dApps).
The source of the problem was a failure in transaction programming, which led to the collapse of the validators. The situation was quickly controlled with the implementation of a patch, according to the team on the Sui Network status page.
"The two-hour outage was caused by an error in programming logic, but it is already resolved," confirmed Sui Network through its official account on X (formerly Twitter).
Background on other technical problems
Although this was the first major disruption on the mainnet, Sui has faced other challenges in recent months:
July 2024: Public RPC nodes collapsed while processing transactions, leaving the network temporarily out of service.
November 2024: Testnet validators encountered bugs that prevented the acceptance of new user transactions, a problem that was also resolved.
These events reflect certain stability issues that could affect the perception of the network.
Mysten Labs and its financial backing
Mysten Labs, the company responsible for Sui Network, has secured a total funding of $336 million, with support from giants like a16z Crypto, Coinbase Ventures, and Binance Labs. After a Series B round in 2022, the company reached a valuation of over $2 billion. However, recurring technical issues could raise concerns among its investors.
Current status and future steps
The official Sui Network page now states that "all systems are operational," confirming that the network has returned to normal operation. Despite the quick fix, this disruption and the recent drop in token price could affect user and investor confidence in the short term.
So far, neither Mysten Labs nor the Sui Foundation have issued additional statements on how they plan to prevent similar failures in the future.
