Sui, a Layer-1 blockchain, has announced that its network is currently down and unable to process transactions. The team has identified the issue and will be deploying a fix shortly. This is the first significant downtime for the network since its launch in May 2023. The outage has caused the price of SUI to drop by about 7% to $3.42 at the time of writing.
Despite the setback, market analysts remain optimistic about Sui’s future, arguing that if its growth continues at this pace, the blockchain could pose a serious challenge to established players like Solana and Ethereum in the near term. Sui’s DeFi ecosystem has experienced rapid growth, with trading activity on Sui-based decentralized exchanges reaching an all-time high of nearly $6 billion this month and the network’s total value locked also at a record high of around $2 billion.
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<p>The post Sui Network Down: Issued Fixed Soon, SUI Price Drops first appeared on CoinBuzzFeed.</p>
