Sui Network has released its first report analyzing the recent network outage. The root cause of the issue was a bug in the upgrade code, which disrupted the network for over two hours. According to the report, the problem was quickly identified and resolved within 2.5 hours.
Outage Halted Transactions for Over Two Hours
The network outage occurred on November 21, 2024, during the early hours (between 1:15 AM and 3:45 AM PT). All transactions were suspended as validators were stuck in a failure loop caused by faulty code.
Sui Network expressed gratitude to its community on X (formerly Twitter):
“Rapid and collaborative response from Sui’s validators is an incredible testament to the strength of the Sui community.”

The official report explained that the issue stemmed from a malfunction in the overload control code. A problem in estimating transaction costs led to validator failures when those costs were incorrectly calculated as zero.
Bug Linked to New Overload Management Upgrade
Sui Network recently introduced a new overload management system designed to provide more accurate estimates of transaction complexity. This system included a new mode, “TotalGasBudgetWithCap,” which contained a coding error. The issue was promptly identified and fixed through pull request PR #20365.
The update was deployed on Mainnet in version 1.37.4 and on Testnet in version 1.38.1. Validators responded swiftly, and the network was fully restored within just 15 minutes of the fix’s release.
Lessons Learned and Future Improvements
The outage briefly impacted the market price of the SUI token, which dropped by 5%. Sui Network has since outlined several measures to prevent similar issues in the future:
Enhanced Testing Systems: Expanding simulations to cover a broader range of transactions.Faster Debugging and Deployment: Improving build processes to accelerate the release of updates.
SUI Maintains Strong Market Position
Despite the short-term price dip, the SUI token is currently trading at $3.64, reflecting a daily increase of 1.35%. Its market capitalization remains robust at $10.37 billion, with a 24-hour trading volume up 13.89% to $1.85 billion.
This incident highlights the importance of swift responses and collaboration between developers and validators to ensure network stability and maintain community trust.

#SuiToken , #Cryptocurrencies , #CryptoNewss , #SUI🔥 , #Altcoins👀🚀

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

FTX’s investment in Mysten Labs and its subsequent repurchase of equity investment and SUI token warrants have been a topic of discussion in recent court documents. Mysten Labs had completed a B-round financing of over $300 million at a valuation of approximately $2 billion. FTX invested $102 million in the B round and received approximately 890 million Sui Tokens at an average cost of $0.114.

FTX’s market makers, Alameda and FTX Trading, received almost 519 million Sui Tokens for free, which they planned to use for market making on the FTX platform after the Sui Network mainnet launch and Sui Token launch. However, with FTX crashing before the launch, the protocol for the token warrant is also gone. The cost of Sui Token chips for some B-round investors is about $0.28-$0.31.

@azcoinnews

Mysten Labs has agreed to repurchase FTX’s equity investment in Mysten Labs and SUI token warrants for $96.3 million in cash. This means that a large amount of FTX’s low-cost investment chips and market-making chips have been recovered, which is a positive development for the future launch of Sui Token. FTX debtors can continue to “seek higher offers from other third parties” until the court finalizes the sale date.

The launch of the SUI mainnet and the release of Sui Token do not need to consider the handling of the previous investment chips from FTX, as the issue with the FTX debtor has been resolved. Once the $96.3 million cash repurchase is completed, there will be no short-term financial impact on Mysten Labs, which just raised more than $300 million last year. The long-term impact may mainly lie in Mysten Labs’ layout of Web3, such as investment and acquisition of Web3 projects.

It is worth noting that FTX also led the investment in another Move chain, Aptos, with a similar valuation and investment amount. FTX’s investment plan for Aptos may be very similar to Sui, where FTX holds a large amount of low-cost investment chips and market-making chips. Some low-priced chips of Aptos have already entered the market, and the unsold chips will wait for the disposal plan of FTX creditors.

#FTX #SuiNetwork #Sui #SuiToken #azcoinnews

This article was republished from azcoinnews.com