Markers in the cryptocurrency world were abuzz when the ‘Solana killer’, Sui, experienced an extensive system outage. The decentralized blockchain, designed specifically for speedy smart contract setups, saw an interruption in its operation on November 21st. This disruption led to a halt in block production lasting over an hour, a significant pause in this fast-paced digital world.
Observers noted that no new blocks were produced on the Sui network since the last block registered at 9:15 am UTC, according to data from Sui Network explorer, SuiVision. This downtime stirred sizable reactions in the crypto community as Sui, amid its mission to rival Solana – the fourth-largest cryptocurrency by market cap – saw an unexpected hiccup.
Crypto influencers also weighed in on this occurrence on various platforms. Crypto YouTuber Ajay Kashyap, for instance, highlighted this incident, jabbing at Sui’s lofty ambition to outpace giants like Solana.
No major system outage comes without fallout. Sui, the native cryptocurrency of the affected blockchain, saw nearly an 11% plunge due to these events. Subsequently, South Korean crypto exchange Upbit suspended SUI transactions, a move attributed directly to the network’s malfunction.
As speculators waited for answers, the Sui Foundation remained silent, providing no clarification about the sudden shake-up. Critics wait with bated breath for a response from the Foundation as this silence leaves investors and enthusiasts in a lurch, speculating on the incident’s reasons and implications.