The Sui Foundation, the non-profit organization behind the Sui Network blockchain, announced a "major update" to resolve issues that caused the last three major outages. These technical failures resulted in the network being down for a total of more than 15 hours over two days. Specifically, two separate outages were recorded: one for six hours on Thursday, and another for over eight hours and 43 minutes on Friday. This was reported by Cointelegraph.com reports.
In a blog post on Sunday, the Sui Foundation stated that validators have fully fixed errors related to gas fees and the randomness-state, and network operations have been restored. The organization emphasized that user funds were not at risk during the outages, and no transactions were reversed once the system was back online. It was also noted that AI agents were used for diagnostics and metric collection.
According to DefiLlama, the Sui blockchain ranks 13th globally in Total Value Locked (TVL) with $519 million. The recent issues were caused by "crash bugs" in software version 1.72. This error created a negative balance when calculating gas fees, leading to system failure. A six-hour outage was also observed on the network in January.
Against the backdrop of these technical issues, the price of the Sui (SUI) token began to decline. According to CoinGecko, the asset's value, which was around 99 cents on Thursday, fell by nearly 11% by Monday to 88 cents. Notably, at the beginning of May, the token price had risen to $1.41 following a major investment from a Nasdaq-listed company.
Read “Zamin” on Telegram!
