Built to rival other high-speed layer-1 blockchains, the Sui network has again experienced downtime, echoing issues previously faced by Solana.
Network Stall
The “network stall,” first identified and investigated on Thursday morning, resulted in a major outage lasting over five hours as the Sui team worked to resolve the issue.
Around 10:30 a.m. ET, the blockchain posted on X, stating, “Sui Mainnet is currently experiencing a network stall. Be aware that transactions may be paused at this time. Updates will be shared as soon as they are available.”
An update on the Sui network status page at 3:40 p.m. ET indicated that a “fix is rolling out to validators.”
Previous Outages
This latest “stall” follows a similar event that plagued the layer-1’s mainnet in January, resulting in over six hours of downtime. Prior to that, the network faced a significant validator issue in 2024 that prevented transaction processing.
While the network’s engineers identified the issue shortly after beginning their investigation, a fix had not yet been implemented as of the time of this writing, according to the blockchain’s status page.
Token Impact
Amid the downtime, the network’s native token, SUI, may have been affected, falling 5.4% in the last 24 hours to trade at $0.92. This decline outpaced losses from Bitcoin, Ethereum, and other leading cryptocurrencies.
ETF Developments and Historical Performance
Earlier this year, the first SUI ETFs were launched, with products from Canary and Grayscale providing exposure to the SUI token and staking reward access to traditional investors through equity markets.
The network’s native token reached an all-time high of $5.35 in January 2025 but has since fallen by over 82% from that peak.
Background
Launched in 2023, the network was developed by Mysten Labs, a spin-off of Meta’s Diem project. The network previously raised $300 million in a Series B round in 2022, valuing it at $2 billion.
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