The native token of the Sui blockchain, SUI, has fallen 20% this week following a “network stall” that caused downtime on the layer-1 blockchain for the second consecutive day.
Price Performance
Recently trading at $0.89, SUI has dropped an additional 2% in the last 24 hours and is now more than 83% below its January 2025 all-time high of $5.35. According to CoinGecko data, its weekly decline has placed it among the five worst-performing assets in the top 100 cryptocurrencies by market capitalization.
Network Outage
“Sui mainnet is currently experiencing a network stall. Network activity may be paused at this time,” the network’s team posted on X on Friday morning.
Sui developers shared the same message on Thursday when the layer-1 blockchain was down for over five hours before a patch was deployed to validators, temporarily restoring the network.
“Activity on Sui mainnet has resumed after a halt due to a crash bug in the gas charging logic introduced by the 1.72 release. A full incident review will be shared in the coming days,” the network announced.
Investigation and Response
While a comprehensive postmortem of the incident is pending, the network indicated that Thursday’s outage was caused by a bug introduced in its latest release.
It remains unclear whether Friday’s outage is related to Thursday’s incident or the subsequent patch. Representatives for the network and Mysten Labs, the core team behind it, did not immediately respond to requests for comment.
Previous Issues
These outages follow a similar network stall in January, which resulted in six hours of downtime for the layer-1 blockchain’s mainnet.
Background
Hailed as a “Solana-killer,” the network has faced some of the same challenges as the high-speed layer-1 network, which has also experienced major outages in the past.
Sui was launched in 2023 by Mysten Labs, which raised $300 million in a Series B funding round in 2022, valuing the company at approximately $2 billion at the time. Despite the recent decline, the network’s token currently trades with a market capitalization of around $3.6 billion.
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