Sui Network Goes Down for Second Straight Day as Weekly Token Slide Hits 20% – Decrypt

The native token of the Sui blockchain, SUI, is down 20% on the week as its layer-1 blockchain suffered a “network stall” causing downtime for the second consecutive day. 

Recently changing hands at $0.89, SUI is down a further 2% in the last 24 hours and is now more than 83% off its January 2025 all-time high of $5.35. Its weekly decline has placed it among the five worst performing assets of the last week among the top 100 coins by market cap, according to data from CoinGecko. 

“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. About three hours later, developers said that the day-two issue had been resolved and that the network was back up and running.

“Both today’s and yesterday’s halts are due to the interaction of the 1.72 release, which introduced Address Balances, and gas charging logic,” they wrote Friday. “Yesterday’s implemented fix was an interim measure designed to restore functionality to the network while the Sui Core Team worked on a long-term solution.”

“The interim fix had a known issue with a low probability of causing a halt. This morning, the network hit a variant of the known issue and halted,” they added. “As of now, the long-term solution has been implemented by validators, fully addressing known issues caused by the original bug, and network activity has resumed.”

On Thursday, the layer-1 blockchain went down for more than 5 hours before a patch was rolled out to validators, bringing the network back online—temporarily.

While a full postmortem of the incident is still to come, the network indicated that its Thursday outage was a result of a bug introduced in its latest release.

The outages come just a few months after the firm reported a similar network stall in January, which led to six hours of downtime for the layer-1 blockchain’s mainnet.

Hailed as a “Solana-killer,” the network has been plagued with some of the same issues as the speedy layer-1 network, which similarly dealt with major outages in the past. 

Sui was launched in 2023 by Mysten Labs and raised a $300 million Series B in 2022, giving it a valuation around $2 billion at the time. Even with its recent decline, the network’s token currently trades with a market cap of around $3.6 billion.

Editor’s note: This story was updated after publication due to the fix being implemented.