Sui Network faces 'major outage' as validators go down
Quick Take Sui Network has been down for nearly two hours. The team appears to be investigating the issue.
Sui Network, a Layer 1 blockchain developed by Mysten Labs, hasn't produced new blocks on its mainnet for nearly two hours, leaving the blockchain effectively stalled.
The Sui Network's status page confirms a "major outage," with validators down, and states that the team is investigating the issue. Neither Mysten Labs nor the Sui Foundation has officially commented on the outage yet.
Blockchain outages typically result in failed transactions and an inability to access decentralized applications running on the affected network.
The SUI token is down nearly 10% over the last 24 hours, currently trading at around $3.42, according to The Block's SUI price data. The token is ranked 18th with a market cap of $9.8 billion.
Mysten Labs has raised a total of $336 million in funding to date and is backed by high-profile investors, including a16z Crypto, Coinbase Ventures, Binance Labs and Circle Ventures. The company was valued at over $2 billion in 2022 following its $300 million Series B round.
This is a developing story and will be updated as new information becomes available.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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