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Alisa Davidson
Published: November 21, 2024 at 6:26 am Updated: November 21, 2024 at 6:26 am
Edited and fact-checked:
November 21, 2024 at 6:26 am
In Brief
The Sui network is suspected of experiencing downtime, as the latest block was produced over an hour ago, suggesting a potential issue with block production.
Layer 1 blockchain protocol, Sui network, is currently suspected of experiencing downtime. According to Suiscan, an explorer and analytics platform for the network, the latest block was produced over an hour ago, indicating a potential issue with block production.
Meanwhile, the price of SUI, its native token, has declined by over 9.45%, currently trading at $3.42, according to data from CoinMarketCap.
Sui is a Layer 1 blockchain built with the Rust programming language, supporting smart contracts written in Sui Move, a modified version of the Move programming language. The network uses a Delegated Proof-of-Stake (DPoS) consensus mechanism, where the native token, SUI, is staked by validator operators and tokenholders who delegate their tokens to validators.
Yesterday, the project announced that the FDUSD stablecoin, provided by First Digital Labs, is now live on its network, joining other stablecoins such as USDC and AUSD.
Solana’s Jito And ZetaChain Face Disruptions
A blockchain outage refers to a period when a blockchain network experiences a disruption or failure, causing it to become temporarily unavailable or unable to process transactions as expected. These outages can occur due to various reasons, such as software bugs, network congestion, cyberattacks, or infrastructure issues. While such disruptions are relatively rare, they do happen from time to time, especially on networks that are still in development or experiencing high traffic volumes.
In November, the Solana Maximum Extractable Value (MEV) infrastructure protocol, Jito, experienced downtime, leading to an increase in priority fees on the Layer 1 blockchain. This outage occurred amid a post-presidential election rally, which has driven many cryptocurrencies — including Solana-based memecoins — to record highs.
Additionally, ZetaChain, an interoperability-focused Layer 1 network, reported a six-hour outage due to a consensus failure. The issue was traced back to a new update rolled out to a limited group of validators, which caused the disruption.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
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