Major Outage Resolved
Sui Network, a Layer 1 blockchain by Mysten Labs, faced a two-hour outage caused by a bug in its transaction scheduling logic. Validators crashed, halting block production. A v1.37.4 patch was deployed to resolve the issue, and the network is now fully operational.
Impact on the Ecosystem
This marks the first major validator issue for Sui’s mainnet since its launch in May 2023. Similar incidents occurred earlier with public RPC nodes and the testnet. The outage disrupted transactions and decentralized applications, shaking user confidence. SUI token dropped nearly 10% to $3.42 during the outage.
Mysten Labs’ Market Position
Backed by a16z, Coinbase Ventures, and Binance Labs, Mysten Labs has raised $336 million and was valued at over $2 billion in 2022. Despite the challenges, its cutting-edge technology and high-profile investors keep Sui competitive in the Layer 1 blockchain space.
