Sui Network undergoes an outage raising concerns, but there’s more to the story
- Sui Network’s explorer failed to record transaction activity on the platform.
- Daily transaction and address count on the network showed a positive trend.
The Sui Network [SUI] recently shook things up by opting for a unique approach for its token launch, which caught the media’s attention. However, the latest update is not pleasant, as the network’s explorer failed to record and display transactions on the platform accurately.
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This setback has become a cause for concern among users and stakeholders.
Transaction records stop on Sui Network
Based on data from the Sui Network scanner, there has been a concerning lack of activity in the past 24 hours, with no records of block production or transactions on the platform.
The scanner revealed that the latest recorded block transaction occurred at Epoch 766, over a day ago.
However, there were indications that transactions were still ongoing on the platform, even though the explorer was not reflecting these updates. It’s essential to note that although the Sui Network has gained significant attention, the current version remains a testnet.
The current explorer outage seems to have resulted from a recent update to the Sui network. The information displayed on the scanner indicated that the network was currently undergoing synchronization, which may be causing the data update failure.
The state of Sui Network
According to the Sui scanner, the total transaction volume on the test net surpassed 341 million, as of this writing. Further examination of the transaction data also uncovered a positive trend in daily network transactions since 10 April.
The average number of transactions on the platform was 500,000 per day, occasionally exceeding 1 million. However, there was a considerable spike on 19 April, with transaction numbers exceeding 10 million.
Unfortunately, the recent explorer outage has halted transaction activity, causing the numbers to remain stagnant since then.
Furthermore, data from the Sui scanner indicated a continuous increase in the number of addresses on the platform. There were over 15.4 million addresses on the Sui network at press time.
The chart revealed that the daily total address count surged to over 137,000 on 19 April, just like the transaction chart. Alas, the explorer outage has caused the daily address count to remain static.
A look at the SUI token
The tokenomics of SUI outlined that the token’s total supply is limited to 10 billion. It serves multiple purposes on the network, including payment for gas fees, staking and governance, and providing on-chain liquidity for the Sui economy.
Additionally, according to a report by Wu Blockchain, OKX has commenced its SUI Initial Exchange Offering (IEO) subscription. The public sales for the IEO amount to 225 million tokens, with each SUI being sold at $0.1.