Connect with us
Active Currencies 14909
Market Cap $2,554,771,714,543.50
Bitcoin Share 51.52%
24h Market Cap Change $1.58

Sui Network undergoes an outage raising concerns, but there’s more to the story

2min Read

Sui Network’s explorer outage halts transactions and address activity, posing concerns. The token is also up for OKX’s IEO subscription.

Sui Network undergoes an outage raising concerns, but there's more to the story

Share this article

  • 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.

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. 

Sui Network scanner

Source: Sui Explorer

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. 

Sui 30-days total transactions

Source: Sui Explorer

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.

Sui total addresses 30 days

Source: Sui Explorer

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.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.