Sui Network Goes Down for Second Straight Day as Weekly Token Slide Hits 20%

The native token of the Sui blockchain, SUI, is down 20% on the week as its layer-1 blockchain has suffered a “network stall” causing downtime for the second consecutive day. 

Recently changing hands at $0.89, SUI is down a further 2% in the last 24 hours and is now more than 83% off its January 2025 all-time high of $5.35. Its weekly decline has placed it among the five worst performing assets of the last week among the top 100 coins by market cap, according to data from CoinGecko. 

“Sui mainnet is currently experiencing a network stall. Network activity may be paused at this time,” the network’s team posted on X on Friday morning, more than two hours ago as of this writing.

Sui developers shared the same message on Thursday when the layer-1 blockchain went down for more than 5 hours before a patch was rolled out to validators, bringing the network back online—temporarily. 

While a full postmortem of the incident is still to come, the network indicated that its Thursday outage was a result of a bug introduced in its latest release. 

It’s unclear if Friday’s outage is related to Thursday’s incident or the ensuing patch. A representative for the network nor Mysten Labs, the core team behind it, immediately responded to Decrypt’s request for comment. 

The outages come just a few months after the firm reported a similar network stall in January, which led to six hours of downtime for the layer-1 blockchain’s mainnet. 

Hailed as a “Solana-killer,” the network has been plagued with some of the same issues as the speedy layer-1 network, which similarly dealt with major outages in the past. 

Sui was launched in 2023 by Mysten Labs and raised a $300 million Series B in 2022, giving it a valuation around $2 billion at the time. Even with its recent decline, the network’s token currently trades with a market cap of around $3.6 billion.