- Sui Network reimbursed 1,376 SUI tokens to 1,273 wallets after a staking bug between epochs 560-563 caused missed rewards.
- Sui ecosystem’s TVL surged from $159M to $1.4B in one year, with a stablecoin volume of $330M and rising investor interest.
- SUI token saw a 466% price increase since November 2023, with a $9.86B market cap, despite short-term trading volume drops.
The Sui Network, a prominent Layer 1 blockchain ecosystem, has successfully addressed a staking bug that impacted users. The issue, which occurred between epochs 560 and 563, caused certain users to miss out on staking rewards. To rectify the situation, the Sui team reimbursed 1,376 SUI tokens to 1,273 affected wallets.
Bug Identified and Resolved Promptly
Notably, the staking bug was discovered on October 24 and caused by a technical issue affecting users who unstaked their assets during specific epochs. On October 28, the Sui team implemented a fix during epoch 564 to address the error. Following the fix, the protocol conducted a thorough review to identify affected wallets and calculate the total missed rewards.
Intriguingly, users were informed about the reimbursement through an announcement on X, formerly known as Twitter. In total, the network refunded 1,376 SUI tokens, valued at approximately $4,747.2 at the time of reimbursement. While the impact of the bug was relatively small, the Sui team emphasized its commitment to ensuring fairness and maintaining user trust.
SUI Token Performance and Ecosystem Growth
Despite the bug, Sui’s native token, SUI, has shown resilience in the market. The token has experienced a substantial price increase of over 466% since November 2023. Its current market capitalization stands at $9.86 billion, demonstrating strong investor confidence.
Similarly, the Sui ecosystem’s total value locked (TVL) has seen remarkable growth. According to DefiLlama, the TVL increased from $159 million on November 28, 2023, to $1.62 billion by November 19, 2024. As of now, the TVL stands at $1.4 billion, with a stablecoin volume of $330 million, reflecting robust activity within the network.
Investor Interest and Market Analysis
Additionally, Market analysis reveals that SUI tokens are drawing significant attention from investors. Accumulation metrics indicate a rising interest in the asset, while the Relative Strength Index (RSI) remains above 60. This suggests buyers continue to dominate the market, even though the token is experiencing short-term sluggish momentum. Trading volume dropped by 17.39% in the past 24 hours, hinting at a period of consolidation.
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