The Sui blockchain has faced significant challenges recently, leading to substantial financial repercussions for leveraged traders. According to the authors of the publication, it is concerning that a series of outages has triggered a wave of liquidations, particularly affecting those holding long positions.
Disruptions in the Sui Blockchain
On May 28 and 29, the Sui blockchain experienced disruptions due to a bug in its gas charging logic and complications during epoch transitions. These technical issues have resulted in a staggering $172 million in liquidations from long positions, out of a total of $188 million in SUI liquidations recorded during this period.
Impact on SUI Price and Market Stability
As a consequence of these outages, the price of SUI has plummeted by approximately 16% over the past week. This decline has not only impacted traders' portfolios but has also raised concerns about the stability and reliability of the Sui blockchain moving forward.
In light of recent challenges faced by the Sui blockchain, Standard Chartered's report highlights Ethereum's strong on-chain metrics despite its declining market price. For more details, see Ethereum's metrics.
