Sui Network, a prominent Layer 1 blockchain ecosystem, recently took steps to fully reimburse 1,376 SUI tokens to users who missed out on staking rewards due to a bug. The bug impacted certain token holders who unstaked their assets between epochs 560 and 563. The Sui team quickly implemented a fix on October 28th, in epoch 564, to address the issue. Following the fix, the blockchain protocol identified 1,273 wallets that had unstaked their assets during the affected epochs and missed out on a total of 1,376 SUI tokens in rewards. In an effort to rectify the situation, Sui notified the affected wallets through an X post, formerly known as Twitter, and reimbursed them with 1,376 SUI tokens, valued at $4747.2 based on the token’s price at the time.
Despite the bug’s relatively small impact, Sui Network emphasized its commitment to making things right for its users. The network’s native token, SUI, has exhibited strong performance compared to many other digital assets, boasting a remarkable 466.42% increase since November 2023 and achieving a market cap of $9.86 billion, according to data from CoinMarketCap. Additionally, data from DefiLlama reveals a significant growth in the total value locked (TVL) in the Sui ecosystem, which surged from $159 million in November 2023 to $1.62 billion in November 2024. Presently, the TVL of Sui Network stands at $1.4 billion, with a stablecoin volume of $330 million.
An analysis of SUI token’s price using Accumulation/Distribution indicates a positive trend in the accumulation of the digital asset, accompanied by an increasing interest from investors. The Relative Strength Index, with a reading above 60, confirms the dominance of buyers in the market, albeit with sluggish momentum in the short term. Traders may anticipate a continuation of the sluggish trend, considering the 17.39% drop in trading activities over the past 24 hours. It is essential to note that the information provided in this article is for informational and educational purposes only and should not be considered as financial advice. Coin Edition does not assume responsibility for any losses incurred as a result of utilizing the content, products, or services discussed herein, and readers are advised to exercise caution before making any financial decisions related to the company.
