Sui Network Announces a Fix for Its Broken Staking Reward Distribution
- Susan SarandonOriginal
- 2024-10-27 03:10:10463browse
The fix, scheduled for October 27 at 17:30 UTC, the start of epoch 564, should resolve issues that began in epoch 560.
Sui Network, a proof-of-stake (PoS) Layer 1 blockchain, has announced a fix for a staking reward distribution issue that began in epoch 560. The fix will be implemented at the start of epoch 564 on October 27 at 17:30 UTC (10:30 AM PT).
According to a Sui Network update on October 25, the network experienced a bug during the epoch change that affected staking reward distribution. However, the Sui team quickly identified the issue and began working on a solution.
The network operations were largely unaffected by the issue, and the team confirmed that the staking rewards distribution would be restored at epoch 563, which is expected to begin on October 26 at 10:30 AM PT (17:30 UTC).
Sui users are advised to avoid unstaking until epoch 564 to ensure they receive all earned rewards. The network operations will be largely unaffected by this adjustment.
The staking reward distribution issue had an impact on the Sui (SUI) token price, which experienced some fluctuations on October 26. At press time, SUI traded at $1.79, reflecting a 6.80% decrease over the past 24 hours.
The token's market capitalization also saw a decline, ranking SUI at #21 with a total market cap of $4.94 billion, following a 6.81% decrease.
However, the network activity surged as the trading volume reached $851.66 million, reflecting a 74.63% increase over the past 24 hours. The token experienced a sharp drop in the evening, reaching a low of around $1.70 in the early hours.
The price showed some shifts and a slight recovery to the current price level of $1.79.
A closer look at the SUI price movements reveals a bearish setup on the moving average convergence divergence (MACD) indicator. The MACD line has crossed below the signal line, and the increasing red histogram bars support this pattern.
This indication suggests ongoing downward pressure on the SUI price.
The relative strength index (RSI) further supports this analysis, as the indicator is currently positioned at 45.54, which is below the neutral 50 mark and signals weak momentum in the market.
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