Sui Network to fix staking reward issue on October 27, as SUI price shows recovery signs after a 6.8% drop, trading volume surges 25%. By Ronny Mugendi 2 hours ago
Highlights
- Sui Network’s staking fix goes live on October 27, 2024, at 17:30 UTC, starting epoch 564.
- SUI price fell 6.8% to $1.70 but recovered to $1.79 amid trading activity.
- Trading volume surged 25% to $625M as investors anticipate a post-fix rebound.
Sui Network has announced that the fix for its staking reward distribution issue will go live on October 27, 2024, at 17:30 UTC, coinciding with the start of epoch 564. The problem began on October 24 during the transition to a new epoch, which triggered a bug that prevented the distribution of staking rewards for epochs 560, 561, 562, and 563.
Despite this interruption, the network emphasized that no funds or previously earned rewards were lost. Moreover, the restoration of normal operations might trigger renewed investor confidence, leading to increased staking activity and a positive shift in the SUI price.
Will SUI Price Recover as Sui Network Plans Staking Fix?
The Sui Network experienced a problem with epoch swap during October 24, which affected the delivery of staking incentives. The bug impacted the reward distribution of four epochs, 560, 561, 562, 563. However, the network was keen to add that there were no losses of rewards or staked funds during this time. This fix is will be deployed on October 27 at 17:30 UTC, aligning with the start of epoch 564.
To ensure that users receive the delayed rewards, Sui Network has advised against unstaking until the new epoch begins. Users who unstake their tokens before the fix could miss out on rewards that have otherwise been accumulated during the affected epochs. This recommendation will ensure a smooth transition back to normal operations.
The Sui network tweeted,
“Please be advised that the implemented fix will now go live with epoch 564 on Sunday, October 27 at 10:30am PT. Sui users should avoid unstaking until epoch 564 has begun.
Network operations remain unaffected. No staking rewards or funds have been lost, but the distribution of rewards from epochs 560, 561, 562 and 563 will be delayed until epoch 564.
SUI Reacts to Staking Disruption
Following the staking reward disruption, SUI price experienced a significant decline. The token dropped by 6.80%, reaching a low of $1.70. The dip came as the market reacted to the news of the interrupted reward distribution. The network price has since seen fluctuations, recovering slightly to $1.79, but remains under pressure.
The staking issue coincided with a broader market downturn, adding to the challenges faced by SUI. Despite increased trading activity, the bearish sentiment persisted, influenced by technical indicators.
However, with the scheduled fix on October 27, analysts believe resolving the issue will restore investor confidence, leading to a price recovery. The repair of staking mechanisms will allow to regain some of the value lost over the past week.
More so, SUI price 1-hour chart is at $1.79 with slight bullish momentum, gaining 0.69%. The MACD indicator shows a positive crossover, with the MACD line above the signal line, suggesting a potential uptrend. The price has consolidated with small candlesticks, indicating low volatility before a possible breakout in either direction.
Despite the SUI price dip, the Sui Network saw a notable surge in trading activity, with volume reaching $691 million, a 25% increase. The spike indicates strong market interest in SUI despite the challenges posed by the staking bug. Investors are positioning themselves ahead of the scheduled fix, anticipating a price rebound to $3 after returns to normal operations.