Suiet wallet to shut down in latest exit from Sui ecosystem
The self-custodial Suiet wallet announced it will cease updates and API support after November 14, following a sharp decline in users on the Sui blockchain.
Suiet, a self-custodial wallet built for the Sui blockchain, said in a notice that it will stop updating and supporting its wallet, with API services set to end after November 14.
The shutdown comes as the Sui network has seen a sharp decline in decentralized finance (DeFi) activity. Sui’s total value locked (TVL) stood at about $413 million on Wednesday, down more than 22% over the past month.
Data from Token Terminal shows that Sui averaged about 128,000 daily active users in October, down from 601,000 in November 2025 – or around a 79% drop.
“Sui’s problems seem to mostly be of an economic nature resulting from expensive engineering costs and low user volume rather than protocol failures,”
He added, “No flaw in the system’s core design has been found.”
Recent closures and departures
Suiet’s shutdown immediately follows the Sui-based hardware wallet project Suiball also announcing its closure on November 10. Meanwhile wallet provider Phantom ended support for Sui in September.
DeFi project Full Sail also shut down following a security incident involving Switchboard that caused about $91,000 in losses.
Despite the decline in active users, transactions on Sui have increased, reaching 324 million in October, up from 101 million in November 2025.
However, more transactions do not necessarily mean more users, and wallet providers must still decide whether supporting the network is worth the cost.
Network outages
Sui has also experienced four network outages in 2026, resulting in around 22 hours of combined downtime, according to reports published by the Sui Foundation.
The network stopped processing transactions for about six hours in January, followed by three more outages on May 28 and 29.
The May disruptions were linked to software bugs, including problems introduced by a network update, the Sui Foundation said at the time.
Network outages are significant because they can prevent DeFi users from trading, transferring funds or managing positions, although the Sui Foundation said no user funds were at risk during its May disruptions.
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