Cryptocurrency wallet Suiet is shutting down, adding to a series of closures and service withdrawals in the Sui ecosystem.
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 Nov. 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, according to DefiLlama data. 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.
Meanwhile, other recent closures have also raised concerns about the costs and challenges of keeping projects running on the Sui network.
“Sui’s problems seem to mostly be of an economic nature resulting from expensive engineering costs and low user volume rather than protocol failures,” Kadan Stadelmann, former chief technology officer of Komodo Platform, told Cointelegraph. “No flaw in the system’s core design has been found.”
Cointelegraph reached out to the Sui Foundation and Suiet for comment but had not received responses by publication.
Related: Sui DeFi protocol Full Sail to wind down after Switchboard incident
Recent closures and departures
Suiet’s shutdown immediately follows the Sui-based hardware wallet project Suiball also announcing its closure on Nov. 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, according to Token Terminal. However, more transactions do not necessarily mean more users, and wallet providers must still decide whether supporting the network is worth the cost, according to Stadelmann.
“Multi-chain wallets have expansive attack surfaces, and Sui’s approach adds costs for vendors who can take their business to less capital intensive chains,” he said. “Any individual failure of a multi-chain wallet is more a reflection of the risks rather than an indictment of any given protocol.”
A series of 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.
By comparison, rival blockchain Solana has not recorded a network-wide outage since February 2024, when it went offline for nearly five hours. Meanwhile, Aptos, which uses the same underlying smart contract programming language as Sui, last reported a mainnet outage in October 2023.
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.
Magazine: Wall Street killed Bitcoin’s wild rallies: 10x’s Markus Thielen
