Cryptocurrency wallet Suiet is shutting down, adding to a growing list 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 would stop updating and supporting the wallet, and that its API services would end after Nov. 14. The shutdown comes amid a sharp decline in decentralized finance (DeFi) activity on the Sui network.
Sui’s total value locked (TVL) was about $413 million on Wednesday, down more than 22% in the past month, according to DefiLlama data. Token Terminal data shows Sui averaged about 128,000 daily active users in October, down from 601,000 in November 2025 — a drop of around 79%.
Other recent closures have also raised concerns about the costs and challenges of maintaining projects 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 contacted the Sui Foundation and Suiet for comment but had received no response by publication.
Recent closures and departures
Suiet’s shutdown comes immediately after Sui-based hardware wallet project Suiball announced its closure on Nov. 10. Wallet provider Phantom ended support for Sui in September.
DeFi project Full Sail also shut down after a security incident involving Switchboard caused about $91,000 in losses.
Despite the decline in active users, Sui transactions rose to 324 million in October, from 101 million in November 2025, according to Token Terminal. However, a higher transaction count does not necessarily indicate more users. Wallet providers still have to decide whether supporting the network is worth the cost, Stadelmann said.
“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
According to reports published by the Sui Foundation, the network has also had four outages in 2026, amounting to around 22 hours of combined downtime.
The network stopped processing transactions for about six hours in January, followed by three further outages on May 28 and 29. The Sui Foundation said at the time that the May disruptions were linked to software bugs, including issues introduced by a network update.
By comparison, rival blockchain Solana has not had a network-wide outage since February 2024, when it went offline for nearly five hours. Aptos, which uses the same underlying smart contract programming language as Sui, last reported a mainnet outage in October 2023.
Network outages matter because they can prevent DeFi users from trading, transferring funds or managing positions. The Sui Foundation said, however, that no user funds were at risk during its May disruptions.
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