Suiet Wallet to Shut Down as Exits From Sui Ecosystem Accelerate

Suiet, a self-custodial wallet built for the Sui blockchain, is shutting down, according to a notice posted by the project, with API services set to terminate after Nov. 14. The closure adds to a string of shutdowns and service withdrawals from the Sui ecosystem as on-chain activity contracts and engineering costs bite.

Suiet said it will stop updating and supporting the wallet entirely, though API services will keep running through the Nov. 14 cutoff. The project did not detail what happens to users' self-custodied assets after that date, and Cointelegraph reported that neither the Sui Foundation nor Suiet had responded to requests for comment by publication.

How bad is the decline on Sui?

The numbers are unambiguous. Sui's total value locked in decentralized finance stood at roughly $413 million on Wednesday, down more than 22% over the past month, according to DefiLlama. Token Terminal data shows the network averaged about 128,000 daily active users in October, down from 601,000 in November 2025 — a drop of roughly 79%.

Transaction counts tell a different story, which is precisely the problem. Sui processed 324 million transactions in October, up from 101 million in November 2025, Token Terminal data shows. More transactions do not necessarily mean more users, and wallet providers still have to decide whether supporting the network justifies the cost.

The industry read on the exodus is economic, not technical. "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."

Who else has left?

Suiet is the latest in a series of departures:

• Suiball, a Sui-based hardware wallet project, announced its closure on Nov. 10.
• Phantom, a major multi-chain wallet provider, ended support for Sui in September.
• Full Sail, a Sui DeFi protocol, wound down after a security incident involving Switchboard that caused approximately $91,000 in losses.

Stadelmann argued that multi-chain wallets carry expansive attack surfaces and that Sui's architecture adds costs for vendors who can move their business to less capital-intensive chains. "Any individual failure of a multi-chain wallet is more a reflection of the risks rather than an indictment of any given protocol," he said.

What about network reliability?

Reliability has compounded the ecosystem's troubles. Sui experienced four network outages in 2026, totaling roughly 22 hours of combined downtime, according to reports published by the Sui Foundation.

The network stopped processing transactions for about six hours in January. Three more outages followed on May 28 and 29, which the Sui Foundation linked to software bugs, including problems introduced by a network update. The foundation said no user funds were at risk during the May disruptions, but outages of this kind prevent DeFi users from trading, transferring funds or managing positions.

The comparison with rivals is stark. Solana has not recorded 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, Move, as Sui, last reported a mainnet outage in October 2023.

For the wallets and protocols still building on Sui, the calculus is now straightforward: shrinking user counts, rising relative infrastructure costs and a reliability record that lags direct competitors. Suiet's API services end Nov. 14, and the market will be watching whether November's closures prove to be the bottom or the start of a broader retreat.