Suiet wallet to shut down in latest exit from Sui ecosystem
The self-custodial wallet will keep its API services running through Nov. 14. Sui’s DeFi total value locked has fallen more than 22% over the past month.
Cryptocurrency wallet Suiet is shutting down, the latest exit from the Sui ecosystem, following a sharp decline in decentralized finance (DeFi) activity on the Sui network. The self-custodial wallet, built for the Sui blockchain, will keep its API services running through November 14. Sui’s total value locked (TVL) has fallen more than 22% over the past month, reaching about $413 million.
Sui averaged around 128,000 daily active users in October, a 79% drop from November 2025. Former CTO of Komodo Platform, Kadan Stadelmann, attributes Sui's problems to economic factors like expensive engineering costs and low user volume, rather than protocol failures. Other recent closures, such as Suiball and Phantom, have raised concerns about the costs and challenges of maintaining projects on the Sui network.
Despite the decline in active users, transactions on Sui have increased to 324 million in October. However, more transactions do not necessarily equate to more users, and wallet providers must weigh the costs of supporting the network. Sui has experienced four network outages in 2026, totaling around 22 hours of combined downtime.
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