Suiet Wallet to Shut Down in Latest Exit From Sui Ecosystem

Cryptocurrency wallet Suiet is shutting down, adding to a series of closures and service withdrawals affecting the Sui ecosystem. The self-custodial Suiet wallet, built for the Sui blockchain, announced in a notice that it will stop updating and supporting its services, with API support officially ending after November 14. This shutdown occurs as the Sui network experiences a sharp decline in decentralized finance activity and total value locked.

According to DefiLlama data, Sui's total value locked stood at about $413 million on Wednesday, marking a drop of more than 22% over the past month. Furthermore, data from Token Terminal shows that the network averaged about 128,000 daily active users in October, down significantly from 601,000 in November 2025, which represents a decline of around 79%. Meanwhile, transactions on Sui increased to 324 million in October, up from 101 million in November 2025.

Suiet's closure follows the recent departure of other participants in the ecosystem, including the hardware wallet project Suiball, which announced its closure on November 10. Additionally, wallet provider Phantom ended its support for Sui in September, and DeFi project Full Sail shut down following a security incident involving Switchboard that caused approximately $91,000 in losses.

Suiet wallet will end API services after November 14 amid ecosystem departures.

Kadan Stadelmann, former chief technology officer of Komodo Platform, noted that the challenges facing the network appear to stem mostly from economic factors such as expensive engineering costs and low user volume rather than any protocol failures. He explained that multi-chain wallets have expansive attack surfaces and that Sui's technical approach adds costs for vendors who may choose to direct their business toward less capital-intensive chains. At the same time, the Sui Foundation has reported four network outages in 2026, leading to roughly 22 hours of combined downtime due to software bugs and network updates.

Why it matters

The shutdown of the Suiet wallet and other recent project withdrawals highlight the ongoing economic challenges and engineering costs faced by developers and service providers operating on the Sui blockchain. While transaction counts have risen, the drop in active users and total value locked underscores the difficult business decisions wallet providers and decentralized finance projects must make when evaluating network support costs and risks.