Suiet Wallet Calls It Quits, Marking Another Exit From Sui Ecosystem

The cryptocurrency wallet Suiet is being shut down, becoming another addition to a list of closures and suspensions in the Sui ecosystem. Suiet is a non-custodial wallet for the Sui network and, according to an announcement, will cease providing updates and support for its wallet, with its API services ceasing on November 14. This has happened against the backdrop of a sudden drop-off in DeFi transactions in the Sui ecosystem. As of Wednesday, the TVL on Sui is estimated to be around $413 million (roughly Rs. 388.1 crore), falling by over 22 percent within a month, according to data from DefiLlama.

Declining User Activity and Engineering Costs Raise Concerns Over Sui's Ecosystem Sustainability

According to Token Terminal data, Sui had about 128,000 active daily users in October compared to 601,000 in November 2025, which is a reduction of 79 percent. The recent closures have created fears about the difficulties of maintaining projects on the Sui network, according to a report by Cointelegraph. 

“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.” 

Shutdowns have occurred almost immediately after Suiball decided to halt the development of their Sui-based hardware wallet project. The wallet service Phantom also halted support for Sui in September. Full Sail, a DeFi project, shut down after the security vulnerability in the Switchboard project resulted in nearly $91,000 (roughly Rs 85.4 lakh) worth of losses.

While the number of active users is down, transactions on Sui have grown to 324 million in October, from 101 million in November 2025, as noted by Token Terminal. This is not necessarily indicative of more users because wallet providers will have to make a call about whether the expense of the network is worthwhile, as noted by Stadelmann.

Four network disruptions have been reported from Sui in 2026, causing the system to be down for a total of 22 hours, according to reports from the Sui Foundation. The first disruption lasted for about six hours in January, and another three occurred on May 28 and 29. The two disruptions that occurred in May were caused by software errors, which included issues with a network update.

Solana, on the other hand, has not experienced any network-wide outages since February 2024, when it went down for almost five hours. Aptos, another cryptocurrency platform that uses the same smart contract language as Sui, has only had an outage on its mainnet once since October 2023.