Suiet, a self-custodial wallet built for the Sui blockchain, is shutting down. The wallet provider will stop updating and supporting its product, with API services ending after Nov. 14.
Sui's total value locked stood at approximately $413 million on Nov. 13, down 22 percent over the past month according to DefiLlama. Daily active users averaged about 128,000 in October, a 79 percent drop from 601,000 in November 2025, according to Token Terminal.
Suiet's closure is part of a broader exodus from the Sui ecosystem. Hardware wallet project Suiball announced its shutdown on Nov. 10. Phantom ended support for Sui in September. DeFi protocol Full Sail shut down earlier this year following a security incident involving Switchboard that cost approximately $91,000.
Kadan Stadelmann, former chief technology officer of Komodo Platform, attributed Sui's challenges to economic factors rather than protocol failures. "The problems stem from expensive engineering costs and low user volume," Stadelmann said. He noted that the network's design adds costs for vendors, prompting them to shift resources to less capital-intensive chains.
Multi-chain wallets face particular pressure. "They have expansive attack surfaces, and individual failures reflect general risks rather than an indictment of any specific protocol," Stadelmann said. He cautioned that wallet providers must evaluate whether the cost of supporting Sui is justified.
Despite lower user counts, transactions on Sui increased. The network processed 324 million transactions in October, up from 101 million in November 2025. Stadelmann cautioned that higher transaction volumes do not equate to more users.
Sui has experienced network instability in 2026, recording four outages totaling around 22 hours of downtime according to the Sui Foundation. One outage in January halted transaction processing for about six hours. Three additional disruptions occurred on May 28 and May 29, linked to software bugs introduced by a network update. By comparison, Solana has not reported a network-wide outage since February 2024.
