Suiet is shutting down its self-custodial wallet for the Sui blockchain, joining other projects that have closed or withdrawn services from the ecosystem. Suiet's notice said the wallet would receive no further updates or support. Suiet will maintain API services through Nov. 14 and discontinue those services afterward.
The shutdown coincides with a steep contraction in decentralized finance (DeFi) activity on Sui. DefiLlama data put Sui's DeFi total value locked at about $413 million on Wednesday, more than 22% lower over the past month. Token Terminal data show that Sui averaged about 128,000 daily active users in October, compared with 601,000 in November 2025, a decline of around 79%. However, Token Terminal data show that Sui processed 324 million transactions in October, compared with 101 million in November 2025.
Suiet's shutdown immediately follows the Nov. 10 closure announcement from Suiball, a hardware wallet project built on Sui. Wallet provider Phantom withdrew Sui support in September. DeFi project Full Sail also closed after a security incident involving Switchboard caused losses of about $91,000. The recent closures have heightened concerns about the expense and difficulty of sustaining projects on Sui.
Kadan Stadelmann, former chief technology officer of Komodo Platform, said Sui's difficulties appeared primarily economic, reflecting costly engineering and low user numbers rather than protocol failures. Stadelmann said investigators had found no defect in the system's fundamental design. Stadelmann cautioned that higher transaction counts do not necessarily indicate more users. Stadelmann said wallet providers still have to assess whether network support justifies the expense. Stadelmann said multi-chain wallets expose vendors to broad attack surfaces, while Sui's approach increases costs for vendors able to choose less capital-intensive blockchains. Stadelmann argued that an individual multi-chain wallet failure reflects those risks more than a judgment against a particular protocol. The Sui Foundation and Suiet had not answered requests for comment by publication.
Reports published by the Sui Foundation document four Sui network outages in 2026, with combined downtime of around 22 hours. Sui halted transaction processing for about six hours in January. Three additional outages occurred on May 28 and 29. The Sui Foundation said at the time that software bugs caused the May disruptions, including problems introduced through a network update.
Rival blockchain Solana has recorded no network-wide outage since February 2024, when service stopped for nearly five hours. Aptos last reported an outage on its mainnet in October 2023. Aptos and Sui use the same underlying programming language for smart contracts. Network outages matter because DeFi users can lose the ability to trade, transfer funds or manage positions. However, the Sui Foundation said the May disruptions put no user funds at risk.
Suiet Shuts Down Wallet Amid Decline in Sui Blockchain Users
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Summary
Suiet has announced the shutdown of its self-custodial wallet for the Sui blockchain, with no further updates or support. API services will remain available until Nov. 14. Blockchain news reports the move follows a sharp drop in DeFi activity and user numbers. DefiLlama data shows Sui’s DeFi total value locked fell over 22% in a month. Token Terminal data shows a 79% decline in daily active users from November 2025 to October 2026. Other Sui-related projects, including Suiball and Phantom, have also closed services. A blockchain upgrade has yet to reverse the trend.
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