Phantom Ditches Sui Support Amid Sharp TVL Collapse

Phantom Wallet has announced that it will end its support for the Sui network on September 24, 2026. This decision comes as the total value locked (TVL) in Sui's DeFi sector has plummeted by 82% from its peak of approximately $2.58 billion in October 2025.

The decline in TVL is a significant concern for the network, which was once considered a rising contender with futures activity fueling breakout expectations.

Phantom added native Sui support in late 2024 and had institutional backing from Coinbase's launch of Sui staking services. However, despite this initial momentum, the network has struggled to sustain its growth.

SUI holders will be affected by this decision as Phantom will no longer display Sui balances or support Sui transactions after September 24. User assets, however, remain on the Sui blockchain and are accessible via any compatible wallet using the same recovery phrase.