Sui Network's Phantom Support Ends Amidst 82% TVL Plunge

The Sui Network has suffered a significant blow as Phantom, one of its key supporters, announced it would be ending its support for the chain. This move comes amid a decline in TVL (Total Value Locked) on Sui Network, which has fallen by an astonishing 82%.

Phantom's decision to end support for Sui Network may raise concerns about the chain's viability and its ability to compete with other prominent blockchain networks. However, it is essential to note that Phantom cited a 'rebalancing of priorities' as the reason for their withdrawal.

The impact on SUI, the native cryptocurrency of the Sui Network, remains uncertain. As of now, there are no concrete predictions or targets mentioned in the source regarding its future price movements.