Suiet, a self-custodial wallet designed for the Sui blockchain, is shutting down, marking another exit from the Sui ecosystem. The wallet will stop updating and supporting its services, with API services ending after November 14. This closure follows a broader trend of declining activity in the Sui network, particularly in decentralized finance (DeFi). Sui’s total value locked (TVL) dropped to about $413 million on Wednesday, a 22% decrease over the past month, according to DefiLlama data.
The Sui network has also seen a significant decline in daily active users, averaging around 128,000 in October, down from 601,000 in November 2025, a 79% drop. Other recent closures, such as the Sui-based hardware wallet project Suiball and Phantom ending support for Sui in September, have raised concerns about the economic viability of maintaining projects on the network. Kadan Stadelmann, former chief technology officer of Komodo Platform, noted that Sui’s challenges stem from high engineering costs and low user volume rather than protocol failures.
Despite the decline in active users, transactions on Sui have increased, reaching 324 million in October, up from 101 million in November 2025. However, Stadelmann cautioned that more transactions do not necessarily mean more users, and wallet providers must weigh the costs of supporting the network. He also highlighted that multi-chain wallets have expansive attack surfaces, adding to the risks and costs for vendors.
Sui has experienced four network outages in 2026, resulting in around 22 hours of combined downtime. The most recent outages in May were linked to software bugs introduced by a network update. By comparison, rival blockchain Solana has not recorded a network-wide outage since February 2024, and Aptos, which uses the same underlying smart contract programming language as Sui, last reported a mainnet outage in October 2023.