Suiet Wallet Shuts Down as Sui Ecosystem Sees User Exodus

Suiet wallet shuts down — The self-custodial Suiet wallet is shutting down, marking another project’s exit from the Sui blockchain ecosystem as user activity declines sharply.

Suiet announced it will stop updating and supporting its wallet, with its API services ending after November 14. The closure follows a significant drop in Sui’s decentralized finance (DeFi) activity, with its total value locked falling over 22% in the past month to around $413 million.

Data from Token Terminal shows Sui averaged about 128,000 daily active users in October, a roughly 79% decline from November 2025. The wallet shutdown comes immediately after the Sui-based hardware wallet project Suiball announced its closure on November 10, and follows Phantom ending support for Sui in September.

“Sui’s problems seem to mostly be of an economic nature resulting from expensive engineering costs and low user volume rather than protocol failures,” said Kadan Stadelmann, former CTO of Komodo Platform. The network has also experienced four outages in 2026, resulting in approximately 22 hours of combined downtime.