Suiet Shutdown Adds to Sui Exits as DeFi Value Falls More Than 22%

Suiet will end updates and support for its Sui blockchain wallet after Nov. 14, adding to ecosystem withdrawals as decentralized finance (DeFi) value and average daily users decline.

The wallet’s API services will remain available through Nov. 14. Suiet’s shutdown plan and migration guidance advised customers to preserve their recovery credentials before switching to a Sui-compatible wallet.

Other services have also withdrawn from the ecosystem. Hardware wallet project Suiball announced its closure Nov. 10, and Phantom ended Sui support in September. DeFi project Full Sail shut down after a security incident involving Switchboard that resulted in about $91,000 in losses.

Sui’s DeFi total value locked was about $413 million on Nov. 11, down more than 22% over the previous month. The network averaged about 128,000 daily active users in October, compared with 601,000 in November 2025, a decline of about 79%.

Transaction totals moved in the opposite direction. Sui recorded 324 million transactions in October, up from 101 million in November 2025. The rise in transaction count coincided with fewer average daily users, so the two measures show different trends in network activity.

Sui also experienced four network outages in 2026, with about 22 hours of combined downtime. After a roughly six-hour halt in January, processing stopped three more times across May 28 and 29. Software bugs contributed to the May disruptions, including issues introduced by a network update. No user funds were at risk during those May incidents.

Kadan Stadelmann, former chief technology officer of Komodo Platform, described Sui’s challenges as economic rather than a sign of protocol failure. “Sui’s problems seem to mostly be of an economic nature resulting from expensive engineering costs and low user volume rather than protocol failures.”