#goodnews1
Suiet wallet to shut down in latest exit from Sui ecosystem
Cryptocurrency wallet Suiet is shutting down, adding to a series of closures and service withdrawals in the Sui ecosystem.
Suiet, a self-custodial wallet built for the Sui blockchain, said in a notice that it will stop updating and supporting its wallet, with API services set to end after Nov. 14. The shutdown comes as the Sui network has seen a sharp decline in decentralized finance (DeFi) activity.
Sui’s total value locked (TVL) stood at about $413 million on Wednesday, down more than 22% over the past month, according to DefiLlama data. Data from Token Terminal shows that Sui averaged about 128,000 daily active users in October, down from 601,000 in November 2025 – or around a 79% drop.
Meanwhile, other recent closures have also raised concerns about the costs and challenges of keeping projects running on the Sui network.
“Sui’s problems seem to mostly be of an economic nature resulting from expensive engineering costs and low user volume rather than protocol failures,” Kadan Stadelmann, former chief technology officer of Komodo Platform, told Cointelegraph. “No flaw in the system’s core design has been found.”
Cointelegraph reached out to the Sui Foundation and Suiet for comment but had not received responses by publication.
Recent closures and departures
Suiet’s shutdown immediately follows the Sui-based hardware wallet project Suiball also announcing its closure on Nov. 10. Meanwhile wallet provider Phantom ended support for Sui in September.
DeFi project Full Sail also shut down following a security incident involving Switchboard that caused about $91,000 in losses.
Despite the decline in active users, transactions on Sui have increased, reaching 324 million in October, up from 101 million in November 2025, according to Token Terminal. However, more transactions do not necessarily mean more users, and wallet providers must still decide whether supporting the network is worth the cost, according to Stadelmann.#Write2Earn #SUİ $SUI
Suiet wallet to shut down in latest exit from Sui ecosystem
Cryptocurrency wallet Suiet is shutting down, adding to a series of closures and service withdrawals in the Sui ecosystem.
Suiet, a self-custodial wallet built for the Sui blockchain, said in a notice that it will stop updating and supporting its wallet, with API services set to end after Nov. 14. The shutdown comes as the Sui network has seen a sharp decline in decentralized finance (DeFi) activity.
Sui’s total value locked (TVL) stood at about $413 million on Wednesday, down more than 22% over the past month, according to DefiLlama data. Data from Token Terminal shows that Sui averaged about 128,000 daily active users in October, down from 601,000 in November 2025 – or around a 79% drop.
Meanwhile, other recent closures have also raised concerns about the costs and challenges of keeping projects running on the Sui network.
“Sui’s problems seem to mostly be of an economic nature resulting from expensive engineering costs and low user volume rather than protocol failures,” Kadan Stadelmann, former chief technology officer of Komodo Platform, told Cointelegraph. “No flaw in the system’s core design has been found.”
Cointelegraph reached out to the Sui Foundation and Suiet for comment but had not received responses by publication.
Recent closures and departures
Suiet’s shutdown immediately follows the Sui-based hardware wallet project Suiball also announcing its closure on Nov. 10. Meanwhile wallet provider Phantom ended support for Sui in September.
DeFi project Full Sail also shut down following a security incident involving Switchboard that caused about $91,000 in losses.
Despite the decline in active users, transactions on Sui have increased, reaching 324 million in October, up from 101 million in November 2025, according to Token Terminal. However, more transactions do not necessarily mean more users, and wallet providers must still decide whether supporting the network is worth the cost, according to Stadelmann.#Write2Earn #SUİ $SUI
