Suiet quits Sui amid user slide, TVL drop, and 2026 outages
Suiet, a self-custodial wallet built for the Sui blockchain, says it is shutting down. In a notice, the team said it will stop updating and supporting the wallet, and its API services are set to end after Nov. 14. The development adds to recent withdrawals and closures around Sui.
Data shows Sui’s usage and TVL sliding
DefiLlama data cited in the source article put Sui’s total value locked (TVL) at about $413 million on Wednesday, down more than 22% over the past month. Token Terminal data, also cited, showed Sui averaged about 128,000 daily active users in October, compared with 601,000 in November 2025—roughly a 79% slide over that span.
Closures stack up around the network
According to the source article, the hardware wallet project Suiball announced its closure on Nov. 10. Wallet provider Phantom ended support for Sui in September. DeFi project Full Sail also shut down after a Switchboard-related security incident that led to about $91,000 in losses.
Builder view: costs and risk, not core failures
“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.”
Stadelmann added that, “Multi-chain wallets have expansive attack surfaces, and Sui’s approach adds costs for vendors who can take their business to less capital intensive chains. Any individual failure of a multi-chain wallet is more a reflection of the risks rather than an indictment of any given protocol.”
Outages in 2026 and how Sui compares
Reports published by the Sui Foundation said the network experienced four outages in 2026 totaling around 22 hours of downtime. Sui stopped processing transactions for about six hours in January, followed by three more outages on May 28 and 29. The foundation attributed May’s disruptions to software bugs, including issues introduced by a network update, and said no user funds were at risk during those incidents.
For context noted in the source article: Solana has not recorded a network-wide outage since February 2024, when it went offline for nearly five hours, and Aptos last reported a mainnet outage in October 2023.
More transactions, fewer users
Despite fewer daily active users, Token Terminal data cited in the article showed Sui transactions increased to 324 million in October from 101 million in November 2025. As Stadelmann cautioned, more transactions do not necessarily mean more users, and wallet providers still have to weigh whether supporting a network is worth the cost.
The source article said Cointelegraph reached out to the Sui Foundation and Suiet for comment but had not received responses by publication.