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…
