Phantom Wallet to Terminate Sui Support Following 82% Plunge in TVL

Key Facts

In a move reflecting the growing challenges for Layer-1 blockchains to sustain user engagement, Phantom Wallet has announced it will officially terminate support for the Sui network on September 24, 2026. According to reports, the decision follows a massive 82% plunge in Sui's DeFi Total Value Locked (TVL) from its peak levels. This discontinuation marks a strategic reversal for the wallet provider, which initially integrated the network in late 2024, leaving holders with less than five weeks to migrate their assets.

The significant contraction in liquidity signals capital flight and reduced engagement within the Sui ecosystem, rendering continued infrastructure support less viable for Phantom. Per market data, this downturn occurs as the network battles declining developer activity, while Phantom shifts its focus toward high-traffic networks including Solana, Ethereum, and Bitcoin. To mitigate the impact, the wallet has waived fees for cross-chain swaps from native SUI to wrapped versions on Solana until the September deadline.

Investors should monitor sentiment surrounding the Sui network as the September 24 deadline approaches, after which balances and transactions will no longer be accessible via the Phantom interface.