Phantom Wallet has officially announced that it will discontinue support for the Sui network on September 24, 2026. The decision arrives as Sui's decentralized finance total value locked (TVL) has experienced an 82% collapse from its peak.
Phantom originally added native support for the Sui network in late 2024, coinciding with rapid TVL growth that reached a peak of approximately $2.58 billion in October 2025. Data from DefiLlama indicates that Sui's TVL has since fallen to roughly $469 million. Phantom stated that it has also ended support for Monad as part of a strategic focus on its highest-traffic networks, which include Solana, Ethereum, Base, and Bitcoin.
Following the September 24 deadline, Phantom will no longer display Sui balances, process Sui transactions, or show Sui in its network list. The wallet provider emphasized that user assets are not lost and remain securely on the Sui blockchain, where they can be accessed using the same recovery phrase on any compatible wallet. Phantom has recommended Slush as the Sui Foundation's preferred alternative.
For users choosing to remain on Phantom, the wallet has waived its internal fee on cross-chain swaps from native SUI to wrapped SUI on Solana until the deadline, though standard network and exchange fees continue to apply.
Despite capital outflows, reduced developer activity, and the upcoming wallet exit, Sui maintains features such as its Move-based architecture, parallel execution model, and an institutional product pipeline that includes ETF exploration in select markets. Future recovery will depend on whether capital inflows, stablecoin growth, or new applications can reverse the current TVL trend.
