What to know:
- Phantom will end SUI Network support on September 24, giving users migration time.
- Sui DeFi TVL has declined to $470 million from more than $2 billion previously.
- SUI trades near $0.83, with a $3.4 billion market cap, far below $5.36 ATH.
Phantom will end support for SUI Network on September 24, giving users one month to move their holdings or convert them into supported assets. The reason behind this move is a compromise reached between Phantom and the Sui team. It marks the end of a well-known wallet integration project launched back in January 2025.
Back then, when Phantom introduced SUI Network support, the wallet was said to have 15 million monthly active users. Thus, Sui extended its reach in the retail market through a major self-custodial solution. Since then, Sui has seen declining performance indicators. Currently, its DeFi TVL is said to be around $470 million, compared to over $2 billion before.
The overall market landscape has changed as well. Currently, SUI is trading at about $0.83, having a market cap of about $3.4 billion according to the latest data available. The price is still far from its January 2025 all-time high of $5.36. The fall in prices means a drop in valuation and reduced liquidity as well. The ecosystem of SUI Network has been under pressure.
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SUI Network Users Face Two Migration Routes
According to Phantom, users can either swap their SUI for wrapped SUI on Solana or keep their SUI on the native network using another compatible wallet. For the former, Phantom is temporarily waiving its own cross-chain conversion fee till September 24, though the network and exchanges fees are still applicable.
For users wishing to keep their native SUI, it is possible to export the recovery phrase in the settings of Phantom and import it in another compatible wallet. According to Phantom, users are advised to use Slush. It is noteworthy that assets are recorded on the SUI Network and not stored in the application. Therefore, the September deadline does not mean funds disappear.
Phantom’s Multichain Strategy Comes Under Focus
The SUI decision follows Phantom’s August 26 end to Monad support, indicating a broader adjustment to its multichain lineup. At the time when Phantom included Solana, Ethereum, Bitcoin, Base, Sui, and Monad into its network, both parties considered this disengagement mutual without precluding possible cooperation in the future.
In the case of the SUI Network, the current problem is related more to availability than to custody. There are enough other wallets and service providers that will take over the users and continue development in other spheres. The exit of Phantom from the SUI Network does not mean the existence of causality between this action and poor metrics of Sui.
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