Phantom announces it will end support for the Sui blockchain on September 24, 2026, marking its second recent network exit alongside Monad. The decision follows a sharp decline in Sui's decentralized finance total value locked, which has fallen roughly 82% from its $2.58 billion peak to around $469 million. While Phantom and the Sui Foundation describe the split as mutual, the loss of a major wallet with 15 million active monthly users presents a significant retail distribution headwind for the struggling network.
Phantom ending Sui support
- ▪Phantom and the Sui Foundation described the decision to end support as mutual and stated they may explore other collaborations in the future
- ▪Phantom will cease its support for the Sui blockchain on September 24, 2026, meaning users will no longer be able to view balances, send transactions, swap assets, or connect to Sui applications through the wallet
Sui network declining metrics
- ▪The Sui network experienced several network outages during the year leading up to Phantom's decision to drop support
- ▪The total value locked in the Sui decentralized finance ecosystem has declined to approximately $469 million to $470.38 million, representing an 82% drop from its peak of $2.58 billion
- ▪The price of the SUI token has declined to around $0.83, with a market capitalization of approximately $3.4 billion, down from its all-time high of $5.36 in January 2025
User migration options
- ▪Phantom users can access their Sui assets by using their recovery phrase in Settings to log into another wallet, with Phantom recommending Slush as the preferred wallet of the Sui Foundation
- ▪Phantom set a deadline of September 24, 2026, for users to transition their assets, though the underlying assets will remain safely on the Sui blockchain and can be retrieved later using the same recovery phrase
September 24 deadline
- ▪Phantom warned users that it will never contact them first or request their seed phrase, advising that any unsolicited offers of help with migration should be considered fraudulent
- ▪Phantom is ending support for the Monad blockchain on August 26, 2026, less than a year after the Monad mainnet launched, as part of a broader trimming of its multichain lineup
Phantom multichain strategy shift
- ▪A March 2026 Bank for International Settlements working paper noted that permissionless blockchains continue to fragment the market, weakening network effects as new low-fee chains pull users from incumbents
- ▪Phantom initially launched support for the Sui blockchain on January 29, 2025, making Sui the fourth Layer 1 network supported by the wallet alongside Solana, Bitcoin, and Ethereum
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