Phantom will end support for the Sui network's native token, SUI, on Sept. 24, according to information shared by @coinbureau on X. The decision arrives roughly 20 months after the wallet first added support for the asset, and it comes as total value locked (TVL) on the Sui network has declined 82% from its October 2025 peak, according to the information cited in the post.

Phantom users holding SUI will need to move their tokens to another compatible wallet or exchange them for an asset the wallet supports before the Sept. 24 deadline. The change removes SUI from one of the wallets widely used by cryptocurrency users and takes place amid a significant decline in capital locked across the Sui ecosystem.

Phantom Users Must Move SUI Before Sept. 24

Phantom's decision means that anyone holding SUI through the wallet must act before support ends on Sept. 24. According to the update, users have two primary options: transfer their SUI to another wallet that supports the token, or swap the holdings into an asset that remains supported by Phantom.

The change follows approximately 20 months of SUI support on Phantom, a self-custodial wallet that built its initial user base around Solana before expanding to Ethereum, Polygon, Bitcoin and other networks. The wallet's decision to discontinue the asset does not in itself indicate that SUI will cease to operate on the Sui network; rather, it affects the availability of SUI within Phantom's supported asset ecosystem. SUI itself continues to be supported by other self-custodial wallets and remains listed on cryptocurrency exchanges, so the change narrows one access route for the token rather than its availability overall.

Users who continue to hold SUI through the wallet after the support deadline may face limitations in managing their holdings through Phantom, which makes transferring or converting the assets before the stated date important.

Sui TVL Falls From $2.58 Billion Peak

The support change coincides with a substantial decline in total value locked across Sui's decentralized finance ecosystem. Sui is a layer-1 blockchain built on the Move programming language and developed by Mysten Labs, a team that includes former engineers from Meta's Diem blockchain project. According to the information shared on X, Sui's TVL has fallen from a peak of $2.58 billion in October 2025 to $469 million — an 82% decline from the reported peak.

TVL is commonly used as an indicator of the amount of capital deposited in decentralized finance applications across a blockchain network. It can provide insight into activity and liquidity within an ecosystem, although it does not capture every aspect of network usage or adoption. The drop from $2.58 billion to $469 million therefore indicates a significant reduction in capital held across Sui-based decentralized finance protocols compared with the network's October 2025 peak.

Declining TVL Raises Questions About Sui Activity

The sharp reduction in TVL has added to concerns about declining activity across the Sui ecosystem, according to the information cited in the post. A sustained fall in locked capital can affect the liquidity available to decentralized applications, including trading platforms, lending protocols and other financial services operating on a blockchain.

TVL, however, represents one metric and does not independently establish the overall health of a blockchain network. Other measures — including transaction activity, developer participation, user numbers and application usage — can also provide insight into network conditions.

The timing of Phantom's decision has nevertheless drawn attention, as the wallet is ending SUI support while the network's TVL remains substantially below its previous peak.

SUI Holders Face an Immediate Deadline

For Phantom users, the most immediate issue is the Sept. 24 cutoff. SUI holders using the wallet will need to transfer their tokens to another compatible wallet or swap them for a supported asset before support ends.

The development comes during a period in which Sui's reported TVL has dropped considerably from its October 2025 high. The combination of the wallet support change and the decline in capital locked on the network has increased scrutiny of Sui's current ecosystem activity.

For now, SUI remains the native token of the Sui network, while Phantom's decision specifically concerns its support for the asset within the wallet. The observable indicators from here include whether other wallet providers maintain their SUI support and how Sui's TVL and complementary activity metrics — transactions, active users and developer participation — develop in the months ahead.

Source: Hokanews