Phantom, a self-custody digital wallet, plans to end its support for the Sui Network on the 24th of September. This development will change how users access their assets.
From that date onwards, users will no longer be able to view, send, swap, or connect their Sui [SUI] assets to applications using Phantom’s wallet.
The user’s Sui assets will still exist within the Sui network. Therefore, Phantom’s removal does not move any token from the user or transfer any ownership of the tokens. Instead, users must change the software through which they control those assets.
Generally, Phantom’s departure removes one distribution channel for Sui applications and places migration decisions on users.
Although the blockchain itself remains operational, users will have limited options for accessing their assets due to reliance upon Phantom.
Phantom exit splits Sui user flows
Since funds remain on-chain, Phantom’s exit shifts attention from asset safety toward the choices holders must make.
When support ends, SUI holders will have two options regarding their tokens. On one hand, they may choose to continue holding SUI. Upon this choice, users may export their credentials to another compatible wallet in order to restore access to their applications and balance.
On the other hand, those who choose to stay in Phantom may exchange for other tokens such as wrapped SUI, Solana [SOL], Ethereum [ETH] or USD Coin [USDC].
Since Phantom’s fee waiver applies only to wrapped SUI, this route offers a direct cost advantage over other routes, even when fees are assessed externally.
The migration process retains both users and capital on the Sui Network, while conversion processes both transfer them to the supported networks.