Evan Cheng: The Architect of Sui's Object-Oriented Revolution

Sui is re-thinking what blockchains tin be. And this year, galore of Wall Street's largest institutions are taking note.

Dec 10, 2024, 3:19 p.m. UTC

Evan Cheng didn’t conscionable physique different blockchain erstwhile helium created Sui. He engineered a paradigm shift.

Over the past year, Sui, 1 of the darlings of the bull market, has blown past $1.5 cardinal successful full worth locked (TVL), up from conscionable implicit $200 cardinal astatine the commencement of the year, acknowledgment to the market's assurance successful its caller infrastructure developments, specified improvements to Sui’s underlying Move programming language, and the motorboat of Circle's USDC connected the chain.

VanEck's Sui exchanged-traded note, which launched successful November, passed $140 cardinal successful assets nether management, demonstrating organization involvement successful the chain.

As the laminitis of Sui and CEO of Mysten Labs, the developer that supports the protocol, Cheng leveraged lessons from the ill-fated Diem task tally by Meta (then Facebook) to make a layer-1 blockchain that’s not lone faster and cheaper but fundamentally antithetic than different furniture 1s. With those lessons learned, Cheng and his squad built Move, which makes coding much businesslike and streamlined.

“The astir palmy projects connected Sui are not clones of existing DeFi protocols,” Cheng said successful an interrogation with CoinDesk. “They are autochthonal products that cannot beryllium built elsewhere.”

Appealing to Institutional Investors

Sui's object-oriented attack treats each plus oregon portion of information arsenic an autarkic object, arsenic opposed to being oriented astir accounts and their precise nationalist balances, allowing interactions to hap straight with that entity without affecting the remainder of the blockchain.

This means that ample organization investors that would different beryllium hesitant to fto the satellite inspect each of their information on-chain tin efficaciously firewall disconnected delicate sections.

“This black-and-white exemplary of everything being either afloat unfastened oregon afloat closed doesn’t work,” Cheng said, explaining wherefore galore institutions opt for permissioned chains.

Sui's competitors spent 2024 watching the chain's growth, particularly arsenic the marketplace enthusiastically signaled that it was heading successful the close direction. Now, 1 mightiness wonderment if Sui’s rivals volition flatter it with imitation.

Sam Reynolds

Sam Reynolds is simply a elder newsman based successful Taipei. Sam was portion of the CoinDesk squad that won the 2023 Gerald Loeb grant successful the breaking quality class for sum of FTX's collapse. Prior to CoinDesk, helium was a newsman with Blockworks and a semiconductor expert with IDC.