Introduction
Evan Cheng is a pioneering technologist and entrepreneur, best known as the co-founder and CEO of SUI Blockchain and Mysten Labs. With a career that spans decades in Silicon Valley, including key roles at Apple and Meta (formerly Facebook), Cheng has become a leading figure in blockchain innovation. This article explores Evan Cheng’s net worth, the sources of his wealth, and the impact of his work on the broader crypto and tech industries.
Early Life and Career
Background and Education
Evan Cheng was born in Kaohsiung, Taiwan, where his passion for computers and programming began at a young age. He pursued higher education in the United States, earning a Bachelor’s degree in Computer Science and Mathematics from Marietta College in 1992, followed by a Master’s in Computer Science from Syracuse University in 1996. This strong academic foundation set the stage for his future achievements.
Career Milestones
Cheng’s professional journey started at Equator Technologies as an Engineering Manager in 1997. His talents quickly became evident, and by 2005, he joined Apple, where he led the LLVM compiler project. LLVM became a cornerstone technology, powering billions of devices and earning Cheng the prestigious ACM Software System Award in 2012. His work at Apple not only advanced the field of software development but also solidified his reputation as a visionary engineer.
After a decade at Apple, Cheng transitioned to Meta, where he led R&D for the Novi crypto wallet and contributed to the company’s blockchain initiatives, including the ill-fated Libra (later Diem) project. These experiences positioned him at the intersection of big tech and decentralized finance.
Role at SUI and Mysten Labs
Founding Mysten Labs and SUI
In 2022, following the dissolution of Meta’s Diem project, Cheng co-founded Mysten Labs alongside other former Meta engineers. Mysten Labs launched the SUI blockchain in May 2023, aiming to solve the scalability, speed, and efficiency challenges that plagued earlier blockchains like Ethereum. As CEO, Cheng has steered Mysten Labs and SUI to rapid growth, attracting attention from both the developer community and institutional investors.
Growth and Achievements
Under Cheng’s leadership, SUI has become one of the fastest-growing layer-1 blockchains. It boasts high scalability, fast transaction speeds, and innovative features such as the Move programming language and object-oriented architecture. By mid-2025, SUI ranked as the 11th largest cryptocurrency, with a market capitalization of $13 billion and over $1.5 billion in total value locked (TVL), up from $200 million at the start of the year. Institutional interest is strong, as evidenced by the launch of SUI exchange-traded notes and major partnerships.
Sources of Wealth
Evan Cheng’s wealth is rooted in several key areas:
Equity in Mysten Labs and SUI: As a co-founder and CEO, Cheng holds significant equity in Mysten Labs, the company behind SUI. The firm has raised over $336 million from top investors, including Andreessen Horowitz, Binance Labs, and Coinbase Ventures.
Token Holdings: Cheng likely owns a substantial allocation of SUI tokens, which have appreciated significantly as the network’s value and adoption have soared.
Venture Investments: In addition to his operational roles, Cheng is active as an angel investor and is raising a $100 million web3-focused venture fund, broadening his exposure to the crypto and tech sectors.
Previous Compensation: His high-level positions at Apple and Meta would have provided considerable salary, stock options, and bonuses, contributing to his overall wealth.
Net Worth Analysis
Estimated Net Worth
As of 2025, estimates of Evan Cheng’s net worth range from $100 million to $150 million, with some sources suggesting it could be higher depending on the valuation of his SUI token holdings and equity in Mysten Labs. This estimate reflects his significant stake in one of the fastest-growing blockchain ecosystems and his successful fundraising and investment activities.
Industry Comparison
Cheng’s net worth places him among the upper tier of blockchain founders, though not yet at the level of industry titans like Vitalik Buterin (Ethereum) or Changpeng Zhao (Binance). However, his influence and the rapid ascent of SUI signal further potential for wealth growth, especially as the ecosystem matures and institutional adoption increases.
Recent Developments and Future Prospects
SUI’s Market Performance
In the past year, SUI’s value has surged by nearly 290%, driven by technological innovation and growing adoption. The blockchain’s total value locked has exceeded $1.5 billion, and institutional products like SUI exchange-traded notes have launched, signaling strong market confidence.
Expanding Influence
Cheng’s ongoing efforts to raise a $100 million web3 venture fund indicate a strategic shift toward broader industry influence, supporting emerging projects both within and beyond the SUI ecosystem. With continued innovation and market expansion, both SUI and Cheng’s net worth are poised for further growth.
Conclusion
Evan Cheng’s journey from a young coder in Taiwan to a leading blockchain innovator in Silicon Valley is a testament to vision, technical excellence, and entrepreneurial spirit. As the co-founder and CEO of SUI and Mysten Labs, Cheng has built a formidable presence in the crypto industry, with a net worth estimated between $100 million and $150 million. His wealth is anchored in equity, token holdings, and strategic investments, and his continued leadership promises to shape the future of decentralized technology.
