Exclusive interview with Mysten Labs co-founder: Real-world assets and new ways of human-computer interaction

Guest: Evan Cheng, Mysten Labs Co-Founder and CEO

In people’s thoughts on Sui Basecamp Mysten Labs is at a critical stage in the development of blockchain technology, amid rising enthusiasm and a slew of promising developments on the horizon. As more projects choose Sui as their primary platform, and FTUSD begins to integrate, Mysten Labs and its stakeholders in the evolving blockchain space are hopeful for the future.

In this interview with the CEO of Mysten Labs at Basecamp Paris 2024, we explore the concept of stablecoins and other real-world assets, and rethinking blockchain fundamentals Human-computer interaction after facility adoption.

#Sui FTUSD stablecoin on the blockchain and the future of tokenization of real-world assets

Mysten Labs has made a mark in the cryptocurrency space Significant progress, especially on their Sui blockchain. Recently, its CEO Evan Cheng revealed exciting developments regarding FTUSD and the broader integration of real-world assets into the blockchain ecosystem.

FTUSD: Accelerating DeFi on Sui

Mysten Labs’ CEO highlights success in bridging over $300M USD stablecoin Sui's achievements demonstrate the platform's growing popularity. The introduction of FTUSD is seen as a key development that will further enhance this trend. Backed by a major exchange like Binance, FTUSD is expected to bring strong momentum to the DeFi ecosystem on Sui, which is especially noteworthy considering it is very rare for non-EVM chains to obtain major stablecoin partners in their first year. .

Expansion beyond financial assets

Sui’s potential is not limited to digital assets, but also extends to real-world assets like real estate and land. Tokenizing and sharding these assets can democratize access to investments that have traditionally been out of reach for most people. This process not only enhances accessibility but also allows investors to share in the potential financial returns of these assets.

Building a Sustainable Ecosystem

Mysten Labs is not just focused on tokenization but on leveraging the full capabilities of blockchain technology . This involves creating a robust infrastructure that supports billions of dollars in assets being managed on Sui. Its CEO stressed the importance of partnerships that are aligned with the long-term vision and committed to sustainability.

Challenges and Future Directions

While the early stages of tokenization on blockchain offer significant advantages such as improved accessibility and the ability to split ownership, but Evan points out that these benefits don’t fully leverage blockchain technology. Going forward, Mysten Labs plans to explore structured products that reduce operational friction and minimize the need for human intervention in building trust.

Evan also mentioned ongoing discussions with various stablecoin issuers, indicating significant interest in operating on Sui. This suggests that Sui may soon support multiple stablecoins, increasing the platform’s versatility.

Regulatory Environment and Algorithmic Stablecoins

When talking about the topic of algorithmic stablecoins, Evan mentioned the experimental nature of these assets, especially This is in a regulatory environment that is still forming. He cited MakerDAO as an example of a successful hybrid model that incorporates synthetic elements. However, he remains cautious and hopes the industry can avoid repeating past mistakes like Terra's.

First principles thinking when building Web3 infrastructure and applications

Emphasis on innovation rather than duplication

Evan emphasized the importance of not just copying existing technology, but focusing on creating unique and innovative products. This approach has helped Sui retain a loyal developer community despite early challenges. Developers are encouraged to leverage Sui’s unique capabilities to better serve their customers, which highlights the need to gain a deep understanding of customer segments and avoid the pitfalls of simply pursuing funding without a sustainable strategy.

Leverage Sui’s rich toolbox

Sui is not only described as a blockchain, but a comprehensive toolbox that continues to evolve. The focus of the platform goes beyond the usability of the technology; it focuses on how effectively these tools can solve real-world problems. Builders are urged to first define the right problem, a critical step in applying technology effectively.

Transition from centralized to self-managed model

Evan outlined 's vision for the transformation from a centralized, hosted model to a self-managed model, This will fundamentally change the way human-computer interaction. This involves questioning the nature of products and the infrastructure that supports them, and eschewing centralized solutions that have historically led to failure, especially highlighted in DeFi crises like the Celsius incident.

"Developers need to create their own products and truly understand their customers. Our emphasis on 'first principles thinking' reflects Sui's unique approach. We are not different for the sake of being different, Rather, it stems from our clear vision for the future of human-computer interaction, which involves moving from a centralized, hosted model to a self-managed model that fundamentally changes how users interact with software, platforms, and products.

Thinking from first principles, you ask: What will these products look like? What are the basic requirements? If designed correctly, there is no need to go back to what we did in the last round. Failed centralized solutions seen over and over again, especially in DeFi, are examples like Celsius. These entities revert to centralization and make significant mistakes behind the scenes, veering away from decentralization when things go wrong. Spirit.

## Returning to the cycle of centralized practices—whether through liquidity sharding, centralized exchanges, or managed social logins—continues to be a common mistake in our approach. Combat this by advocating for solutions like ZK Login that maintain decentralization by failing to apply these principles to the detriment of the product.

I believe and hope that the way we think and build at Sui will permeate our ecosystem and inspire all developers within the ecosystem to maintain integrity and innovate responsibly, without succumbing to centralization. ”

Challenges of the Current Crypto Paradigm

Mysten Labs is challenging what are often seen as immutable laws of the crypto world, these are more This challenge is backed by solid research and engagement with academia, ensuring their innovations are robust and scientifically proven to solve large-scale problems. To Attract Developers

According to Evan, the real draw to attract developers is to solve big consumer or business problems Demonstrate the ability to effectively solve these problems. The key to attracting developers to the platform is to

focus on problems beyond the crypto space and solve problems that impact the mainstream market, potentially greatly expanding the overall market size. #rethinkdigitalinteractionsandconsumerautonomy

Rethinking digital interactions through blockchain is envisioned as a revolutionary process in which every piece of customer information is Controlled and accessed by customers themselves, protecting privacy and transforming the entire customer journey. Blockchain is viewed as a public bulletin board that can revolutionize the way applications interact, making processes interconnected and responsive.

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