Exclusive Interview with Mysten Labs Co-Founder: Real-World Assets and New Human-Machine Interaction Methods
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Exclusive Interview with Mysten Labs Co-Founder: Real-World Assets and New Human-Machine Interaction Methods
What sets Mysten Labs apart is our clear vision for the future of human-machine interaction. -- Evan Cheng, Co-Founder and CEO of Mysten Labs
Navigating Web3 tides with focused insightsWritten by: Sunny, TechFlow
Guest: Evan Cheng, Co-Founder and CEO of Mysten Labs
As enthusiasm for Sui Basecamp grows and a series of promising developments loom on the horizon, Mysten Labs stands at a pivotal moment in blockchain technology's evolution. With an increasing number of projects choosing Sui as their primary platform and FTUSD beginning integration, Mysten Labs and its stakeholders across the evolving blockchain landscape look toward the future with optimism.
In an interview with the CEO of Mysten Labs held during Basecamp 2024 in Paris, we explored concepts around stablecoins and other real-world assets, rethinking human-machine interaction after blockchain infrastructure adoption.
FTUSD Stablecoin on Sui Blockchain and the Future of Real-World Asset Tokenization
Mysten Labs has made significant strides within the cryptocurrency space, particularly on its Sui blockchain. Recently, 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
The CEO of Mysten Labs highlighted the successful bridging of over $300 million in dollar-pegged stablecoins onto Sui, demonstrating the platform’s growing popularity. The introduction of FTUSD is seen as a key development that will further strengthen this trend. Backed by major exchanges like Binance, FTUSD is expected to provide strong momentum to Sui’s DeFi ecosystem—an especially notable achievement given how rare it is for non-EVM chains to secure a major stablecoin partnership within their first year.
Expanding Beyond Financial Assets
Sui’s potential extends beyond digital assets to real-world assets such as real estate and land. Tokenizing and fractionalizing these assets can democratize access to investments traditionally out of reach for most individuals. 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 focuses not only on tokenization but also on harnessing the full capabilities of blockchain technology. This involves creating a robust infrastructure capable of supporting billions of dollars in assets managed on Sui. The CEO emphasized the importance of partnerships aligned with long-term vision and committed to sustainable development.
Challenges and Future Directions
While early-stage tokenization on blockchains offers clear advantages such as improved accessibility and the ability to fractionalize ownership, Evan noted these benefits do not fully leverage blockchain’s potential. Looking ahead, Mysten Labs plans to explore structured products that reduce operational friction and minimize the need for human intervention in establishing trust.
Evan also mentioned ongoing discussions with various stablecoin issuers, indicating strong interest in adopting Sui for operations. This suggests Sui may soon support multiple stablecoins, enhancing the platform’s versatility.
Regulatory Landscape and Algorithmic Stablecoins
On the topic of algorithmic stablecoins, Evan referred to their experimental nature, especially within a still-evolving regulatory environment. He cited MakerDAO as an example of a successful hybrid model incorporating synthetic elements. However, he remained cautious, hoping the industry could avoid repeating past mistakes like those of Terra.
First Principles Thinking in Building Web3 Infrastructure and Applications
Emphasizing Innovation Over Replication
Evan stressed the importance of focusing not merely on replicating existing technologies, but on creating unique and innovative products. This approach has helped Sui retain a loyal developer community despite initial challenges. Developers are encouraged to leverage Sui’s distinctive features to better serve their customers—highlighting the need for deep understanding of customer needs and avoiding the trap of pursuing funding without sustainable strategies.
Leveraging Sui’s Rich Toolbox
Sui is described not just as a blockchain, but as an evolving comprehensive toolkit. The platform’s focus goes beyond technical availability; it centers on how effectively these tools solve real-world problems. Builders are urged to first define the right problems—a critical step in effective technology application.
Shifting from Centralized, Custodial Models to Self-Custody
Evan outlined a vision shifting from centralized, custodial models to self-custody, fundamentally transforming human-machine interaction. This involves questioning the nature of products and the infrastructures supporting them, while moving away from historically flawed centralized solutions—particularly evident during DeFi crises such as 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. Our differentiation isn’t for the sake of being different—it stems from a clear vision of how human-machine interaction should evolve. This shift involves moving from centralized, custodial models to self-custody, fundamentally changing how users interact with software, platforms, and products.
By applying first principles thinking, you ask: What would these products look like? What infrastructure supports them? What are the fundamental needs? If designed properly, there’s no need to revert to the failed centralized solutions we’ve repeatedly seen in recent cycles—especially in DeFi, exemplified by cases like Celsius. These entities reverted to centralization and made serious missteps behind the scenes, deviating from the spirit of decentralization when issues arose.
The recurring cycle of returning to centralized practices—whether through liquidity fragmentation, centralized exchanges, or custodial social logins—remains a common pitfall. Our approach counters this by advocating solutions like ZK login, which preserve decentralization. Failure to apply these principles results in compromised products."
"I believe and hope that our way of thinking and building at Sui will permeate our ecosystem and inspire all developers within it to innovate with integrity and responsibility, resisting the pull toward centralization."
Challenging Current Crypto Paradigms
Mysten Labs is challenging what are often considered immutable laws in the crypto world—many of which stem more from assumptions based on constraints of early systems. This challenge is backed by rigorous research and engagement with academia, ensuring their innovations are solid and scientifically validated.
Solving Large-Scale Problems to Attract Developers
According to Evan, the real appeal in attracting developers lies in solving major consumer or business problems. Demonstrating the ability to effectively address these issues is key to drawing developers to the platform. This approach focuses on problems beyond crypto itself, tackling issues impacting mainstream markets, potentially expanding the overall market size significantly.
Rethinking Digital Interaction and Consumer Sovereignty
Reimagining digital interactions through blockchain is envisioned as a revolutionary process where every piece of customer data is controlled and accessible solely by the customer—protecting privacy and transforming the entire customer journey. Blockchain is seen as a public bulletin board that can radically change how applications interact, making processes interconnected and responsive.
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