Sui = Fastest, Cheapest Chain?🔥Evan Cheng CEO at Mysten Labs🚀 INTERVIEW

[Music] today we're going to dive into a project analysis with a special interview I think you guys don't want to miss it's going to be a good one it's all about soie my name is Paul bar welcome back into Tech path I do want to thank our sponsor today and that is tangum if you're looking at self- custody and you want to start your journey one place to go is to tangum visit tang. you can get in and put your cards on order there get the three cards set these are cards that work in coordination

with a great app very secure and also very easy to set up so if you are new to self- custody this would be a great place to start and of course you can do all your trading swapping as well as sending uh tokens in and out of there very cool app uh we use it all the time here use our code to get a little bit off there and help the Channel I want to jump into the topic today and that is suie and many people have been asking us Paul you guys should talk more

about what's happening in the sui ecosystem so we started doing that a little bit more and we reached out to the suie team we're going to have uh Evan changen on here in a second but I want to talk a little bit about their tbll so this particular chain has started to really explode during this bull run the real question I think a lot of investors are looking at this could this be the next Sal for this bull run maybe we'll find out today some other things if you just look at the transaction numbers look

how fast this thing is moving in terms of percentage of growth this is pretty significant and I like the the fact that we're seeing this happened on a chain that is starting to deploy in a lot of different areas so joining me today is Mr Evan changen who is the uh CEO and co-founder over at miston Labs great to have you thanks for having me it's great to see you Paul and hello to everyone who's watching this you bet so Evan let's dive into a little bit about M labs and what you guys are doing

uh within the Su ecosystem give me a framework of where you guys are in terms of size team structure what are some of the core you guys are working on now um so there's a split between the labs and the foundation I think the foundation is about 40 40 plus people uh the missing lab side is bigger we're over probably 150 people okay mostly building Tech um mostly mostly Building Product that's that's our bread and butter um you know we we we're deeply invested so we we're kind of uh you know one team very very

passionate about building bringing about decentralization to the internet you guys have really started to uh be known for transaction speed and you look at transaction speed in comparison sui has really started to balloon over just this last little bit and many people would look to salana as being one of the faster chains out there sui in fact is even faster than salana and within this when you look at transaction speed and you look at the narratives behind many of the different industries that are are going to benefit from this gaming possibly Finance transactions all sorts

of business and industry where do you feel that suie could potentially fit in and really solve big problems yeah so so first of all we we position Inu as the coordination layer it's the ultimate developer platform right so if you think about what a developer needs they want infrastructure to get out the way to solve problem for them to serve them the product right you don't want them to think about all the complexity right so we think more in terms of that right so if you have a developer platform right people used to using Cloud

infrastructure you don't want to think about capacity limitation right so when s come out the first most important design is the architecture allow us to get to the point where there's no constraints on capacity ever people talk about scalability you know TPS Su has the design to get us to the point where there's never going to be any kind of limitation in terms of the capacity more demand more capacity elasticity so then we started addressing the speed problem right so when we think about speeds read about response time latency end to endend latency there's a

lot of different components usually there is a tradeoff between capacity and latency but we solve that problem so with mered we are now looking at p50 which is like average transaction anywhere in the world well under a second now like real end to end you're doing a swap right people been posting screenshots like right I got 700 millisecond I got 750 right it's almost like a game uh and the important things to point out here is this is not like other blockchains and you may be familiar with so salana ethereum their consens model means it's

not really really necessary confirmed right it's like there's still going to be potential Fork right so the actual settlement uh latency is higher as a result we are like hard latency right that's a way you can think about like hard right there's nothing that can change it and we also think in terms of round trip right it's like how many round trip you need to do across the world and network limitations right it's like if you get to that 1.5 R trip that you getting to that point where you need to then think about optimizing

the layer under um you know which is it's a it's a a different set of problem we'll work on that as well so I like to hear those words you know in the sense that things are are happening at speed and and in which we've seen with blockchain before the other thing that occurs often with blockchains is up time and if you kind of look at the well I'll zoom in on this right here is mainnet status over outages partial outages the ones we compare against I would say salana ton is in here and then

Aptos uh all of which have had outages throughout 196 two days suie has been pretty much on Q for uh being up in terms of a network obviously that works very specifically for a lot of different platforms including payments also gaming ecosystems uh developers that are really starting to try to get into things that really require uptime as a a key component there what is it that makes you guys capable of Performing like this explain that well first is a design right you can't engineer your way out of a bad design a lot of blockchains

are going to continue to have those kind of problem because there's design issues right uh this is why it's very very important for us to assure everything has like you know kind of have been validated by the scientific Community right at the protocol level then you you basically engineer the best system based on that design and then you have operational uh kind of Excellence to be able to Monitor and watch anything right so because nobody's perfect uh we like to keep 100% of time we so far we have been doing a great job we expect

that will be uh you know will continue to have the best performing and the best uh trusted uh kind of platform here uh you know knock on wood uh we like to keep that but even the the best of the best in in the centralized world have had a downtown we just want to you know kind of do our best to make sure that minimize that to as much as possible because when you lose up you know when you go down uh your developers livelihoods are impacted right and people talk about well if you if

you still the money is not L what's a big deal well it's the sentiment yeah yeah well it's not even the sentiment right think about a business that that can um exactly you know kind of handle transaction for for aong and they lose their livelihood couple of news items that are breaking here not immediately but I'll kind of zoom in on this for you a little bit uh circles native usdc now coming to sui so there'll be cross-chain transfer protocols available over there and that's going to be huge for I think sui in general just

from a liquidity standpoint but in the aspect of stable coins and what we might see in terms of what you're talking about here in in terms of kind of leading the market because this is something I think that has really helped um salana it's probably helped avac to a certain extent uh and obviously this could help you guys tell me a little bit more about that partnership well first of all Ciro has been a great partner we've been working with them for a while and I'm very very glad we're finally to the point it's about

to launch right so so that's exciting uh what stable coin important well it's it's the only really the only tokenized assets right now that has product Market fit can be used for a lot of different things right Defi and and payments you name it Commerce is going to be powered by stable coin so it's really really critical any but so it's it's it's amazing right s def has been such a vibrant ecosystem even without native stable coin uh I mean we' only until the last few months couple months we have the native stable coin coming

on board right such as aora stable coins and others right uh it's just add to friction when you don't have it people manage to get it right we have a lot of liquidity coming from ethereum and other platforms uh but wrapping and using Bridge right that that adds complexity the the adds friction uh and as security risk right so this is eliminating that so so we're extremely extremely happy to be where we are uh you know that the Circle doesn't mint usdc on any blockchain usually it's your level of kind of a maturity and right

grow for them to consider especially outside the EVN ecosystem so we're very very happy at this time around with the first one one thing though that is impressive is just the cost 900 900 this is crazy 14 times cheaper than salana 900 times cheaper than ethereum right now to do a SOI transaction which pretty significant this of course could have uh I think a unbelievable effect on gaming possibly these high frequency transactions most likely we're going to see in payments where do you guys see this as being maybe the home run you know kind of

the killer app so to speak coming out of Silicon Valley in terms of just cost being so slow low everything will you require some kind of like response right so so everything you know that happened on the internet a lot of transactions are free uh that has a cost associate wiard right this is why you know it's like you know the internet is so big right it's if there's High you know overhead for for doing anything sending an email people would not would have to think twice right I mean there's downside and all that right

exactly right so you need to let Market dictates where it goes uh so again coming back to our design there's no capacity limitation there's no performance downside then the final for allowing these kind of a transaction to proliferate is predictability of cost and the low cost right so we start with a low Baseline then we let the market dictate where they take them by market we means the validator there is cost associate ring validator but they pass on this cost saving to the user so over time as more more transaction you know demands you're going

to see corresponding being typ descent you know decrease in cost right that's how free market works that's always been the case the most important thing is no surprise to user and developers right again we don't think in terms of like okay scaling means we hit some magic number because you can fake it very very easily you can you know you can lose money if you want to have low cost but we want validator to make money but at the same time you know the market competitiveness will drive the cost down and it's predictable because then

you don't never surprise right and so this is why we have a local fee Market it's like even if it's hot the price is not just going to like Spike high and all a sudden you know it's like we we talk about this Noisy Neighbor problems like you have a Noisy Neighbor ISRO a party and all a sudden all the Roes are congested right and this is what happens on the ethereum of the world it's like some app demands all the attention you know and make sure everybody's cost go Sky High and then how do

I do a business on a network like that on infrastructure like that it's just impossible right Hey listen for those of you who maybe you've never tried the SOI wallet I would say go check it out because we've tested this pretty significantly I've been very pleased with the performance of it we've done a tremendous amount of transactions within it uh great in terms of getting into some of the uh defi apps as well cus is a good example of one that we we' played with uh pretty significantly but anyway go check it out you guys

can download it's in the Apple Store as well as the Chrome Store but uh I would say suggest that you do that for those of you who don't want the hassle downloading your wallet try out get stashed uh if you don't know how stash wallet is a web stre wallet anybody can use it you have a social login like Gmail you can like Lo pretty soon connect with SNS right you can say sender Paul at Paul Baron you know that's it right so so user readable uh kind of addresses and very very easy to get

on send you know s to folks that don't have a wallet yet right for theate on board like you know check out guest stash as well I like it I like it thanks for that tip uh let's get into what's happening with uh sui network uh when it comes to the gaming ecosystem right here you guys announced sui play uh for some of you guys we've covered this quite a bit on the show uh a very uh intriguing device and I think it's also one that is starting to gain attention not only in the gaming

SE Factor but especially in crypto where we'll start to see potentially game a lot of games and developers going this direction can you tell us anything more around how you guys uh plan to build out on this and you know what's the cycle of manufacturing all that good stuff uh well so so our great partner PL Tron is is is designing the OS and they have other partners and bu actually building the physical device obviously will come together and and sort of help Design This is why this you know the device looks so slick uh

super super happy with it what I can say right now is coming soon uh like we don't see any any any issues that this is going to get shipped uh shipped uh like on time uh so hopefully not a long way with it you know Logistics is is a challenging problem for everybody uh but we don't anticipate delay at this point in time very very excited about what's going what what's coming here and and more importantly a lot of partners are signing up to distribute their games right and to offer that that sort of like

first kind of look at what webst stre does for gaming that's that's exciting uh because this this is about OS level integration with s right this is not just oh yeah let's add a wallet to a device right right and that that's powerful and and we're going to see the first get the first taste of it Evan tell me if there's going to be any air drops are we going to see an airdrop Bonanza coming at at this thing I I think there will be partners that that planning air drops you know I I can't

I don't know the only straty right here it's the way to go you know it's it's not the only strategy uh more one of one of the straty well I mean you can build a great game people will play then right I play games every day that's my my my my my my Escape right um yeah I think I think it's going to be combination right can you can build a real Audience by just giving things away because yeah you're going to capture attention only so much so much but if you build a great product

and you have a way acquire customer rity seamlessly and easily is low friction for the get onb hey it's a great way it's a great way to to get people on board and try things out um you know free to play Pioneer that that right and this that that strategy to acquire customer and this is sort of just another iteration of like okay try to solve the customer acquisition challenge right yeah I mean otherwise you're spending money on ads which is extremely expensive on iOS uh and Android and other platforms why not give it directly

to no to will customers totally agree scor Enix of course invested in platron for their um their Linux based uh system on the platron OS so we're going to see a lot of uh potential games coming to this platform pretty quickly do you think that we'll see um um a quick adoption of new games coming into this platform or is this something that'll we'll get a handful and then you know scale over time well I mean the great thing with this device is play all the window based games right so uh so then that give

us the opportunity to have a pretty sizable user base from the beginning maybe a lot of than just say this is a great device I don't need to be buy a a steam deck I can buy this instead right uh so early on right our partners and many of the partner of platron are are are introducing a web Street variants of the game so to speak uh and then we expect there will be explosion right that's that's how how things are right because you experience benefit right once you deliver value consumer expect hey this is

better right why don't I play on this rather than another device right it has that great kind of virtuous cycle getting more people to try this device buy the device and play games and play the web Street variant of the game and then that become the demand increasing demand that more and more developers say why don't we do this right relative low friction to add right so so that that's the virtual cycle we're going to see yeah for sure last question I have for you is talking about and I I'm looked at this the first

time and I I I'll be honest I was pretty much a skeptic of this as to whether or not it could truly happen and that is this whole idea of internetless trans actions so explain to me how you're pulling this off give me a little bit more of the technical analysis on how does this happen on Su yeah I I I unfortunately am not cous cryptographer Lee that go into the details but um using blockchain is coordination layer using S as a coordination layer right so so now you have other ways for P2P connection and

use a you know the site to coordinate that act ity so so that's how you replace the internet so to speak right but you really think about the internet is you already have these connection physical connection for sending signals from one point to another then you need the TC you know tcpip or the routings and all that things happen for it to go into and you can replace some of that coordination suit with a blockchain right okay right so if you have a connection uh P2P connection say with with one of the nodes right that

this could happen uh you know radio waves and other things you know you know but but we're replacing the sort of the the the the protocol later well it starts to open up a lot more possibilities for sure uh Evan Chang of course uh coming over from M lab so thank you so much for uh jumping in today we appreciate your comments thanks for stopping in thank you very much for having me I had a great time excellent you bet all right so you guys uh maybe you're T dialed in here on the podcast side

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