Why We Invested: TeleportDAO – the Cross-chain Musketeers
Jack An
March 28, 2023
in Investments

Jack An, Associate (安良方 / 投資經理)

Jack became an Associate in 2023 and focuses on meeting, helping and investing in promising web3 founders. Before joining AppWorks in 2019 as an Analyst, he co-founded an InsurTech startup and through the experience, he developed a deep interest in product design and user experience, and has since been passionate about these areas. During his time as a founder, he purchased his first BTC as well as ETH, yet subsequently paid dear tuition to the 2017 go-go ICO era. Prior to embarking on the entrepreneurial path, he worked as an underwriter at Chubb Insurance in New Zealand. Jack earned a Bachelor of Music degree from Waikato University, where he studied classical piano and developed a deep appreciation for Mozart. He loves to cook, read, and is a practicing stoic. He’s on the hunt for the next web3 application that will onboard millions of users and make the world more open, permissionless, censorship-resistant, and trustless.

The blockchain industry is rapidly expanding, and new theories on how to build blockchains arise virtually every day. These ideas frequently cross-pollinate, resulting in new competition that benefits the sector as a whole. As a result, a multi-chain environment has emerged, necessitating the use of cross-chain solutions to mitigate excessive fragmentation.

Layer 1 blockchains share fundamental characteristics such as record decentralization and the capacity to securely reach consensus on those records. Nevertheless, the underlying technology used to accomplish this differs greatly, making it difficult for users and apps built on top of different chains to efficiently communicate and connect with one another. 

Many have attempted to cut corners in order to reap short-term benefits by developing primarily notary-based cross-chain solutions. This approach, however, has proven to be an exceedingly costly problem for the industry as they suffer from a single point of failure. The sector lost US$1.3 billion in cross-chain hacks in 2022 alone. As a result, it is essential to invest in proper cross-chain bridges that can maintain security and prevent catastrophic losses.

That is why we are delighted to support TeleportDAO creators Niusha Moshrefi, Mahyar Daneshpajooh, and Ali Saheli. Who are dedicated to constructing a decentralized, trustless, and lightweight cross-chain bridge that is capable of truly facilitating the next generation of multichain applications. 

From blockchain labs to building a cross-chain bridge

Niusha and Mahyar, the co-founders of TeleportDAO, have been fascinated by blockchain technology since their undergraduate days. They both studied electrical engineering at Iran’s leading institution, Sharif University of Technology, and participated in the university’s blockchain labs. Niusha was particularly interested in decentralized systems because they can provide more transparency in decision making and direct control back to system participants. The majority of Niusha’s academic work focused on light clients for Proof of Work blockchains.

Mahyar has also been immersed in blockchain development, having contributed to the creation of CarChain, a decentralized carpooling protocol that sought to lessen the footprint that platforms have in carpooling. Ali, the third co-founder, is a serial entrepreneur who established Foro Technologies in 2013 before selling it to Fundamental Applications Corp. The trio joined together with the purpose of creating a decentralized and safe cross-chain bridge, and left their former roles to focus solely on TeleportDAO.

Although they have their work cut out for them, the founders are determined to seize the opportunity presented by the blockchain industry’s growth and build a successful cross-chain solution. With their combined knowledge and experience, the team is well-poised to navigate challenges ahead and realize their vision. 

The future of multichain is trustless

TeleportDAO allows participants to move data between different blockchains in a secure and decentralized manner. Teleporter nodes collect user requests from the source chain and offer proof on the target chain to do this. The request is fulfilled after the proof is validated by the smart contract on the target chain. The system is completely decentralized, and anyone can become a node. Furthermore, the underlying cost of sending requests discourages bad actors from making invalid requests because they would not earn a reward to pay their costs. This enables the system to function as long as there is one honest Teleporter.

Currently, cross-chain is largely used for asset swaps. Yet, more crucially, the future of multichain is to enable apps to connect with one another in an efficient and secure manner. This is where TeleportDAO comes into play. Their solution is a lightweight and trustless approach that can accommodate the complexity of blockchain interoperability by leveraging Teleporters.

As more money is invested in various chains and more dApps are created specifically for each ecosystem, the necessity for a decentralized and trustless bridge will grow. TeleportDAO will seek to bridge liquidity into new ecosystems before expanding to bridge applications to provide customers with the best multichain experience possible.

Interoperability made easy

We are excited to be supporting Niusha, Mahyar, and Ali as they launch next-generation cross-chain bridges with TeleportDAO. In the high-value and fast-moving cryptocurrency market, having a secure-by-designed underlying infrastructure is critical to avoiding potential asset loss. We are certain that TeleportDAO will make an important contribution to the development of a free, open, trustless and permissionless multichain future.

At AppWorks, we search for talented founders who want to make a huge difference in their respective verticals. We are thrilled to work with Niusha, Mahyar, and Ali as they continue to push the boundaries of decentralized cross-chain bridges and the fast evolving web3 landscape.

If you are a founder working on a startup in SEA, or working with web3 and AI / IoT, apply to AppWorks Accelerator to join the largest founder community in Greater Southeast Asia.

 

AppWorks Announces Key Promotions, and Establishment of Two New Business Arms for Southeast Asia and Beacon Funds
AppWorks
March 15, 2023
in General

Today, we have some good news and major developments to share. We at AppWorks have recently completed a new round of institutionalization and internal promotion. Following the establishment of Accelerator and web3 arms in 2022, AppWorks has further upgraded our Southeast Asia venture practice and Beacon Funds as business arms. To support this process, we have made a number of promotions, including (L-to-R): Sophie Chiu, Principal for AppWorks Southeast Asia; Jun Wakabayashi, Principal of AppWorks Beacon Funds; Jack An as Associate; and Vanessa Lu as Operations Director.

With over a decade of continuous development, AppWorks offers a dynamic startup community with 472 active startups and 1,522 entrepreneurs, dedicated to providing founders with the capital and support they need to realize their entrepreneurial dreams and promote sustainable growth for the venture community in Taiwan, Southeast Asia, and beyond. This institutionalization process is designed to enhance the professional service capabilities of AppWorks to provide targeted support for entrepreneurs operating in different verticals and geographies.

A Dedicated Southeast Asia Practice

By establishing a formalized Southeast Asia arm and building off the firm’s successful track record in the region, AppWorks aims to deepen the firm’s presence throughout the region, continue to recruit outstanding startups in Southeast Asia to join the AppWorks Accelerator, and support founders throughout the value creation lifecycle via AppWorks flagship funds. With its unique position in Taiwan, AppWorks bridges opportunities between Southeast Asia and Taiwan’s digital economies, providing natural opportunities for market expansion, talent development, and capital-raising for entrepreneurs in both markets. AppWorks’ notable Southeast Asia portfolio companies include: Lalamove, ShopBack, Carousell, Tiki.vn, and EdenFarm, among others.

The formalized Southeast Asia arm is overseen by Principal Sophie Chiu.

AppWorks Beacon Funds

The Beacon Funds arm has become an important bridge connecting AppWorks with venture capital peers in Southeast Asia and around the world. Over the past few years, AppWorks has invested in over 20 successful venture capital firms, such as AC Ventures, Openspace Ventures, Ascend Vietnam Ventures, Foxmont Capital, Pantera Capital,  Animoca Ventures, and others—focusing on a variety of different strategies including Southeast Asia regional, country-specific, vertical-specific, and web3 mandates—sharing the firm’s knowledge and expertise to source new investment opportunities, generate upround capital for AppWorks portfolio companies, support due diligence, and exchange best practices. Currently, more than one-tenth of all AppWorks investments are sourced from Beacon Funds-backed VC firms. In the future, AppWorks is expected to invest in more than 10 venture capital funds per year to accelerate the growth of the Beacon Funds ecosystem and expand AppWorks’ reach.

The AppWorks Beacon Funds initiative is led by Principal Jun Wakabayashi.

To support the institutionalization of the AppWorks ecosystem, we have made the following promotions, recognizing their hard effort and contributions to the firm.

Sophie Chiu (Principal – AppWorks SEA)

Sophie oversees AppWorks’ Southeast Asia investment practice, leading efforts to source, invest in, and support outstanding entrepreneurs in the region. Sophie joined AppWorks as an Associate in 2020 and was promoted to Principal in 2023. Before joining AppWorks, Sophie covered public equities for over a decade. She was part of the portfolio management team at Neuberger Berman, focusing on emerging market opportunities. Prior to that, she served as a research analyst at Credit Suisse, JPMorgan, and London-based Autonomous Research. Sophie holds a Master of Finance with distinction from Warwick Business School and BS Finance from National Taiwan University. At AppWorks, Sophie has worked on several notable investments, including 91APP, KKday, Tiki.vn, and EdenFarm.

Jun Wakabayashi (Principal – AppWorks Beacon Funds)

Jun is a Principal leading the Beacon Funds arm—in charge of meeting, helping, collaborating with, and investing in emerging venture capital managers to grow the venture ecosystem in Southeast Asia and web3. Joining as an Analyst in 2017 and then promoted to Associate in 2022 and to Principal in 2023, Jun has been pivotal in turning AppWorks into a household name across the region. By immersing himself in local markets and engaging with both founder and investor communities across Southeast Asia, Jun has established an extensive network that keeps AppWorks top of mind for startups seeking funding, community, and support. Prior to AppWorks, Jun attended NYU’s Stern School of Business where he received a B.S. in Finance, and spent the following several years conducting sector-based market research at Focus Reports. Outside of work, Jun is an avid meditator and invests meaningful time maintaining both his physical and spiritual wellness.

Jack An (Associate – AppWorks)

Jack became an Associate in 2023 and focuses on meeting, helping, and investing in promising web3 founders. Before joining AppWorks in 2019 as an Analyst, he co-founded an InsurTech startup and through the experience, he developed a deep interest in product design and user experience, and has since been passionate about these areas. During his time as a founder, he purchased his first BTC as well as ETH, yet subsequently paid dear tuition to the 2017 go-go ICO era. Prior to embarking on the entrepreneurial path, he worked as an underwriter at Chubb Insurance in New Zealand. Jack earned a Bachelor of Music degree from Waikato University, where he studied classical piano and developed a deep appreciation for Mozart. He loves to cook, read, and is a practicing stoic. He’s on the hunt for the next web3 application that will onboard millions of users and make the world more open, permissionless, censorship-resistant, and trustless.

Vanessa Lu (Operations Director – AppWorks)

Vanessa is an Operations Director at AppWorks. Before that, Vanessa held the role of Operations Manager at Foxconn Group’s Sytrend Startup Foundation, where she spearheaded their incubator, co-working space, and community events planning programs. Prior to that, she covered lead generation and premium customer support for the APAC region at Evernote. Vanessa joined AppWorks in 2018 as Space Director and was promoted to the role of Operations Director in 2023. Vanessa holds a Master Degree in Russian Studies and a Bachelor Degree in Russian Language, both from National Chengchi University. As a devoted mother of a son, she delights in discovering innovative ways to spend quality time with her family, all while ensuring that her work is of the utmost quality.

WE ARE HIRING!

As the AppWorks organization continues to grow, we warmly invite outstanding talent to join us.

Our latest openings include: associate, analyst, crypto native analyst, and fund finance and administration manager.

In addition to providing generous salary packages in line with international industry standards, We have created an open, transparent working environment that rewards hard work and effort—appreciating the contributions of every team member and allowing them to reach their potential. As a collaborative platform, we strive to find consensus among investment and operational decisions from all team members, encouraging constructive feedback and diverse opinions, and reaching alignment with the firm’s mission to better serve founders. At the same time, we are striving to create a system that allows colleagues to balance work, life, and family, including unlimited annual leave, flexible remote work, annual health checks, annual employee travel, and providing a 0-6 years old per child annually subsidy of US$12k—as we have welcomed five AppWorks babies over the past three years, reinforcing AppWorks’ commitment to supporting the families of our team members.

The lodestar of AppWorks has remained consistent since day one—to help entrepreneurs reach their potential and create more successful businesses, and improve the competitiveness of GSEA’s digital economy—bringing together an institutional-grade team under one mission.

“A well-deserved congratulations to Sophie, Jun, Jack, and Vanessa for their promotions—they will play a more prominent role in the next stage of AppWorks’ development. Looking ahead, AppWorks can make a more systematic effort to support founders and create greater impact for the development of Taiwan and Southeast Asia. We sincerely welcome more experts to join us, and work together to make the region’s startup ecosystem stronger, and into a tech powerhouse admired by the world,” remarked Jamie Lin, Chairman, AppWorks.

AppWorks 宣佈新成立 SEA、Beacon Funds 兩事業單位，並完成新一輪內部晉升，在熊市中持續擴大招募人才
AppWorks
in General

AppWorks 今天宣佈完成新一輪組織機構化及內部晉升，並擴大對外招募優秀人才。繼 2022 年分別成立加速器與 Web3 事業單位後，AppWorks 在 2023 年初進一步將 SEA 與 Beacon Funds 升級為事業單位，同時內部晉升 4 位同事 (由左至右)：Sophie 邱敬媛由投資經理升任協理，將帶領 SEA 事業；Jun 若林純由投資經理升任協理，將帶領 Beacon Funds 事業；Jack 安良方由分析師升任投資經理；Vanessa 呂瑾玟由空間總監升任營運總監。 

AppWorks 長期經營新創的社群，累積達 472 家活躍新創、1,522 位創業者，在對的時間、為對創業者帶來對的幫助，是推動這個社群持續成長茁壯的核心工作，透過本次組織升級，我們期望系統化的擴大服務能量，讓不同領域的 AppWorks 創業者，都能得到最專業的支持。

AppWorks SEA 事業單位的策略目標，是深化 AppＷorks 在東南亞數位經濟的佈局，持續招募東南亞的優秀新創團隊加入 AppWorks Accelerator，並透過 AppWorks Funds 資金支持這些優秀創業者，以及持續發展 AppWorks 的大東南亞生態系與創業者社群，幫助台灣與東南亞數位經濟的連結，讓台灣的企業、新創與人才，有更多元機會參與蓬勃發展中的東南亞市場，打造國際化格局。

AppWorks Beacon Funds 事業單位的策略目標，則是成為我們與創投同業連結的重要橋樑。過去幾年來，AppWorks 以管理公司自有資金，陸續投資包括  AC Ventures、 Openspace Ventures、Ascend Vietnam Ventures、Foxmont Capital、Pantera Capital、Animoca Ventures 等在內，專注 Web3 與東南亞不同國家、領域、階段的超過 20 支創投基金，除了輸出 AppWorks 長期經營創投、加速器、新創生態系的 Know-how 外，也透過與各創投的合作，掌握優異投資機會，交換盡職調查成果，並協力輔導共同投資的新創。目前，AppWorks Funds 超過十分之一的投資案，案源來自 Beacon Funds 所投資的創投基金。未來，AppWorks 預計將以每年投資超過 10 支創投基金的速度佈局，加速 Beacon Funds 生態系成長，擴大 AppWorks 的觸角。

AppWorks 本輪 4 位獲得晉升的同事，簡介如下：

Sophie 邱敬媛 (AppWorks SEA 事業協理)

東南亞事業負責人，主導在該地區結識、幫助與投資優秀的創業者。2020 年加入 AppWorks 擔任經理、2023 年升任協理，加入 AppWorks 前在倫敦、香港、台灣金融圈有十年的證券投資、分析經驗。曾經在瑞士信貸、摩根大通、英國 Autonomous Research 擔任分析師，在美商路博邁基金擔任新興市場投資經理。英國華威大學財務碩士、台灣大學財務金融系學士。在 AppWorks 期間，代表主導 91APP、KKday、越南最大本土電商平台 Tiki、印尼最大 AgriTech 平台 EdenFarm 等重要投資案；經常往返大東南亞地區，透過講座、活動，經營 AppWorks 大東南亞創業者社群。

Jun 若林純 (AppWorks Beacon Funds 事業協理)

Beacon Funds 事業負責人，主導結識、幫助、投資區域與 Web3 新興創投基金經理人，並與他們充分合作。2017 年加入 AppWorks 擔任分析師、2022 年升任經理、2023 年升任協理。長期經營東南亞新創社群，贏得創業者、投資人、生態系建立者信任，使 AppWorks 成為區域內創業者尋求各種創業支持的首選。擁有紐約大學史登商學院財務學士學位，畢業後任職於 Focus Reports 完成多個深度市場研究。工作之餘熱衷冥想以維持平衡的身心。

Jack 安良方 (AppWorks 投資經理)

負責結識、幫助與投資 Web3 創業者。2019 年加入 AppWorks 擔任分析師、2023 年升任經理。加入 AppWorks 前，曾在 Insurtech 新創擔任共同創辦人，對用戶體驗與產品設計充滿熱情，在此期間，首次買入比特幣、以太幣以及多種 ICO Tokens，當然，損失不少。更早之前則在紐西蘭 Chubb Insurance 服務。畢業於紐西蘭懷卡托大學，主修古典鋼琴，最喜愛莫札特。熱愛煮菜、閱讀以及實踐斯多葛哲學。正在尋找下個百萬用戶等級的 Web3 應用，讓人類社會更開放、無需許可、抗審查、無需信任。

Vanessa 呂瑾玟 (AppWorks 營運總監)

負責加速器相關營運工作，確保我們能提供最貼心的服務給創業者，同時經營 AppWorks  Coworking 共同工作空間，打造最符合創業者需求的工作環境。曾任職於鴻海集團三創育成基金會，除了維運與調度共同工作空間和活動場地，也協助引薦專業顧問輔導進駐的新創團隊、提供資源串接及社群經營。此外，是矽谷新創 Evernote 在台灣的第三號員工，從此著迷於以高轉速的工作效率完成團隊目標。2018 年加入 AppWorks 擔任空間總監、2023 年升任營運總監，畢業於政治大學俄文系及俄羅斯研究所。2020 年升級為新手媽媽，積極在育兒及工作之間找到事半功倍的方式，營造親子間的精心時刻。

歡迎加入！

隨著 AppWorks 組織持續升級，我們熱情邀請優秀人才加入，最新開出的職缺包括：投資經理、分析師、Crypto Native 分析師、基金財務經理。

在公司文化以及各個工作環節上，我們對人才有高度的重視與誠意，除了提供持續拉齊國際同業機構的薪資待遇，同時也強調內部資訊公開、制度透明、比想法不比位階的工作環境。例如，從每一支加入 AppWorks Accelerator 的新創團隊、每一個投資案，到內部的政策與制度，我們每一個策略與行動，非常重視大家的意見而採取共識決議，同事們不受限職稱皆有提供建議、表達不同意見的平等權利，藉由充分的溝通與交流，讓擁有不同專業與工作內容的同事們，都能因為共同參與、且完全理解團隊的所有決議，一起準確對齊目標，方能加速前進。同時，AppWorks 也努力打造讓同事們可以兼顧工作、生活、家庭平衡的制度和福利，包括年假無上限、彈性安排遠距工作、年度健康檢查、年度員工旅遊，以及提供 0-6 歲每胎每月 3 萬新台幣的生育補助，過去三年來已「催生」了 5 位 AppWorks 寶寶，為逆轉台灣的人口危機貢獻綿薄之力。

「透過幫助創業者成為更優秀的自己、開創更成功的事業，進而讓台灣成為數位強國」是 AppWorks 自成立以來就不曾改變的北極星，所有同事也是因為認同這個理念而聚集在一起。因為當台灣有一波又一波的優秀創業者出現，可讓新創因此而生生不息的發芽與茁壯，台灣的經濟與社會才得以加快新陳代謝，快速疊代出新產業內涵，並會帶來財富的重新分配、大量的優質就業，以及年輕世代上進的機會，為國家與社會帶來希望。在 AppWorks，我們每位同事都必須不斷思考，如何在自己日常的工作中協助創業者，除了個人可因此與掌握科技最前緣變化的創業者共同交流、學習與成長，也在這樣的過程中，透過每一次、協助每一位創業者將事業往前推進一些，點點滴滴匯聚成讓改變發生的力量。 

AppWorks 董事長暨合夥人林之晨表示：「在此恭喜 Sophie、Jun、Jack 與 Vanessa 獲得晉升，將在 AppWorks 下階段機構化過程中，扮演更重要角色。展望未來，AppWorks 將有更大的力量，支持更多創業者、為台灣與東南亞發展創造更大 Impact，在此誠摯歡迎更多好手加入我們的行列，一起努力讓台灣新創生態更蓬勃區域化，成為國際稱羨的數位強國。」

Bill Hsu – My Path from Stocks to Startups and Web2 to Web3
Bill Hsu
March 14, 2023
in Team

Bill Hsu, Analyst (徐懿 / 分析師)

Bill is an Analyst covering cryptocurrencies. Prior to joining AppWorks in 2023, Bill was an analyst at Kronos Research’s venture capital arm, where he explored blockchain technologies that can create value for platforms, brands, and products. Before falling into the crypto rabbit hole, he had four years of experience in global tech stock research and investment, focusing on healthcare technology, fintech, software, and internet industries. Bill received his Master’s in Finance from National Taiwan University. Outside of work, he is a science fiction enthusiast and a dreamer, who aspires to travel to space on a nuclear fusion-powered rocket, live on Mars, and pay for everything with crypto. He even hopes to one day freeze himself to await the arrival of the AI singularity.

(English Below) 如果要用兩個關鍵字來形容我自己的話，應該就是好奇心與科技宅吧！喜歡看科幻小說與電影，最愛〈三體〉小說與〈黑鏡〉影集，夢想是搭乘使用核融合技術作為動力的火箭去太空旅行，在火星上用加密貨幣生活，若有機會，希望可以讓自己進入冷凍冬眠，等待 AI 奇點到來時再甦醒。

在台大財金所畢業前夕，知道自己對於科技與投資有興趣，就到了國泰人壽擔任二級市場股票投資分析師，主要研究的是科技股。在國壽，我一直覺得投資就像站在火車第一節車廂看著火車往哪走，可以了解科技的最新趨勢，也能透過投資將這些知識變現，要做的事情就是搜集資訊，然後判斷火車會往哪走，如果判斷正確的話市場會給我獎賞。同時，在火車最前面觀察風景的時候，會發現一些令人振奮的事情，也會發現一些令人沮喪的事情。這和投資也很相似，有時候投資會取得巨大成功，帶來巨大的快樂，而有時候會遭遇挫折，感到很失落，但火車不會停下來、市場不會等你，只能不斷提升自己的知識與技能，才能更好應付市場的變化。

為了持續吸收科技資訊，我訂閱了周欽華的《科技島讀》，從 2017 年創刊一直看到了 2021 年的最後一篇文章，伴隨了我在國際股市的投資歷程。除了科技趨勢，《科技島讀》最特別的，是探討科技與人的互動關係，他在最後一篇文章說到：「不確定一直浸泡在科技中，是否反而忘了作為人的意義。」

這句話點醒了我，並思考當時的工作，能夠帶給這個社會什麼正面的影響？心中會安慰自己説，讓資本更有效率追逐正確的資產，是帶領世界前進很重要的動力，但事實上大部分的時間，還是跟著市場隨波逐流，推敲著季報、年報數字變化的原因，猜測著市場其他投資者的想法，與上市櫃公司老闆的交流，更像是一場資訊的搜索戰，想盡辦法挖出其他人還不知道的訊息，而不是想著身為投資者要怎麼幫助公司成長？所以想要創造更多正面影響力的念頭一直藏在心裏，但遲遲找不到機會可以實現。

這時候可以先插播一下我是怎麼接觸 Crypto 的。回到 2017 年 ICO 熱潮，當時 FOMO 投了一些比特幣與以太幣，泡沫破掉之後，2019 年開始接觸中心化交易所放貸，一開始只是尋求更高的收益率，但也開始思考這些收益從哪裡來？對於除去中間人帶來的價值有初步了解。2020 年接觸 DeFi，深入研究國家、貨幣、金融之間關係，開始慢慢著迷於去中心化與網路國家的概念。

到了 2021 年，許多不同產業的大公司，或是站在科技圈頂點的大佬們像是 Elon Mask、Jack Dorsey、Jensen Huang、Mark Zuckerberg 都在探索區塊鏈科技，深感許多產業會因為區塊鏈科技而被顛覆，又得知 AppWorks 開出 Crypto Native 分析師的職缺，想說時機終於來了，是該勇敢去尋找一份自己有熱情、又能創造影響力的工作了。

到了創投，也是投資，但可以站的更前面。看著裝修鐵道的人怎麼造路，持續帶領這台火車往未知的未來前進，我或許只是在車上喊聲的人，但我的目標，不再只是猜測火車前進的方向，而是有能力幫助他們並影響鐵軌的路徑，即時有時候只是幫他們說聲加油，但我會在我的位子繼續努力創造更大價值，期待有一天能看到更遠的風景，並為創業者們指引方向。

Hi, I’m Bill, and I work as a web3 analyst at AppWorks.

If I had to describe myself in two traits, they would be curiosity and tech geek. I love reading sci-fi novels and movies, and my favorites are “The Three-Body Problem” and “Black Mirror.” My dream is to travel to space on a rocket powered by fusion technology, live on Mars using cryptocurrency, and, if given the chance, enter cryogenic hibernation to wait for the AI singularity to arrive.

Knowing that I had an interest in both technology and investment, I joined an MA program and landed a job in public equities, focusing on technology stocks.

I’ve always felt that investing is like standing at the front of a train and watching where it’s heading. It allows you to stay up-to-date with the latest trends in technology and capitalize on that knowledge through investing. If your predictions are correct, the market rewards you. Similar to standing at the front of a train, you will encounter both exciting and discouraging things. Investing is also similar in that your investments can bring great joy or disappointment. However, the train doesn’t stop and the market won’t wait for you, so you must continually improve your knowledge and skills to better adapt to changes.

In order to keep up with the latest technological advancements, I subscribed to Michael Chou’s “Daodu Tech.” which accompanied me on my stock investing journey from its launch in 2017 to its final article in 2021. What sets Daodu Tech apart is its exploration of the relationship between technology and humanity. In his last article, Michael pondered:

“He was uncertain whether being constantly immersed in technology had caused him to forget the meaning of being human.”

These words resonated with me and made me wonder about the purpose of my work and how it can have a positive impact on society. Although I attempt to persuade myself that enabling capital to be more efficient and seeking out undervalued assets is a crucial impetus for technological advancement, in reality, most of the time I am just following the market and price movement. The desire to do something more impactful was always hidden in my heart.

Now, it’s a good time to talk about how I fell into the crypto rabbit hole and why I decided to join the crypto industry.

In 2017, during the peak of the ICO craze, I invested in Bitcoin and Ether due to FOMO. After the bubble burst, in 2019, I ventured into centralized exchange lending, seeking higher yields. It was during this time that I began to contemplate the source of these returns and develop an initial understanding of the value proposition of disintermediation. In 2020, I delved deeper into the world of DeFi, researching the relationship between countries, currencies, and finance, which sparked my fascination with the concepts of decentralization and the network state.

During my last year in international stock investing, I noticed that many leading figures in the tech industry such as Elon Musk, Jack Dorsey, Jensen Huang, and Mark Zuckerberg were exploring the technology of blockchain. At the same time, I came across a job opening for a Crypto VC, which seemed like the perfect opportunity for me to find a job that aligned with my passion and allowed me to make an impact.

At a venture capital firm, I am still investing, but now I have the opportunity to stand in a more forward position, witnessing how those who build the rails are paving the way forward. My goal is not only to predict the train’s direction but to provide support to those who are at the forefront. Even if all I can do is cheer them on, I will work diligently from my position to gain a better vantage point, eager to see and help guide the entrepreneurial landscape towards greater success.

Johnny Chuang – My AppWorks & Web3 Journey
Johnny Chuang
March 13, 2023
in Team

Johnny Chuang, Analyst (莊子揚 / 分析師)

Johnny is an Analyst covering web3 founders both in AppWorks Accelerator and AppWorks Funds portfolio. Before joining the team in 2023, he worked as a DeFi Strategist at Diamond Protocol, where he was responsible for portfolio management, protocol architecture design, and liquidity provision strategies backtesting. In this experience, Johnny successfully helped the protocol grow from zero to one.

Johnny graduated with a Bachelor’s in Finance from National Taiwan University. During this time, he interned at AppWorks and a hedge fund, and was the captain of the basketball team of the finance department. Outside the realm of work, he enjoys shooting hoops, working out, and losing himself in sci-fi novels and movies.

(English Below) 2019 年 5 月，出於對創投產業的好奇心，當時還在台大財金系就讀的我，參加了學校安排參訪 AppWorks 的活動，並在一個月後站在第 18 屆的 Demo Day 台下，看著台上的創業者閃閃發光。而這個基於好奇心而牽起的緣分，一眨眼就延續了四年到了現在。

那之前的我，深陷在財金系「實習至上」、「投行、管顧才是 Tier 1 工作」，以及身旁的人無不使出渾身解數，想在光鮮亮麗的金融產業中，謀得一份實習的風氣中，我過得載浮載沉，一方面從小在台灣重視學科教育的環境下，我逐漸培養出一種競爭者的心態，深怕在大學這個階段落後他人，也因此付出了不少努力，追求那些我並不真正想要的頭銜與機會；另一方面，雖然輪廓還很模糊，但我隱約感受到我真正感興趣的，並不是傳統金融行業，因此在大學前兩年，我過得十分迷惘。

參訪 AppWorks，以及實際參與 Demo Day 後，彷彿為我打開了一個新的維度。在認知到許多有能力的創業者，願意放棄普世價值所追求的成功，轉而從零開始打造屬於自己的事業後，我意識到人生其實還有另外一個選擇：靈魂拷問自己想要的是什麼後，不追隨任何人，開拓屬於自己的道路。

後來，秉持著對這條新道路的好奇心，我在 2020 年以實習生的身份加入了 AppWorks。在 AppWorks 的實習對我來說，像是經歷了一次個人成長的加速器，許多新的想法都在這個階段萌生，許多疑惑也在其中解開。過程中，我接觸了很多我從未想像會觸碰到的產業，像是印尼的 P2P Lending、台灣的社群媒體等，我也發現自己非常享受學習未來 5-10 年，才會映入大眾眼簾的產業，以及與創業者交流，了解他們創業各種決策背後的邏輯與過程。也是在這時期，我接觸到了區塊鏈及 DeFi。

記得第一次看到 Compound Finance 的模型時，我像著了魔似地瘋狂研究它的白皮書，並驚嘆其透過僅數百行的程式碼，就能創造出一個完全去中心化的借貸市場，基本上完美提供了傳統銀行所能提供的服務，且不需要任何信任、不需要任何中心化機構的介入。隨著時間推進，我開始越來越相信區塊鏈技術能為全球的金融，以及未來人們在網路上的生活方式，所帶來的巨大革命。也因此，在畢業後我走了一條和 99% 同學不同的道路：我以 DeFi Strategist 的身份加入了 OMO Finance 這家區塊鏈新創。

在 OMO Finance 的時間裡，除了執行各種交易策略，協助高淨值客戶進行加密貨幣的資產管理配置外，我也協助公司建構出 Diamond Protocol，一個專為 Uniswap V3 上流動性提供者開發各種工具的協議。創建新產品的過程中，我是真實感到快樂的，從設計整個協議的架構、撰寫白皮書，再到進行各種回測、分析，以及和 Founder 對於推動到市場的策略進行各種思辨，每一刻我都感覺到自己是真正活著，真正在 BUIDL，真正在為了推動去中心化金融付諸努力。

然而，隨著我對這個產業的理解越來越深，我開始有了新的價值觀。

在見證了 2022 年諸多「黑天鵝」事件後，我開始意識到這個產業仍相當早期，相當不成熟。許多創業者為了賺快錢而採取極端做法，最後當音樂停止，一切泡沫破裂時，對區塊鏈行業造成的傷害，需要好長時間才能撫平。而回歸到 DeFi 產業上，投機心理造就了這個行業的原罪，導致如今大部分的協議本質上都是在追求「短期收益」，不斷地創造 Money Lego 並將其堆疊的行為，並無法真正乘載下一個十億用戶到這個應許之地上。

我開始渴望，能夠從更多面向去理解，並幫助這個產業中的創業者，我開始希望自己能在產業的推移演進中扮演一個更全面的角色。於是，伴隨著這些反思，我想起了 AppWorks。於是，帶著這些在區塊鏈產業的經驗，我回來了。

親愛的創業者，我是 Johnny，如果你也對區塊鏈技術有著非常深的信仰，並相信這個技術終將為人類社會帶來下一次網路世代的革命，非常歡迎來找我聊聊！

In May 2019, out of curiosity about the venture capital industry, I participated in a school event and visited AppWorks. A month later, I stood under the stage at the 18th Demo Day and watched the entrepreneurs shining on the stage. The special bond between AppWorks and I has lasted for four years and is still going.

At that time, I was deeply affected by the culture of “internship first” and “investment bankers and consultants are the only jobs that we should do” in my school. Back then, everyone around me was doing their best to get an internship in the glamorous financial industry. On one hand, as a student that received an education in Taiwan, I have gradually developed a competitive mindset that made me extremely fearful of falling behind others, and as a result I put in a lot of effort in pursuing titles and opportunities that I was not sure if I truly wanted. On the other hand, although the vision was still vague, I could feel that I was not really interested in the traditional financial industry. Therefore, during the first two years of university, I was quite lost. 

Visiting AppWorks and attending Demo Day opened up a new dimension of thinking for me. After realizing that many capable entrepreneurs were willing to give up the standard career track and start building their own products from scratch, I realized that there is another path in life, that is, not following anyone else’s footsteps, but to create our own paths. Later on, with my curiosity about this new path, I joined AppWorks as an intern in 2020. The internship at AppWorks was like an accelerator for my personal growth. Throughout the internship, many new ideas emerged, and many doubts were also resolved. During this period, I had a chance to touch upon many industries that I had never imagined, such as P2P lending in Indonesia and social media in Taiwan. I found that I really enjoyed learning about industries that would only be visible to the public in 5-10 years, and communicating with entrepreneurs to understand the decision-making process behind their vision. It was also during this period that I went down the rabbit hole of blockchain and DeFi. 

I still remember when I first read about Compound’s model, I was immediately drawn in. I studied its white paper and just can’t help but marvel at how it could create a fully decentralized lending market with only a few hundred lines of code, while basically providing services that traditional banks could provide without any trust requirements and without any centralized institutions. As time went on, I began to believe more and more in the huge revolution that blockchain technology could bring to global finance and people’s lives on the internet. Therefore, after graduation, I chose a different path that 99% of my peers would not understand: I became a DeFi strategist at a web3 startup called OMO Finance. 

During my time at OMO Finance, aside from executing various trading strategies and assisting high-net-worth clients with their cryptocurrency asset management, I also helped the company develop the Diamond Protocol, a protocol designed to help liquidity providers on Uniswap V3 with various tools. I felt genuinely happy throughout the process of creating this new product, from designing the protocol’s architecture, writing the whitepaper, conducting various backtests and analyses, to brainstorming the go-to market strategies with the founder. Every moment, I felt like I was truly alive, truly building, and truly working hard to drive decentralized finance forward. 

However, as my understanding of the industry deepened, I began to develop new values. 

After witnessing many “black swan” events in 2022, I realized that this industry is still in its early stages and quite immature. Many entrepreneurs have taken extreme measures to make money, and when the music stops and the bubble bursts, the damage caused to the blockchain industry will take a longer time to heal. Going back to the DeFi industry, investors’ speculative mentality has created the original sin of this industry, resulting in most protocols essentially pursuing “short-term gains” and constantly stacking money legos, which cannot truly onboard the next billion users onto this technology. I began to yearn to understand more aspects of this industry and help entrepreneurs in it. I started to hope that I could play a more important role in the industry’s transition and evolution. With these reflections, I thought of AppWorks and decided to return with my experiences in the blockchain industry over the past few years. 

Dear founders, this is Johnny calling out. If you also have a deep faith in blockchain technology and believe that it will bring about the next generation of the internet revolution for human society, I warmly welcome you to come and talk with me!