Why We Invested: Marius Ciubotariu, Co-founder of Hubble Protocol
Jack An
September 12, 2022
in Investments

Jack An, Analyst (安良方 / 分析師)

Jack is an Analyst covering AppWorks Accelerator. Before joining the team, he was a co-founder and early team member at two InsurTech startups, where he developed a passion in user experience and product development. Previous to his startup journey he worked as a commercial property underwriter at Chubb Insurance in New Zealand. Jack graduated with a Bachelor of Music from Waikato University where he studied classical piano. He loves to cook, read and is a practicing stoic.

Decentralized finance (DeFi) is without a doubt one of the most revolutionary inventions of the 21st century. The “decentralization” part of DeFi refers to the core qualities of blockchain technology – censorship resistance, permissionlessness, and trustlessness. As long as one can connect to the internet, one can access to and ultimately benefit from financial goods and services. A basic need that most of us in the developed world often take for granted. 

Factors like having a stable currency that does not lose purchasing power abruptly, or having a variety of yield generating financial instruments that protect and add to our wealth – these are issues that many people in developing economies face. It is frightening to consider losing access to technologies that can secure your financial nest. And that’s why building a resilient DeFi system is extremely important. 

Apart from the underlying blockchain network that computes and supports DeFi, “stablecoins” – a digital currency whose value is pegged to a real-world currency, most commonly the US Dollar – plays an instrumental role in DeFi because it provides a consistent manner of storing and transmitting value, a necessity for all financial operations.

Nevertheless, stablecoins are not all created equal due to the fact they use different methods to peg their value to the dollar. Some stablecoins are centralized, giving control to a single authority, which can lead to censorship, manipulation, or act as a single point of failure, ultimately weakening the entire DeFi system.

This is why we are thrilled to be supporting Marius Ciubotariu, co-founder of Hubble Protocol. Marius and his colleagues are developing a decentralized stablecoin system that aims to create a fully censorship-resistant stablecoin that can stand the test of time, to securely facilitate the DeFi ecosystem in the long run.

Connecting the dots backwards

Marius started his journey in technology early. At the age of 13, devoted to making money with his mind, he began learning how to code and participated in many coding olympiads and contests in his childhood. Marius’ passion for technology continued, and by the time he turned 16, he was already taking on projects as a software developer to support himself and earned a sizable income. 

Initially, it was a straight path to becoming a software engineer after college. However, at the suggestion of his father, he decided to pursue an undergraduate in business instead. Marius’s fascination with finance and economics led him to become a sales analyst at Bloomberg in 2016. Through analyzing markets and trends, he saw the future where “software eats the world” and didn’t want to sit on the sidelines and watch this happen.

Marius made the jump within Bloomberg to begin developing the technology that runs the products Bloomberg were selling, as well as attempting to launch multiple software products outside of work. He became Bloomberg’s internal Rust champion, shipping their first-ever Rust-based infrastructure project. At the same time, Marius began studying blockchain and was intrigued with AMMs and lending products that offered real-world utilities, as well as the multidisciplinary requirements needed to establish them.

Marius recognized the importance of DeFi and the role stablecoins play in this emerging field, which is why he is taking on the difficult task of developing a censorship-resistant, permissionless, and trustless stablecoin. Looking back, his ambition and perseverance to excel and his expertise in engineering and finance creates the perfect combination for the foundation of Hubble Protocol.

Stablecoins adoption continues to soar 

When customers put up over-collateralized loans, Hubble Protocol issues “USDH” stablecoins. To do so in a decentralized manner, the platform must also include mechanisms to self-govern and rebalance loans at risk. Building a resilient infrastructure capable of timely managing loan positions in the face of crypto’s rapid price changes is no easy feat in and of itself.

However, attracting individuals to take out over-collateralized loans is also a difficult task. Hubble’s goal together with Marius’s experience is to create winning strategies as structured products that are principal-guaranteed that maximize return. Furthermore, the team is also working on tools that will eventually support under-collateralized loans in order to attract a larger market of consumers and expand the total DeFi market.

The stablecoin market has expanded dramatically, with the total value of stablecoins issued reaching around US$185 billion in April 2022, up from US$30 billion in the beginning of 2021. This bodes well for the Hubble protocol, which itself is dedicated to developing the most resilient and commonly used stablecoin.

Fighting the good fight

The Hubble protocol team is focused on building a DeFi platform the right way the first time, given the early stages of DeFi and the constant regulatory challenges. It is essential to maintain an open and censorship-resistant DeFi ecosystem to ensure that access to financial products remains a basic human right. As supporters of the Hubble protocol team, we are excited about what they are building and are looking forward to being part of their journey.

We look for strong founders who are using innovative technologies like DeFi to address real-world problems. We’re thrilled to work with Marius and his team at Hubble Protocol as they continue to spread the fundamental value of DeFi and blockchain to all around the world.

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.

Ronnie Tseng’s Self-intro – Catch a Wave
Ronnie Tseng
August 12, 2022
in Team

Ronnie Tseng, Business & Product Development Master (曾亭瑞 / 事業產品開發經理)

Before joining Team AppWorks, Ronnie was a Co-founder of iBeengo, an AppWorks #4 startup and successfully launched two online travel services, DingTaxi.com and AirPoPo. As a full-stack engineer, Ronnie wrote the codes of the MVPs and directed the web development team. In addition, during his time working at Taiwan Mobile, Ronnie successfully led a major revamp of the telecom’s mobile app, receiving exceptional user ratings from a base of over 1 million MAUs. Ronnie holds a Bachelor of Computer Engineering from University of British Columbia and worked abroad in Japan for seven years, where he also received an MBA degree from Nihon University. Ronnie has a passion for surfing and has watched countless sunrises from the shores of Taiwan.

(English Below) 人生有兩件事情讓我找回了自信——創業與衝浪。

小時候在台灣接受填鴨式教育，補習補出一身會考試的好功夫。但到了加拿大的大學讀電子工程，卻無用武之地。考試答案不在教科書裡、Project 如何完成也沒有製作手冊。電路板不會畫，只好拜託那位從小視修電腦主機板為樂趣的同學跟我同一組。Compiler 不會寫，只能「參考」從小就會寫 COBOL 那位同學的程式碼。

挫折的壓力，導致我大三的時候得了胃潰瘍，身心都疲憊，只想快點畢業，不要再碰任何電腦相關的工作。畢業後，有別於其他同學回台灣，或到北美的科技公司任職，我做出一個很奇妙的選擇：去了日本。在日本這動漫國度待了七年，收穫很多，但遠不及我後來更奇妙的選擇——我去創業了！

2010 年，一次家族旅行啟發了我們 (滿腦子想創業的弟弟、滿腦子想賺錢的我)，發覺自助旅遊有許多環節可以被網路科技改善。 2011 年 12 月，我們兩人以 iBeengo 團隊加入了 AppWorks Accelerator #4。當時我對於寫 Code 興趣缺缺，單純想當個 PM，把網站開發外包出去。結果，接案工程師一個月後突然已讀不回、搞失蹤。眼見 Demo Day 即將來臨，我拋開寫 Code 的自卑，急迫買了幾本 For Dummies 教科書，閉關在 6 坪大的南港小公寓，從零開始開發。好險趕上了 Demo Day，看著弟弟在台上 Demo 我做出來的行程規劃網站，那一刻的我充滿了成就感。由於過去沒有旅遊產業的經驗，我們一直 Pivot 尋找 PMF，試著在不同旅遊業區塊找商機——我開發過民宿網、Walking Tour 活動網、DingTaxi 包車網，以及 AirPoPo 機場接送共乘 App。這  10 年的創業時光，累積的作品及成果，可說是我工程人生的高潮。

我一度找回了自信。

But！是的，But 來了。下的浪越高，快感越大，但能力不夠，最終會被白浪花給推倒。

2020 年，COVID 導致公司營收瞬間歸零。此前公司已經面臨成長瓶頸，突如其來的打擊，也來不及找出突破點，只好選擇結束營業。公司收掉後，腦子整天回放過去的錯誤決策，覺得都是自己能力不夠。我陷入了自我質疑、自我責備的漩渦。

好險，我身邊有張衝浪板可以救命。

早晨 4:30 起床、5:30 下水看日出、7:30 上岸、9 點準時變身為白領上班族。一週衝兩次，好浪可遇不可求。每天看浪況預報，自問「有浪嗎？」能衝到好浪，整天工作都很愉快。漸漸學會選好的浪點、學會挑好的浪，也學會如何釋懷。

「這一道沒衝到，再等就有。」

「浪太大，出不去。下次再來。」

「沒浪，那就划划水。運動運動。」

自信又重建回來了。給自己一個小確幸，每個月固定去台東衝浪聖地朝聖。在那認識了幾位衝浪前輩，啟發我對於衝浪更大的熱情。從衝浪的穿搭、衝浪板的選擇、衝浪技巧、秘密浪點位置等等，都有很大的學問可以鑽研。

回顧過去，創業 10 年讓我得到做產品的自信，創業的失敗讓我一度自我懷疑，在衝浪前輩的鼓勵下，我又在此重建了人生的信心。現在我相信自己的經歷不是浪費，只是一直在等更好的浪，所以我今年決定加入 AppWorks，想把自己的血淚與人生，貢獻給熱血的創業者，我也跟你們一樣經歷過這些起伏，尤其草創階段更像變幻莫測的海浪。

我是新上任的產品與商務開發 Master、退役的創業者。草創階段的大大小小問題，幾乎都碰過，很樂意與你聊聊。

In my life’s journey, there are two things that brought my confidence back, building a startup and surfing.

When I was growing up, I was told to go to cram schools, and focus on getting good grades. However, when I got into a Canadian university to study Computer Engineering, the academic scene was totally different than what I expected. The textbooks didn’t have all the answers for the tests. The project assignments didn’t come with instruction manuals. I didn’t know how to design a circuit or program a compiler, so I had to team up with classmates who grew up fixing motherboards or programming in COBOL. I never needed to rely on another person to get good grades before. During my third year, as I struggled academically and  felt the intense pressure of my studies, I suffered from a stomach ulcer. By then, all I cared about was quickly graduating, and wanted to never touch any computer-related work again. After graduation, my colleagues all found engineering jobs in Taiwan or in North America. However, without too much thought, I chose an unusual path and went to work abroad in Japan, aiming to master the Japanese language and watch anime without subtitles. My seven years in Japan went smoothly, and led me to start  my own company. 

In 2010, during a family retreat, my brother told me he wanted to build a startup. So, we brainstormed about what sort of business ideas we could try, dreaming that we could build a Facebook- or Google-caliber company. During the trip, we noticed that planning a roadtrip is such a hassle, and many aspects of travel can be improved by using technology. In December 2011, we were accepted into AppWorks #4, as iBeengo, an online travel startup. At that time, I still disliked programming, and preferred to outsource web development to a freelancer. However, after one month of communicating our product requirements, the freelance programmer suddenly went dark and could not be reached. Seeing that AppWorks Demo Day was just around the corner, I was so exasperated that I surrendered my reluctance, bought some web development books for dummies, locked myself in a tiny apartment, and built everything from scratch. The work paid off, and the iBeengo trip planning website was ready to be presented on Demo Day, but that was just the beginning. Since we didn’t have prior work experience in the travel business, iBeengo pivoted a few times, testing out different travel segments, and trying to find product-market-fit. I built an online BnB booking website, a walking-tour event website, an online charter-service booking website called DingTaxi, and an airport ride-sharing mobile app, AirPoPo. During these ten years of running a startup and building these products, I gained back my confidence through these small accomplishments. 

But, yes, there is always a But.

The bigger the wave, the more exhilarating to take off, but for those who lack skill, one will end up in the white water. In 2020, being hit by the COVID pandemic and global travel ban, my company’s revenue dropped to zero instantly. Not long before, iBeengo had already struggled to grow and couldn’t find a breakthrough, so we decided to close iBeengo. For quite some time, I viewed this event as a personal failure caused by my lack of ability and poor decision making. I immersed myself in a pool of self-doubt and self-blame, but luckily, I had a surfboard aside to keep me afloat. 

4:30AM Wake up, 5:30AM in the water watching the sunrise, 7:30AM out of the water, 9:00AM arrive in the office. This is my typical routine twice a week. Everyday, I check the wave forecast and ask myself if there will be good waves tomorrow. If I have a good surf session, the rest of the day is a bliss. Session by session, I became better in predicting swells, better in surfing, and better at letting go.

“If I didn’t catch a wave, just wait for the next one.”

“If the swell is too big to paddle out, then maybe next time.”

“If there are no waves, then let’s just paddle for exercise.”

Eventually, I rebuilt my confidence.

Nowadays, I would treat myself to Taiwan’s best surf destination, Taitong, once a month. 

Over there, I can relax and mingle with other passionate surfers and learn more about surfing, from surfboards, surfing techniques, apparels, to secret surf spots. It’s like a sanctum to me. 

AppWorks, too, is like a sanctum, but for entrepreneurs. 

AppWorks has a community of startup founders, and mentors that are passionate about making better products and changing the world bit by bit. The path of building a startup can be full of hurdles and hardship, but here at AppWorks, you can seek guidance or resources or be motivated by the network of founders and mentors. I encourage you to check us out. 

I am the newly onboarded Business & Product Development Master of AppWorks. If you need someone to brainstorm about a product idea or a solution to an early-stage startup problem, feel free to reach out to me anytime.

web3.GSEA Snapshot 22H1: Now is the Best Time for Web3 Founders
Jack An
August 1, 2022
in View
Original file for download: web3.GSEA Snapshot 22H1

Jack An, Analyst (安良方 / 分析師)

Jack is an Analyst covering AppWorks Web3 Arm. Before joining the team, he was a co-founder and early team member at two InsurTech startups, where he developed a passion in user experience and product development. Previous to his startup journey he worked as a commercial property underwriter at Chubb Insurance in New Zealand. Jack graduated with a Bachelor of Music from Waikato University where he studied classical piano. He loves to cook, read and is a practicing stoic.

Looking back at the first half of 2022, it is understandable that many investors turned bearish— with the global economy entering a cycle of raising interest rates, capital markets shedding market cap, and currencies around the world getting hit by the one-two punch of inflation and depreciation against a strong US Dollar. Despite these macro uncertainties, founders and developers have not succumbed to such sentiments, demonstrating strong determination and resilience to continue building and reiterating. Thanks to their efforts, the global web3 ecosystem continues to flourish with new ideas and business models. Looking at the bigger picture, this winter will pass. Web3 remains one of the biggest paradigm shifts over the next 10 to 20 years, and Greater Southeast Asia (ASEAN + Taiwan) will play a critical role as one of the world’s most exciting and dynamic markets. More than ever, now is the best time for founders to take the entrepreneurial plunge.

We are optimistic about the long-term outlook for web3, and believe that now is the best time to start a web3 project, based on our experience transcending market cycles. Since AppWorks was founded in 2009, and launching our semi-annual AppWorks Accelerator in 2010, we have built a startup ecosystem and founder community home to 457 active startups and 1,448 entrepreneurs. In 2018, AppWorks Accelerator entered the web3 arena, and launched AppWorks Fund III the same year to invest in web3 startups in Greater Southeast Asia and beyond. At present, 93 active startups, or more than 20% of the AppWorks ecosystem are in web3, launched by 181 founders pushing things forward in this pioneering space.

Within AppWorks’ web3 ecosystem, there are many exciting projects created during the last bear market cycle in 2018 and 2019. For example, Dapper Labs, which was founded in 2018, successively launched the Flow blockchain and built NBA Top Shot to become one of the most successful NFT developers, ushering in 2021’s NFT Summer. Despite the prevailing headwinds in the first half of this year, Flow’s trading volume and active accounts hit new all-time highs in June. Meanwhile, Animoca Brands acquired The Sandbox in 2018 and developed a blockchain version, making The Sandbox a trailblazer in the blockchain game arena.

Users and Founders Continue to Flock to Web3

In contrast with the last bear market, interest in web3 has continued to grow unabated—both in terms of user adoption and innovation. Whether it be DeFi, NFTs or DAOs, we continue to see founders building projects that adhere to the core ethos of web3—decentralization, permissionless, trustlessness, and transparency—and has entered the mainstream consciousness of society. According to statistics by Messari, DeFi continues to be the largest application in crypto. In April 2022, the market cap of DeFi (excluding stablecoins) stood at roughly US$70 billion, accounting for 10% of Layer 1 tokens; while in Q1 2022, global NFT secondary sales exceeded US$10 billion for the first time; and assets locked up in DAO treasuries reached US$11 billion in April of this year, of which 60% were locked up in the top 15 DAOs.

Compared to other markets, Southeast Asia offers fertile ground for the development of Web3 projects. Southeast Asia is home to nearly 700 million people, of which 440 million are active online users, and an additional 60 million users have logged on since the beginning of the pandemic. Southeast Asia is also home to the world’s youngest, most dynamic, and most open-minded digital native population. The numbers say it all, with Southeast Asia boasting a median age of 30 years old, a per capita GDP growth rate four-times the global average, and a digital economy estimated to reach US$1 trillion by 2030.

Another reason to be optimistic about the development of web3 in Southeast Asia is the potential for digital leapfrogging. Out of Southeast Asia’s 700 million people, more than 70% of them remain unbanked or underbanked—with limited access to financial services. This provides optimal conditions for the mainstream adoption of DeFi, cryptocurrency investment, and crypto asset management. In providing financial services to the public, users will bypass traditional banks and go directly to web3.

Web3 development in Southeast Asia has already demonstrated remarkable growth potential, including the development of many consumer-oriented applications in web3. According to the Chainalysis 2021 Global Crypto Adoption Index report, Vietnam, Thailand, and the Philippines are ranked 1st, 12th, and 15th in the world in terms of cryptocurrency adoption. Meanwhile, in terms of the proportion of crypto holders to total population, according to statistics by TripleA, crypto has reached a penetration rate of 20.27% in Vietnam, 6.47% in Thailand, 6.13% in the Philippines, 4.92% in Singapore, and 4.45% in Indonesia, ranking 1st, 12th, 14th, 18th and 20th in the world respectively. In terms of the development of NFT applications, Southeast Asia has also taken a leading position. According to statistics by Statista, Thailand is home to 5.65 million NFT holders, with Vietnam at 2.19 million, and Indonesia at 1.25 million, ranking 1st, 5th, and 8th in the world respectively.

These favorable conditions have provided a boost to Southeast Asia’s nascent web3 startup ecosystem, attracting a steady inflow of international funds and driving the active deployment of Web3 giants across the region. According to a report by White Star Capital, there are currently 627 web3 startups headquartered in Southeast Asia. During the first half of 2022, Southeast Asian web3 startups have attracted US$979 million in investment allocations, with this year’s investment total on pace to surpass 2021’s US$1.45 billion. 

Despite a tepid fundraising environment, the first half of 2022 saw a number of notable web3 financings throughout the region. For example, Indonesia’s leading cryptocurrency exchange, Pintu, completed a US$113 million Series B round of financing, with total app downloads exceeding four million; Indonesia’s Pluang, which offers cryptocurrency investment services, added an additional US$55 million their Series B, bringing the total round size to US$110 million, and now boasting 3.5 million users. Meanwhile, Vietnam’s Axie Infinity became the first NFT series with sales exceeding US$4 billion; BreederDAO, an NFT asset production platform in the Philippines, closed US$10 million in Series A financing, led by a16z and Delphi Digital, which also marked a16z’s second web3 investment in the Philippines after Yield Guild Games (YGG) in August 2021; and Philippines cryptocurrency exchange PDAX completed a US$50 million Series B financing. Global players have also zeroed in on Greater Southeast Asia—Circle, the issuer of stablecoin USDC, acquired CYBAVO, a Taiwanese company specializing in cryptocurrency private key management security solutions; while Binance Labs announced a strategic investment in Vietnam’s DeFi platform Coin98.

As the high tide of the capital market receded, tourists watching the excitement from the shore and competitors wading without bathing suits retreated from the waters. For founders who really want to make a dent in the universe, the current market is in fact the best time to start a web3 project. American writer Mark Twain famously said: “History doesn’t repeat itself, but it often rhymes.” In the history of technological development, many great companies were born or came into prominence during bear cycles, for example, Amazon and Google after the .com bubble burst in 2000; Facebook after the 2008 financial crisis; and Tesla after the 2018 debt crisis. For web3 founders, a bear cycle is the BUIDL cycle. When the next wave of mass adoption comes, Greater Southeast Asia will be a must-win market for determined web3 founders.

Appendix: Notable Web3 Founders in Greater Southeast Asia

web3.GSEA Snapshot 22H1 is brought to you by AppWorks. For any comments for the author, please contact us at [email protected]

If you’re a founder working on web3 / DAO, AI / IoT, or Southeast Asia, you’ve come to the right place! Applications for AppWorks Accelerator

web3.GSEA Snapshot 22H1：現在，正是優秀創業者的最佳時機
Antony Lee
in View
原始檔案下載：web3.GSEA Snapshot 22H1

Antony Lee, Communications Master (李欣岳 / 媒體公關總監)

負責媒體與社群溝通相關輔導。加入 AppWorks 前有 18 年媒體經驗，是台灣第一批主跑網路產業的記者，先後任職《數位時代》副總編輯、《Cheers 快樂工作人》資深主編、SmartM 網站總編輯。畢業於交大管科系，長期關注媒體產業變化，熱愛閱讀商業與科技趨勢、企業與人物故事，樂於與人交流分享，期許自己當個「Internet 傳教士」。

回顧 2022 年上半年，隨著總體經濟進入升息循環，資本市場邁入熊市，使得幣市也跟著進入寒冬。儘管資本市場波動劇烈，但真有決心與實力的創業者、開發者並沒有停下腳步，在他們的努力下，我們看到 Web3 生態系仍持續蓬勃發展。放眼長期，寒冬必將過去，Web3 仍是未來 10 到 20 年內最巨大的典範轉移之一，而大東南亞 (東協 + 台灣) 則是最值得樂觀期待的地區之一。現在，就是優秀創業者深耕的最佳時機。

對於 Web3 長期展望樂觀，並相信現在是 Web3 創業的好時機，來自我們過往的實證經驗。AppWorks 自 2009 年成立，2010 年啟動每年兩屆的 AppWorks Accelerator 後，至今已建立起擁有 457 家活躍新創、1,448 位創業者的新創生態系及創業者社群，AppWorks Accelerator 在 2018 年開始聚焦招募來自 Web3 領域的新創，並在 2018 年啟動的 AppWorks Fund III，投資深具成長潛力的 Web3 新創，目前，AppWorks 整體生態系已有超過五分之一共 93 家活躍新創，以及 181 位創業者來自 Web3 領域。

在 AppWorks 的 Web3 生態系以及投資案中，有許多表現優異的新創，便是在 2018、2019 年上一波 Web3 熊市週期時創立與佈局。例如，成立於 2018 年的 Dapper Labs，隨後陸續推出 Flow 公鏈，以及打造 NBA Top Shot 成為 NFT 最成功的應用之一，並迎來 2021 年的 NFT Summer，儘管今年上半年大環境逆風，Flow 鏈上的交易量與活躍帳戶，在 6 月仍創下歷史新高。Animoca Brands 則在 2018 年併購 The Sandbox，並著手開發出區塊鏈版本，讓 The Sandbox 隨後成為經典的區塊鏈遊戲之一。

和上一波熊市相比，這次最明顯的不同，就是用戶與創新應用仍在快速成長。在 DeFi、NFT與 DAO 這幾個我們看好的垂直領域中，可發現正在將區塊鏈技術去中心化、無需許可 (Permissionless)、無需既有信任基礎 (Trustless) 以及透明化的特質，更加落實於人們的日常生活。根據 Messari 統計，DeFi 是加密貨幣領域中規模最大的應用，在今年 4 月整體規模 (不包含穩定幣) 約為 700 億美元，佔 Layer 1 Token 的 10%；全球 NFT 二級交易 (Secondary Sales) 則在今年第一季首度突破 100 億美元；鎖定在 DAO 中的資產，在今年四月達到 110 億美元，其中 60% 鎖定在前 15 大的 DAOs 中。

用戶與創新應用仍在快速成長

相較於全球，東南亞在 Web3 用戶與創新應用的成長力道上，具備更好的基礎。東南亞擁有近 7 億人口，其中，有 4.4 億網路活躍用戶，自 Covid-19 爆發以來，另外增加了 6,000 萬用戶，東南亞也是全球最年輕、最具活力，最積極擁抱數位應用的地區，人口年齡中位數為 30 歲，人均 GDP 成長率是全球平均的 4 倍，預估整體數位經濟產值，將在 2030 年達到 1 兆美元。

另一個看好 Web3 在東南亞發展的原因，則是後發經濟體將呈現蛙跳式成長 (Leapfrogging) 的特色。在東南亞近 7 億人口的大市場中，超過 70% 的民眾缺乏銀行服務 (Underbanked) 或無銀行帳號 (Unbanked)，這樣的條件，為 DeFi、加密貨幣投資或資產管理提供了絕佳的發展條件，在提供給大眾的金融服務上，用戶將很輕易跳過傳統銀行直接進入 Web3。

截至目前的發展，也證明東南亞在發展 Web3 中各種面向消費者的應用上，展現出成長潛力。根據 Chainalysis 2021 Global Crypto Adoption Index 報告，越南、泰國、菲律賓在加密貨幣接受度指數上，分別位居全球第 1、12、15 名；若以 Crypto 持有者佔總人口比例來看，根據 TripleA 統計，越南的 20.27%、泰國的 6.47%、菲律賓的 6.13%、新加坡的 4.92%、印尼的 4.45%，分別位居全球第 1、12、14、18、20 名的前段班。在 NFT 的應用發展上，東南亞也居於領先地位，根據 Statista 統計，泰國擁有 565 萬名用戶、越南 219 萬名、印尼 125 萬名，分別位居全球第 1、5、8 名。

諸多有利的發展條件，讓東南亞的 Web3 新創生態系發展蓬勃，也讓國際資金持續湧入、Web3 巨頭積極插旗佈局。根據 White Star Capital 統計，目前共有 627 家總部設立於東南亞的 Web3 新創，2022 年至今，創投累計投資 9.79 億美元，2022 年有望超過 2021 全年的 14.5 億美元。

儘管現在正是資本市場寒冬之際，但 2022 年上半年大東南亞 Web3 新創生態系中，仍寫下多項重要里程碑。例如，印尼領先的加密貨幣交易所 Pintu，完成 1.13 億美元的 B 輪融資，App 下載次數突破 400 萬次；印尼提供加密貨幣投資 App 的 Pluang，完成 5,500 萬美元的 B 輪後續 (Follow-on) 融資，使得 B 輪融資總金額達 1.1 億美元，印尼用戶數突破 350 萬；越南 Axie Infinity 成為首個銷售額突破 40 億美元的 NFT 系列；菲律賓 NFT 資產製作平台 BreederDAO，完成 1,000 萬美元 A 輪融資，由 a16z 與 Delphi Digital 領投，這也是 a16z 繼 2021 年 8 月投資 Yield Guild Games (YGG) 之後，在菲律賓的第二個 Web3 投資案；菲律賓加密貨幣交易所 PDAX 完成 5,000 萬美元 B 輪融資；美元穩定幣 USDC 發行商 Circle，併購台灣專攻加密貨幣私鑰管理安全方案的 CYBAVO；Binance Labs 宣布策略投資越南 DeFi 平台 Coin98 (金額未公布)。

當資本市場的潮水退去，看熱鬧的觀光客、沒穿泳褲的競爭對手會退場，對真心想顛覆世界的優秀創業者，這個時期，才是最好的創業時機。美國文學家馬克・吐溫有句名言：「歷史不會重演，但經常會相似。」(History doesn’t repeat itself, but it often rhymes.) 在過往的科技發展歷史中，許多偉大的公司，就是誕生或崛起在資金派對結束之後，例如，2000 年 .com 泡沫破裂之後的 Amazon、Google，2008 年金融海嘯之後的 Facebook，或是 2018 年美元 / 美債危機之後的 Tesla。對 Web3 的創業者來說，現在正是 BUIDL 的時候，當下一波 Web3 再度崛起、為人們帶來更深遠的影響之際，大東南亞則將是不容創業者錯過的市場。

附錄：大東南亞各市場中值得關注的 Web3 創業者

web3.GSEA Snapshot 22H1 由 AppWorks 製作，有任何指教與建議，請 email 至 [email protected]

【歡迎 Web3 / DAO、AI / IoT 以及目標 Southeast Asia 的創業者，加入 AppWorks Accelerator】

Alice Chen’s Self-intro
Alice Chen
July 22, 2022
in Team

Alice Chen, Analyst (陳彥利 / 分析師)

Alice joined AppWorks in 2022 and is an Analyst covering AppWorks Accelerator and investments. Prior, she spent 3 years working in Alibaba group, helping corporate customers with their growth and operations on Tmall. She also counts various management and marketing stints in global toy manufacturer Mattel and wine delivery startup BottlesXO among her repertoire of e-commerce and retail experience. Alice received her Bachelor of Political Science from National Taiwan University, during which time she initiated several social impact projects to combat food waste and homelessness. Outside the realm of work, Alice loves dogs, techno/rap music, BoJack Horseman, and strongly advocates for gender equality and the LGBTQ community.

(English Below) 嗨，我是 Alice，我一直很著迷於質數的概念：每個數字獨一無二地存在於這個世界，無法像合數一樣被快速複製量產，它純粹且孤獨，是複雜網路金鑰的理論基礎。所以，我想用 4 個質數簡單介紹我自己：

2 個月挑戰：畢業後直接在上海找到工作

2016 年 5 月，台大政治系畢業前夕，我結束了大學時期的創業項目，渴望去了解更大的市場，並體驗不同的價值和生活，決定去上海找工作。我給了自己 2 個月的期限，倘若時限之內無法找到工作，就得乖乖回台。帶著一個行李箱、兩組學長姐手機號碼，我直接飛到這個從未拜訪過的城市，住在上海火車站旁的六人房青年旅舍裡找工作。很幸運的，我在 2 個月後，準時找到了歐洲新創公司 BottlesXO 的 行銷 職位，由此開啟了接下來的魔都人生。

3 份從 0 到 1 的工作

是緣份也是選擇，我過去 3 份工作經驗中，都選擇了從 0 到 1 的單位——不是新創團隊、就是大公司中新成立的部門。

在 BottlesXO 負責從 0 到 1 拓展上海市場，嘗試替App獲取第一批用戶，1 年後我加入 Mattel 擔任儲備幹部，從 0 到 1 搭建 CDP 平台計畫。又 1 年後，阿里巴巴旗下的天貓 App 重組用戶增長的團隊，由於 Mattel 與天貓的合作關係，我很幸運因而加入了天貓。在這些 0 到 1 的歷練中，我熱愛從模糊的現狀中梳理問題、尋找各種解決方案的可能性；熱愛小步快跑去驗證不同的解決方案達成目標，無論方法是從產品設計、行銷、或流量變現；熱愛看著專案一天一天長大，享受在前線衝鋒陷陣，享受挫折，也享受成果。

5 年用戶成長的經歷

工作的這 5 年來，雖然團隊和職稱在變換，唯一不變的是我積累的核心技能——用戶成長。

在第一份工作中，我沒有發現到自己在做的事情叫「用戶成長」，只隱約的感覺自己總是在關注用戶生命週期，不太像傳統的行銷職能。直到在 Mattel 與阿里巴巴的合作中，我才將過去的「點」串連起來——在 BottleXO 通過行銷及各種手段去快速獲取客戶，在 Mattel 的 CRM 部門負責用戶購買轉化及留存，正好覆蓋了用戶生命週期的整段過程。

豁然開朗後，我開始大量閱讀用戶成長的書籍，並察覺對用戶成長而言，厲害的產品能力與大量的用戶數據，是不可缺少的要素，這個覺察促使我離開 Mattel，並加入了阿里的用戶成長團隊。3 年的阿里經驗中，我從一個小產品的運營，到最終負責部門的雙十一專案，在 DAU / MAU 的目標下去拆解用戶週期上的關鍵行為，並通過不同的產品去實踐；在第 3 年時，更開始負責流量變現，包含設計變現方案及定價、廣告及行銷產品工具的開發，以及拓展大型品牌客戶的合作，幫助其電商營收成長。

7 年前的初衷

2021 年，爸爸身體出現狀況，在疫情下難以在兩岸奔波，與此同時，長期高壓高工時，我的身體也已不堪負荷，於是最終決定離開阿里搬回台北。這 5 年來成長與收穫滿滿，給了我莫大的養分，但我開始思考職涯長期的發展——這就是我願傾注ㄧ生熱情的工作？

回想起 7 年前，與朋友在大學時期做創業項目時的熱情、熱愛與不同創業者一起討論交流、熱愛研究不同產業知識和分析商業模式，那些都是非常純粹的快樂。與質數相同，創業者大多是孤獨而無法被複製的，尤其成功的機率更是天時地利人和，由數千百種因子加總而成，才能成就一個成功的事業。對我而言，研究產業、公司、創業者本人，去理解龐大而精密的商業世界運作的本質，這樣的過程與質數一樣讓我著迷。

幾經考慮，我決定放下在「網路業大廠」的職涯道路，重新追尋更有熱情的職涯選擇——加入 AppWorks ，期許成為一名優秀的投資人，與創業者一同成長。如果你對中國的網路業感興趣、對電商策略有熱情，或是想討論用戶成長的策略與手段，都歡迎來找我聊聊！

I have always been obsessed with prime numbers. Not only because of the uniqueness of each number but also because the pure prime number can lead to the complicated RSA encryption used in cybersecurity. There are four prime numbers that define my professional journey thus far.

Two Month Challenge – Find a Job in Shanghai After Graduation

In May 2016, while my friends and I were sitting around a saloon contemplating a social enterprise business model that could reduce food waste, we challenged each other to come up with our own 10-year plans. The more I considered my 10-year plan the more I realized I had to go out of my comfort zone to achieve it. Just one day after my college graduation ceremony, I bought a one-way ticket to Shanghai, a city that I had never visited before and had almost no contact. 

I gave myself two months to find a job in Shanghai. For the first six weeks, I stayed at a crowded backpacker’s hostel in an alley, sending out a flurry of applications, and hashed out my plans with other global travelers. This was one of my life’s most arduous yet edifying times. The rejections soon poured in. I was devastated and thought I may have bitten off more than I could chew, but I remained committed to the plan. Fortunately, after two months my intensive networking paid off—I got an ideal marketing job with a foreign-owned wine delivery startup called BottlesXO. 

Three Jobs’ Experience Focus on Projects Starting From Zero 

I love new challenges and finding solutions in ambiguous situations, especially validating different business models, and enjoy the adrenaline and sense of achievement when starting projects from scratch – that’s why all of my career has been in either a startup, or a brand-new project in a big corporation. 

From being the first Mandarin-speaking member in BottlesXO, the wine delivery startup, to joining the Mattel Group CRM program from scratch. At Alibaba, I joined the brand-new Tmall user growth team, which was previously integrated with the Taobao department.    

Five Years of Experience in Growth Marketing

Although I have been working with different titles and companies, my expertise is the same – growth marketing. I’m adept at using data analytics to uncover insight with different users, and A/B testing different product features to maximize user retention. At Alibaba, I was a Project Manager overseeing a 50+ person team with product managers and engineers in our department to achieve DAU/MAU targets.     

Pursue the Passion That Started Seven Years Ago

In 2021, my dad encountered some serious health issues, and at the same time, I was also overwhelmed by three years of overtime. I appreciate these years of experience in the intensive Internet industry, which empowered me on a big stage to try whatever I wanted to do. However, I was always thinking if there’s a possibility to find a “true love” job – which I would like to do for a lifetime. 

Like prime numbers, founders are unique and cannot be duplicated. The factor to determine success has thousands of possibilities, and to research and learn from this intricate business world is as interesting for me as the concept of a prime number. Looking back, I miss the days when I worked on an entrepreneurship project back in university, surrounding myself with the energetic founders’ community and cutting-edge technology. I wanted to start a new chapter in my career that enables me to learn more about front-end tech knowledge, analyze different business models, work in a dynamic and startup environment, and meet with ambitious and talented people from different backgrounds. That’s why I’m here – feel free to DM me if you would like to discuss struggles in user growth or are interested in the e-commerce sector!