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, 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!