[Notes] - Xiahong: An Investor with a 0 to 1 Builder Mindset
[51% with Mable Jiang] - EP.41
Part I: English Version
Part II: Chinese Version
Part I
Time: 2021.09.27
Interviewer: Mable Jiang (Multicoin Capital), Xiahong Lin (Continue Capital)
Your background?
One of the founding partners of Continue Capital.
Started business in the currency circle in 2017.
Previous engineer background, Tencent, twitter, Microsoft, etc.
Have done dozens of different kinds of projects (web, mobile, blockchain).
What do you find interesting and want to do recently?
What I want to do recently:
It turned out: Execute by yourself, and the lead team starts to do it.
Now: You don’t have to do it yourself, you may see a good team, output your own ideas, and do it together.
Entrepreneurship: a life of nine deaths, high risk, almost decathlon required.
Investment: ten projects, one will make money after one step out.
A certain project in Shigekura or spread the net?
Track selection is very important: In the past, many subdivision tracks were pits, and many of them are gone.
Racers on the track are important: it's hard to say which racer can get out. Therefore, within the same track, don't make too many choices. Sprinkle a little on the entire track.
When you first entered the circle: you can't just sprinkle a little, don't make a choice, the financial strength is not allowed, it is best to all iin. In 14 years, I am only optimistic about Ethereum.
Now: There is noise in the market, as long as it is an excellent project, we must support it. Multiple racers who support a track can be a big track, which is good for the track itself (such as the public chain itself).
Do you still think the fat protocol is established today? Joel Monegro, the author of fat protocal in 2019, believes that it no longer holds true. My point is that as the protocol layer rises, the above applications will capture more value. But what did the fat agreement originally say? It believes that most of the value of most protocols will be captured at the protocol layer, not the application layer.
I support the view of the fat agreement. If it is wrong, then the so-called "thin agreement" in the opposite direction is right, and it will give direction to the industry.
In terms of open finance and infrastructure, what are the potential new opportunities?
Now, looking at the heads of Ethereum's lending, stablecoins, and smart financial management, and then drawing on the gourd and investing in similar things, innovation has slowed down a bit.
DeFi's biggest problem: how to do bigger user adoption? For example, MetaMask, first of all, how to prevent the computer from being poisoned and read out the private key or mnemonic? Second, how to operate the hardware wallet layer? How to save the mnemonic words? This is only the entry level. Furthermore, the operations inside are more complicated and the UE standard is different. Will anyone come to unify the UI interface in DeFi in the future? The future is mainly traffic. At present, it is mainly the indigenous people of the blockchain, from the A chain to the B chain, from the B chain to the C chain, they are all a group of people.
There are also capital efficiency issues, such as the slippage of AMM. So what do you think are the opportunities in infrastructure?
I am also very entangled. This wave of DeFi satisfies the rigid need to create wealth. Whether it is a founder or a participant, the motivation is very strong; but for infrastructure, it is difficult to make money in the early stage and before large-scale. It needs large financial support. Later, the entrance to a large number of users will be rewarded.
The ultimate experience is also one aspect, but also the traffic aspect. The demand is there, the scene is there, but there are too many choices, such as bridges. I think it might be the ending of winner takes all in the end?
Super App is mainly in Asia, and the United States is still different. It may be related to user habits, but it does not happen in the United States. How do you think people feel differently in Silicon Valley? It's still the Internet, and there is actually no information gap anymore.
There is almost no information gap, but there is a time gap.
Looking back on the past 3-5 years, have you missed any projects that you regret?
Maybe it's because my desires are not strong. I think I can go to this day. There are a lot of luck in it. I am very grateful.
The success of OpenSea largely depends on it being early enough, surviving, and well written on the contract, establishing a scale effect.
NFT is the longest time I spend to adjust my cognition, to understand it, to recognize it again, and to think about the logic behind it. I think there is no one more brain-burning than this in terms of time.
Looking back at the beginning of the year, what was your outlook for the year at that time? Are there any things that you didn't expect at all?
endless good news.
Extremely boring: the industry has matured.
Part II
时间：2021.09.27
访谈人：Mable Jiang（Multicoin Capital），Xiahong Lin（Continue Capital）
您的背景？
Continue Capital创始合伙人之一。
17年开始在币圈创业。
之前engineer背景，腾讯，twitter，微软等。
做过几十个不同种类的项目（web、mobile、blockchain）。
最近觉得有意思、想做的东西？
最近想做的：
原来：自己执行，lead团队开始干。
现在：不一定要亲自执行，可能看到一个不错的团队，把自己的想法输出，一块做。
创业：九死一生，风险高，需要几乎十项全能。
投资：十个项目，一个走出来就赚钱了。
重仓某项目 or 广撒网？
选赛道很重要：过去很多细分赛道都是坑，很多都不了了之了。
赛道内赛手很重要：很难说哪个赛手能跑出来。因此在同一个赛道之内，不要做太多选择，整个赛道都撒一点。
刚进圈子的时候：不能都撒一点，不做选择，资金实力不允许，最好all iin。14年我只看好以太坊。
当下：市场有噪音，只要是优秀的项目都要去支持一下。支持一个赛道的多个赛手，可以做大赛道，对赛道本身（如公链本身）有好处。
你今天还认为fat protocol成立吗。2019年fat protocal的作者Joel Monegro认为它已经不hold true了。我的观点是，随着协议层起来以后，上面的这些应用会捕获更多价值。但是胖协议当时原本说的是什么？它认为绝大多数协议的绝大多数价值会捕获在协议层，而不是应用层。
我支持胖协议的观点，如果是错的，那么所谓相反的所谓“瘦协议”就是对的，对行业会有方向性指导。
在开放金融、基础设施方面，有哪些潜在的新机会？
现在，看以太坊的借贷、稳定币、智能理财的头部，然后依葫芦画瓢，投其中类似的东西，创新稍微放缓了。
DeFi最大的问题：怎么做更大的user adoption？比如MetaMask，首先，怎么避免电脑不中毒，把私钥或助记词读出来？第二，硬件钱包这一层，怎么操作？助记词怎么保存?这只是入口层面。进一步的，里面的操作更加复杂，UE标准不一样，未来有没有人来统一DeFi中的UI界面？未来主要是流量这一块。现在主要是区块链原住民从A链到B链，从B链到C链，都是一拨人。
还有资本效率问题，比如AMM的滑点。那么你觉得在基础设施方面有哪些机会呢？
我也很纠结。DeFi这波满足了造富的刚需，无论是创始人还是参与者，motivation很强；但是对于基础设施，早期、规模化之前很难赚钱，需要大的资金支持，前面几年不赚钱，只有到后期成为海量用户的入口才有回报。
极致体验也是一个方面，也是流量方面。需求在，场景在，但是选择太多了，比如桥。我觉得最终可能是winner takes all的结局？
Super App主要还是在亚洲，美国还是不太一样，跟用户习惯可能有关，但确实在美国没发生。你觉得人在硅谷会有什么不一样的感受？还是网络一线牵，实际上没有什么信息的差距了。
几乎没有信息差，但是有时差。
回顾过去3-5年，有没有错过什么项目是让你非常遗憾的？
也许是我的欲望不强，我会觉得能走到今天，中间有很多运气成分，我是很感恩的。
OpenSea的成功很大程度上取决于它足够早，且活下来了，且在合约上面写得挺好的，建立了规模效应。
NFT是我花最长的时间去调节自己的认知，去理解它，重新去认可它以及去想他的这个背后的逻辑。我觉得在时间上是没有任何一个比这个更烧脑的。
回顾年初，那时候你对这一年的展望，有没有哪些事情是你完全没有料到的？
惊喜不断。
极其无聊：行业成熟了。