EP.41 [CN] - Xiahong: 一个喜欢构思新事物的投资人 / An Investor with a 0 to 1 Builder Mindset

Hey guys! You’re listening to the 60th episode, which is also the last episode of 51%. I’m sunsetting this show and launching a brand new podcast brand, HODLong (which is homophonic to 后浪, or “next wave” in Mandarin). In the new podcast brand, I’ll continue to shed light to the Asia-based Web3 world, but will expand my interviewees to the broader Web3 community, whether that being operators, investors, or ecosystem participants of other forms. Some of my friends would also join me as co-hosts in some episodes. It was an amazing journey to have done the 60 episodes of 51%, and I wouldn’t be able to advance the production without your feedback and suggestion. In the future production of HODLong, I would very much appreciate your continuous feedback. The subscription link to HODLong is in the show notes - Can’t wait to see you guys on the other side! 大家好！在陪伴大家走过了过去一年多之际，即日起五十一说将退役，我将成立一个全新的播客品牌《后浪》（与英文中的“Hodl long” 谐音）。在新的播客品牌里，我将持续对于亚洲的 Web3 世界投以关注，但《后浪》的受访人群体将会是更广范围的 Web3 社区运营者、投资人、和其他各种生态参与者。我也会邀请一些朋友作为联合主持在部分节目里出现。过去的六十期五十一说的成长，离不开所有听众的持续反馈和建议。在《后浪》品牌的制作中，也十分希望大家能持续给予反馈。《后浪》的订阅链接在本期节目的节目笔记中，非常期待在新的节目里见到大家！Subscription link to HODLong:Simplecast: https://hodlong-hou-lang.simplecast.comApple Podcast: https://podcasts.apple.com/us/podcast/hodlong-%E5%90%8E%E6%B5%AA/id1622341355Xiao Yu Zhou: https://www.xiaoyuzhoufm.com/podcast/62735d9aa679bbb043f60ae3?s=eyJ1IjogIjYwNTg4ODc5ZTBmNWU3MjNiYjU3MGJmMSJ9RSS Feed: https://feeds.simplecast.com/lnmJvIXR 《后浪》订阅链接：Simplecast: https://hodlong-hou-lang.simplecast.com苹果播客: https://podcasts.apple.com/us/podcast/hodlong-%E5%90%8E%E6%B5%AA/id1622341355小宇宙： https://www.xiaoyuzhoufm.com/podcast/62735d9aa679bbb043f60ae3?s=eyJ1IjogIjYwNTg4ODc5ZTBmNWU3MjNiYjU3MGJmMSJ9RSS Feed: https://feeds.simplecast.com/lnmJvIXR

这是又一期吹水播客。这一期里我和Harry坐下来聊了聊关于Uncommon Core 最新的一期播客里面一些有意思的点，还有一些其他漫谈。This is another episode of chit chat. In this episode, Harry and I sat down and chatted about the interesting points occurred in the latest episode of Uncommon Core. We also covered some other topics. 

BAI Capital的 合伙人Will Wang 在本期分享了他们从十年前开始投资互联网起，对于“程序”与“协议”的价值理解，以及他们今天针对Web3 网络价值的一些兴奋点。他基于过去的经验，比较了互联网时代与Web3时代的一些逻辑异同。 推特:  @jpejpejpe18网站: www.bai-cap.comBAI Demo Day 链接：https://www.surveymonkey.com/r/2RDN7H3 更多信息，请移步官网https://multicoin.capital/zh重要声明：Mable Jiang或嘉宾在播客中的观点仅代表他们的个人看法，并不代表Multicoin Capital官方的观点。此播客仅用于提供信息，不作为投资参考。Multicoin Capital有时可能会在此节目中讨论的某些代币或公司中持有头寸。 In this episode, Will Wang, Partner at BAI Capital, shared with us their insights about the value of "programs" and "protocols" since a decade ago when they started to invest in the Internet. He also explained what Web3 networks excites BAI Capital today. With his ample investment experience in the past, he compared and contrasted the mentality of the Internet era and that of the Web3 era.   Twitter: @jpejpejpe18Website: www.bai-cap.comLink to BAI Demo Day: https://www.surveymonkey.com/r/2RDN7H3 For more information about Multicoin Capital, please visit https://multicoin.capital/. Important Disclaimers: All opinions expressed by Mable Jiang, or other podcast guests, are solely their opinion and do not represent the opinions of Multicoin Capital in any way. This podcast is for informational purposes only and should not be construed as investment advice. Multicoin Capital may hold positions in some of the tokens and/or companies discussed on this show.

At the beginning of the episode, David and Justin touched upon their backgrounds (Twitch, Shopify, etc.,), and how those experience impacted their view on the direction of Fractal. They mentioned a couple ways how they think Fractal should be serving the game developers and engaging the platform users. We also compared the game developers in the traditional gaming studios versus web3 native game developers.We spent some time to discuss the role of Fractal NFT in terms of defining Fractal as a "meta-game", and how they expect the NFT could incentivize users to have active interaction with games on the platform. We also talked about the feedback loop of mini-games versus big triple A games, and how they expect the two types of games to play out. Furthermore, we chatted about the question of community governance for games and for Fractal. It was refreshing to hear these insights from the veterans of the web era! Twitter: @fractalwagmi / @justinkan / @davidwurtzWebsite: https://www.fractal.is/ For more information about Multicoin Capital, please visit https://multicoin.capital/. Important Disclaimers: All opinions expressed by Mable Jiang, or other podcast guests, are solely their opinion and do not represent the opinions of Multicoin Capital in any way. This podcast is for informational purposes only and should not be construed as investment advice. Multicoin Capital may hold positions in some of the tokens and/or companies discussed on this show.  在这一集的开头，David 和 Justin 谈到了他们的背景（Twitch、Shopify 等），以及这些经历如何影响他们对 Fractal 未来发展方向的看法。他们提到了他们认为 Fractal 应该如何服务于游戏开发者和与平台用户交互的几种方式。我们还比较了传统游戏工作室的游戏开发者和 web3 的原生游戏开发者。我们花了一些时间讨论了 Fractal NFT 在将 Fractal 定义为“超级游戏”方面的作用，以及他们期望该 NFT 如何激励用户与平台上的游戏进行积极互动。我们还讨论了迷你游戏与大型 3A 游戏的反馈循环，以及他们认为这两种游戏未来的发展。此外，我们还谈到了对于游戏和对于Fractal而言的社区治理问题。从这些互联网老兵听到这些见解令人耳目一新！ 推特: @fractalwagmi / @justinkan / @davidwurtz网站: https://www.fractal.is/ 更多信息，请移步官网https://multicoin.capital/zh重要声明：Mable Jiang或嘉宾在播客中的观点仅代表他们的个人看法，并不代表Multicoin Capital官方的观点。此播客仅用于提供信息，不作为投资参考。Multicoin Capital有时可能会在此节目中讨论的某些代币或公司中持有头寸。

Miao 是 Superfluid 的联合创始人兼 CTO。他在本期伍拾壹说里介绍了 Superfluid 的团队，Superfluid 的愿景和使命，以及 Superfluid 在技术上是如何实现的。我们谈到了 Superfluid 作为通证化流支付渠道的可组合性和可编程性的优越性。此外，他还讨论了 Superfluid 的多链和跨链路线图。最后，我们聊了一些 Superfluid 现有和潜在的用例。推特:  @Superfluid_HQ网站: https://www.superfluid.finance/ 更多信息，请移步官网https://multicoin.capital/zh重要声明：Mable Jiang或嘉宾在播客中的观点仅代表他们的个人看法，并不代表Multicoin Capital官方的观点。此播客仅用于提供信息，不作为投资参考。Multicoin Capital有时可能会在此节目中讨论的某些代币或公司中持有头寸。 Miao is the cofounder and CTO of Superfluid. He joined us to introduce the team at Superfluid, Superfluid 's vision and mission, and how Superfluid worked technically. We talked about the superiority of Superfluid's composability and programmability as a tokenized stream payment channel. Furthermore, he discussed the multi-chain and crosschain roadmap of Superfluid. At the end, we chatted about some of the existing and potential use cases of Superfluid.  Twitter: @Superfluid_HQWebsite: https://www.superfluid.finance/ For more information about Multicoin Capital, please visit https://multicoin.capital/. Important Disclaimers: All opinions expressed by Mable Jiang, or other podcast guests, are solely their opinion and do not represent the opinions of Multicoin Capital in any way. This podcast is for informational purposes only and should not be construed as investment advice. Multicoin Capital may hold positions in some of the tokens and/or companies discussed on this show.

At the beginning of this episode, Felix told us about his background and his experience running a guild (which now is named Apollo Squad), and how those experience led to today's Salad Ventures. He introduced the three pillars of Salad Ventures: GuildOS, Salad Academy, and Apollo Squad. He then explained to us what Salad Academy and GuildOS are, and the growth loop among the three pillars. We discussed what he thought the guild managers and players were optimizing for, and how Salad Ventures tried to better serve them. At the end we also discussed the open question about the future of "Play to Earn".  Twitter: @SaladVentures / @felixsimWebsite: https://www.salad.ventures/ For more information about Multicoin Capital, please visit https://multicoin.capital/. Important Disclaimers: All opinions expressed by Mable Jiang, or other podcast guests, are solely their opinion and do not represent the opinions of Multicoin Capital in any way. This podcast is for informational purposes only and should not be construed as investment advice. Multicoin Capital may hold positions in some of the tokens and/or companies discussed on this show. 在这一集的开头，Felix 向我们讲述了他的背景和他经营公会（现在被命名为 Apollo Squad）的经历，以及这些经历如何促成了今天的 Salad Ventures。他介绍了 Salad Ventures 的三大组成部分：GuildOS、Salad Academy 和 Apollo Squad。然后他向我们解释了Salad Academy和 GuildOS 是什么，以及Salad Ventures的三大组成部分之间的增长循环。我们讨论了他认为公会经理和玩家尽可能优化的目标，以及Salad Ventures如何试图更好地为他们服务。最后，我们还开放地讨论了关于“Play to Earn”未来何去何从的问题。 推特: @SaladVentures / @felixsim网站: https://www.salad.ventures/ 更多信息，请移步官网https://multicoin.capital/zh重要声明：Mable Jiang或嘉宾在播客中的观点仅代表他们的个人看法，并不代表Multicoin Capital官方的观点。此播客仅用于提供信息，不作为投资参考。Multicoin Capital有时可能会在此节目中讨论的某些代币或公司中持有头寸。

In this episode, Cindy and David talked about how Drift's Dynamic vAMM and their recently launched Decentralized Limit Order Book (which uses a keeper network that executes queued trades against the DAMM) work. They discussed their consideration for assets that Drift chooses to support. They also shared some milestones that Drift achieved over the past few months, and how they think about their GTM strategies, including their multi-chain strategy. Specifically, they discussed the products they'd like to support down the road, and explained why they prioritize certain products / markets over the others. At the end  we chatted about some challenges they have encountered running a decentralized exchange. The discussion was a lot of fun. You should also definitely try out their new product! Twitter: @DriftProtocol / @cindyleowtt / @davijluWebsite: https://www.drift.trade/ For more information about Multicoin Capital, please visit https://multicoin.capital/. Important Disclaimers: All opinions expressed by Mable Jiang, or other podcast guests, are solely their opinion and do not represent the opinions of Multicoin Capital in any way. This podcast is for informational purposes only and should not be construed as investment advice. Multicoin Capital may hold positions in some of the tokens and/or companies discussed on this show. 在这一集中，Cindy 和 David 谈到了 Drift 的动态 vAMM 和他们最近推出的去中心化限价订单簿（它使用一个守望者网络，针对 DAMM 执行交易队列）是如何工作的。他们讨论了对 Drift 选择支持的市场/交易资产的考虑。他们还分享了 Drift 在过去几个月中取得的一些里程碑，以及他们如何看待他们走向市场/获客的策略，包括他们的多链战略。他们讨论了他们希望支持的产品，并解释了为什么他们优先考虑某些产品/交易对而不是其他产品。最后，我们聊了聊他们在运行去中心化交易所时遇到的一些挑战。本讨论很有意思。在听节目的你一定要试试他们的新产品！ 推特: @DriftProtocol / @cindyleowtt / @davijlu网站: https://www.drift.trade/ 更多信息，请移步官网https://multicoin.capital/zh重要声明：Mable Jiang或嘉宾在播客中的观点仅代表他们的个人看法，并不代表Multicoin Capital官方的观点。此播客仅用于提供信息，不作为投资参考。Multicoin Capital有时可能会在此节目中讨论的某些代币或公司中持有头寸。

Solend is one of the leading lending protocols on Solana. In this episode 0xOdia shared with us their vision and mission as a DeFi primitive, including powering more developers to build on top of Solend. We also chatted about their product strategy (such as the selection of the assets), partnerships and GTM strategy. You'll also hear about some fun pros and cons of being an anonymous team. It was a very chilled conversation to have on a Friday! Twitter: @solendprotocol / @0xodiaWebsite: https://solend.fi/ For more information about Multicoin Capital, please visit https://multicoin.capital/. Important Disclaimers: All opinions expressed by Mable Jiang, or other podcast guests, are solely their opinion and do not represent the opinions of Multicoin Capital in any way. This podcast is for informational purposes only and should not be construed as investment advice. Multicoin Capital may hold positions in some of the tokens and/or companies discussed on this show. Solend 是 Solana 上领先的借贷协议之一。在这一集中，0xOdia 与我们分享了他们作为 DeFi 原语的愿景和使命，包括支持更多开发人员在 Solend 之上进行开发。我们还聊了聊他们的产品策略（比如资产的选择）、合作伙伴和市场触达策略。您还会听到作为匿名团队开发的一些有趣的利弊。这是一场在周五进行的一次非常轻松愉快的谈话！ 推特: @solendprotocol / @0xodia网站: https://solend.fi/ 更多信息，请移步官网https://multicoin.capital/zh重要声明：Mable Jiang或嘉宾在播客中的观点仅代表他们的个人看法，并不代表Multicoin Capital官方的观点。此播客仅用于提供信息，不作为投资参考。Multicoin Capital有时可能会在此节目中讨论的某些代币或公司中持有头寸。

Ryan Li joined this episode as  the CTO and cofounder of Cyberconnect. He and the CEO Wilson Wei and COO Shiyu Zhang used to be the cofounders of DLive and Lino blockchain. We kicked off the discussion with some review on things that he thought they did right and wrong 3 years ago when they were building DLive (the Web3 Twitch), and how those experience helped them today on Cyberconnect.We then went into the details of Cyberconnect's technical infrastructure; particularly how they're leveraging Ceramic, a decentralized mutable database as their building block, and how Cyberconnect as a user-centric decentralized indexing protocol is different from some of the contract-centric decentralized indexing protocols. We also talked about some of the potential challenges that Ceramic as an brand-new network could face, and how the Cyberconnect team is working hand-in-hand with Ceramic to improve on those things. Ryan also explained their approach of "progressive decentralization" to mitigate some of the short-term difficulties in network scalability or stability, with the acknowledgement of the potential points of failures in these workarounds.At the end we talked about the exciting use cases of Cyberconnect.  Twitter: @CyberConnectHQ / @ryanli_meWebsite: https://cyberconnect.me/ For more information about Multicoin Capital, please visit https://multicoin.capital/. Important Disclaimers: All opinions expressed by Mable Jiang, or other podcast guests, are solely their opinion and do not represent the opinions of Multicoin Capital in any way. This podcast is for informational purposes only and should not be construed as investment advice. Multicoin Capital may hold positions in some of the tokens and/or companies discussed on this show. Ryan Li 作为 Cyber​​connect 的 CTO 和联合创始人加入了这一集。他和 CEO Wilson Wei 和 COO Shiyu Zhang 曾是 DLive 和 Lino 区块链的联合创始人。我们回顾了 3 年前他们在做 DLive（Web3 Twitch）时Ryan觉得他们做对和做错的事情，并讨论了这些经验如何帮助他们在今天搭建Cyber​​connect 。然后我们详细讨论了 Cyber​​connect 的技术基础设施；特别是他们如何利用去中心化可变数据库 Ceramic作为基础，以及 Cyber​​connect 作为围绕用户为中心的去中心化索引协议，与某些围绕合约为中心的去中心化索引协议有何不同。我们还谈到了 Ceramic 作为一个全新网络可能面临的一些潜在挑战，以及 Cyber​​connect 团队如何与 Ceramic 携手改进这些事情。 Ryan 还解释了他们的“渐进式去中心化”方法，以缓解一些短期的扩容和稳定性问题，并列出了这些解决方案的潜在失败点。最后，我们谈到了 Cyber​​connect 令人兴奋的用例。 推特: @CyberConnectHQ / @ryanli_me网站: https://cyberconnect.me/ 更多信息，请移步官网https://multicoin.capital/zh重要声明：Mable Jiang或嘉宾在播客中的观点仅代表他们的个人看法，并不代表Multicoin Capital官方的观点。此播客仅用于提供信息，不作为投资参考。Multicoin Capital有时可能会在此节目中讨论的某些代币或公司中持有头寸。 

在这一集中，我们邀请了三位嘉宾：STEPN 的联合创始人 Yawn & Jerry，以及STEPN 种子轮的领投方 Folius Ventures 的创始人 Jason。我们开始讨论为什么作为连续创业者的 Yawn 和 Jerry 决定尝试 Move2Earn 的创业想法。他们三人还讨论了他们为什么认为 STEPN 团队最有可能做出具有大规模采用潜力的生活方式和社交的应用。联合创始人们分享了他们对团队管理和流量增长的一些关键见解。然后，我们将讨论的重点转移到了 Web3 游戏的经济设计上。创始人们还分享了他们早期的创业经历。这是我在伍拾壹说里主持过的最有深度的聊天之一。 推特: @Stepnofficial网站: https://stepn.com/ 更多信息，请移步官网https://multicoin.capital/zh重要声明：Mable Jiang或嘉宾在播客中的观点仅代表他们的个人看法，并不代表Multicoin Capital官方的观点。此播客仅用于提供信息，不作为投资参考。Multicoin Capital有时可能会在此节目中讨论的某些代币或公司中持有头寸。 In this episode we hosted three guests: Yawn & Jerry, the cofounders of STEPN, and Jason, the founder of Folius Ventures and a lead investor in the seed round of STEPN. We started the discussion with why Yawn and Jerry, both as serial entrepreneurs, decided to go after the start-up idea of Move2Earn. Three of them also discussed their view on why they believe that the team at STEPN best suits to deliver a lifestyle and social application with a huge potential of mass adoption. The cofounders shared some of their key insights of team management and traction boostrapping. We then shifted our focus of discussion to the economics design in Web3 games. They also shared their early entrepreneurial experience. It's one of the most insightful chats that I ever had at 51%.  Twitter: @StepnofficialWebsite: https://stepn.com/ For more information about Multicoin Capital, please visit https://multicoin.capital/. Important Disclaimers: All opinions expressed by Mable Jiang, or other podcast guests, are solely their opinion and do not represent the opinions of Multicoin Capital in any way. This podcast is for informational purposes only and should not be construed as investment advice. Multicoin Capital may hold positions in some of the tokens and/or companies discussed on this show.