Bill Hsu
@cebillhsu
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Vibe Investing @AppWorks Ventures https://t.co/ctGpscLkkD
Joined November 2023
Vibe VC #0: Becoming the VC who only talks A lot of people think VCs just talk. Meet a founder, ask why growth isn’t faster, or why margins are shrinking. But behind that is a ton of prep: digging into trends, screening deals, writing memos, compiling portfolio reports, keeping
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I wrote about this late last year: crypto secondary markets have a structural imbalance. Retail dominates token price, VC stays concentrated in primary deal, and very few fundamental-driven institutional buyers in the secondary market. Token prices end up reflecting X
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Why onchain lending beats banks? Bank credit = silo underwriting Onchain lending = market-based underwriting market-based underwriting with collective intelligence → lower cost of capital for solar funding → massive deployment and costs go down further → funding abundance.
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Our first liquid token investment!
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This is a solid bull case, but I think there's a deeper question worth asking: why are DeFi lending multiples still so high vs fintech? The answer is probably Revenue/TVL. TradFi banks sit around 5-18%. DeFi lending is at 0.3-0.7%. That's a 10-50x gap. If you break Revenue/TVL
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I think the interesting part about NYSE's blockchain exchange isn't the 24/7 trading or stablecoin deposits. it's the business logic underneath. NYSE and DTCC were never competitors. they're sequential partners: NYSE matches trades, DTCC clears and settles them. Each collects
No wrappers, no derivatives, no entitlements Let's use blockchain for what it's really good at, a better ledger
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InfoFi isn’t dead, it just need right TA. easy to call InfoFi dead after X cracks down and @KaitoAI pivots. if you zoom out, Kaito’s core idea is actually pretty similar to Google. - Google indexes webpages - Kaito indexes posts Both are doing indexing and distribution, so
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polymarket is not casino, its data company
Why did the @NYSE's owner drop $2B on @Polymarket ? Cuz it's not the next @DraftKings, it's the future of "truth". I started this research with a simple goal: I wanted to understand how Polymarket makes money. Naturally, I looked at @DraftKings first. DraftKings is a classic
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there are roughly two categories of buyback programs - buybacks that are marketing (offsetting emissions) - buybacks that are math (reducing net supply) 2025 data verifies this split - AAVE: flat supply + buyback → +42% vs BTC - JUP: high emissions + buyback → -70% vs BTC
On the topic of token buybacks, I think the idea of "net buyback" is quite underrated Take @CoWSwap, at first glance they seemed to have bought back ~$3.5M worth of $COW in 25Q4, but looking into their unit eco: They are paying ~45-55% COGS to solvers in the form of $COW
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Do Token Buybacks Really Lift Token Prices? This analysis aims to answer the question: "Do token buyback explain token price performance (excess return vs BTC) in a consistent, repeatable way?" TL;DR: Buybacks help, but they don’t “save” tokens - Only 3/10 tokens beat BTC
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So true after seeing AAVE , Alexar drama
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This SEC no action letter is a big deal. It basically says DTC can run a tokenization and recordkeeping setup on “pre approved” blockchains for eligible positions already sitting inside DTC accounts (think eligible entitlements, including large cap U.S. equities). The most
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DeFi Lending Market Revisit 2025 The category is evolving into a multi-purpose liquidity hub, and the clearest way to see it is the architecture shift from Gen 1 to Gen 5. Gen 1: Single-protocol vaults (@SkyEcosystem ) Separate vault per collateral type. Strong isolation, but
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Have been looking to their agent reseach report, really high quality!
TrueNorth raises USD 3M pre-seed to put the world's best traders in your pocket We're building AI agents modeled after professional traders, backed by @cyberfund, @delphi_labs, @GSR_io, @snzholding and @ocularvc Here's what we're fixing 🧵
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Vibe VC #3 Deal Screening Telegram Bot Deal screening is probably the most tedious part of a VC’s job. So I built a Telegram Bot to automate the whole "pre-work" phase of deal screening. 1. Making the Bot "See" At first, it just read PDFs and webpages. But deal flow is messy.
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