Paul Erlanger（fomo 執行長）：讓 onchain 交易走進主流，打造新一代社群投資平台

0:00FOMO 的起點：讓投資變得主流

0:00哇，Murad 剛才的簡報真是精彩，而且我這裡剛好有個平台很適合他。大家好，很高興認識你們。我叫 Paul Erlanger，是 FOMO 的執行長。大約兩年前，我和我的共同創辦人一起參加我們每年的旅行。我們每年都會去一次，他比我早出生兩個星期，所以我們每年都會一起去國家公園旅行。今年我們去了 Joshua Tree。當我們的朋友們都在睡覺的時候，我們兩個就在一條土路上散了很長一段步。我這位朋友 Say 一直都非常早期地參與鏈上市場，他會收到各種空投，也很早就進入這些不同的市場並嘗試賺錢，而我則只是個普通人。Well, that was a great presentation by Murad, and boy do I have a platform for him. Everyone, nice to meet you. My name is Paul Erlanger. I'm the CEO of FOMO. And about two years ago, me and my co-founder were on an annual trip. We do this trip. He's born two weeks before me, and we do this trip every year to a national park. And this year we were at Joshua Tree. And while our friends were sleeping, we went on this long walk on a dirt road. And Say had always been very early to on-chain markets. He would be receiving different airdrops, and he was early to these different markets and trying to earn, where I am just a normal person.

0:45在這段對話中，我們開始討論，要讓我實際去做同樣的事情，究竟需要什麼條件，因為這裡的阻力實在太大了。接著，對話開始圍繞著「鏈上投資要如何走向主流化」這個主題展開。And through the conversation, we were starting to discuss what would it take for me to actually do the same thing, because there's such high friction here. And the conversation started to revolve around how does on-chain investing go mainstream?

0:59過去兩年，我們一直在思考這個問題，也因此打造了 FOMO 這個平台。當你 24 小時都在想同一件事時，你的目標會越來越清晰，也會更了解自己要解決的問題。Murad 剛才也提到未來社群驅動市場會是什麼樣子。我們發現，其實「on-chain 怎麼主流化」這個問題本身就問錯了，真正的問題應該是「投資怎麼主流化」。Now, for the past two years, we've thought a lot about this issue, and we've obviously built the platform FOMO. And as you spend 24/7 thinking about the same thing continuously, your North Star starts to get a lot brighter, and you start to realize a lot more about the problem you're solving. And Murad had, like, a really good intro here about what the future of these community-driven markets look like. And what we realized is that the question about how on-chain goes mainstream is the wrong question. The true question is how investing goes mainstream.

1:29投資平台的發現體驗與社群斷層

1:29現在，讓我們來做一個小小的思想實驗。假設 Instagram 沒有探索功能會怎樣？你的朋友傳給你一張照片。你點進去看那張照片。你按讚。你到留言區留言。你看看標籤等等。然後你想去看別的東西。這時候，平台上只有一個搜尋欄。你必須完全知道你要搜尋什麼、要找誰、要找什麼內容。這是一個非常糟糕的體驗。沒有人會再想用 Instagram。而對於投資來說，對於消費者投資平台來說，這種情境非常容易想像。這就是目前的現狀。Now, let's think about a little thought experiment. What if Instagram had no discovery? Your friend sends you a photo. You go and you click on that photo. You like the photo. You go to the comment section. You write some comments. You look at tags, etc. And then you go to look at something else. All there is is a search bar. You need to know exactly what to search for, who to search for, what to search for. This is a terrible experience. No one would ever go on Instagram again. And for investing, this is platforms for consumer investing platforms, this is very easy to imagine. This is the current state of affairs.

2:02你所能得到的最好體驗，就是你進入一家券商，然後看到一個資產清單。你會看到價格，你會看到市值。但實際上完全沒有任何發現機制。沒有人意識到，世界上大多數人其實並沒有投資於資產，而且投資平台也還沒有進入大眾文化。金融一直以來都是非常社交性的。它最早從紐約證券交易所開始，一群人在華爾街聚會，他們在思考，怎麼讓這個新國家美國裡新興的公司，能夠被一般大眾公開持有？然而，這一切一直都非常零散、分裂。The best you get is you go onto a brokerage and you have a list of assets. You see prices, you see market caps. There is literally no discovery mechanism. No one's aware that most of the world is not investing in assets, and that investing platforms have not broken into pop culture. Finance has always been very social. It started with the New York Stock Exchange, a bunch of guys meeting on Wall Street, and they were, how do we have these new companies blossoming in this new country of America be publicly owned by general people? However, this has always been very fragmented.

2:32你有 Reddit 上的 WallStreetBets、rStocks，也有人在 TikTok 做財富內容，還有 X（以前的 Twitter）上各種 #Money 的討論。這些社群都很分散，因為從來沒有一個平台能讓你即時透明地獲取資訊並直接行動。大家都是透過人發現新東西，那為什麼沒有一個投資平台能做到這點？You have WallStreetBets and rStocks on Reddit. Then you have people doing new generational content about personal wealth building on TikTok. Then you have X Money and people talking about different hashtags on X. This fragmentation has been the issue because there's never been a platform where you actually can transparently get information in real time and actualize on it. People discover through people, so why has there never been an investing platform that allows you to do so?

2:58區塊鏈透明性與 FOMO 的社交金融圖譜

2:58區塊鏈一開始名聲很差，像所有新科技一樣，早期有很多灰色行為。Silk Road 上有人用 Bitcoin 買毒品，大家覺得有遮掩空間。但其實區塊鏈是史上最透明的網路，每個參與者都能看到所有交易。只是這些資訊都被難用的區塊瀏覽器（像 Etherscan）包住了。大家都認得左邊那張圖，是 Ethereum 的 Etherscan，一筆交易看得頭昏腦脹，沒人會想讀。右邊則是 FOMO 上同一筆交易的畫面，你可以很透明地看到買進，還會即時收到通知，甚至能看到持有者的身份。So the blockchain had a really bad rep. Early on, like any new technology, nefarious behaviors happened there. So on the Silk Road, people would buy drugs with Bitcoin, and then you started to realize that, okay, maybe there's some obfuscation here, but in reality, the blockchain is the most transparent network ever created. Every single participant in the network has full transparency into every single transaction done in this network. However, it's always been obfuscated through these clunky block explorers. Everyone recognizes the picture on the left. It's Ethereum. It's Etherscan. This is one transaction on Etherscan. No one's going to read this. On the right is the exact same transaction. From a transaction in the feed on FOMO, you see the buy very transparently. You get instantly updated when this happens, and you actually have an identity tied to the actual position.

3:48這就是 FOMO 的定位。FOMO 是第一個用於金融領域的透明社交圖譜，社交層面成為所有這些不同市場之間的核心黏著劑。你可以交易世界上任何資產，無論你身在何處，與任何人進行交易。目前，FOMO 非常專注於鏈上資產，但在接下來的幾個月內，我們將推出股票體驗，讓你能夠從世界任何地方交易任何股票。最終，我們也會涉足其他資產類型。而這裡的關鍵在於社交發現，因為現在每個人都在打造所謂的「萬能應用程式」，但我們真的認為這是非常無意識的行為。你打開 Robin 或 Interactive Brokers 或其他這些應用程式。And this is where FOMO lands. FOMO is the first transparent social graph for finance, where you have the social aspect as the underlying glue for all these different markets. You could trade any asset in the world. From anywhere, with anyone. And currently, FOMO is very much focused on on-chain assets, but in the coming months, we'll release an equities experience where you'll be able to trade any equity from anywhere in the world. Eventually, we'll get into other asset types too. And the key here is the social discovery, because everyone is building an everything app, and we truly believe that's very unintentional. You go on to Robin or Interactive Brokers or these other apps.

4:24你可以把你的預測市場放在你的銀行帳戶旁邊，旁邊還有你的退休帳戶，以及你的股票產品，而這些資產中有很多你其實並不想交易。在 FOMO 上，你可以登入，你可以追蹤那些做股票的人，也可以取消追蹤那些做迷因幣的人。如果 Murad 是對的，那麼大家只會去追蹤迷因幣的人，但你還是可以在這個平台上策劃屬於你自己的體驗。You have your prediction markets next to your bank account, next to your retirement account, next to your equities product, and a lot of these assets you don't want to trade. Well, on FOMO, you could come on, you could follow the equities guys, you could unfollow the meme coin guys. If Murad is right, then people will only be following meme coin guys, but you could curate your own experience on the platform.

4:43新型內容創作者與社群投資人崛起

4:43這裡就很有趣，因為這會誕生全新的內容創作者。像 Murad 這種對資產和社群經營很有想法的人，可以直接在平台上發揮。想想《大賣空》裡的 Michael Burry，事件發生時沒人知道他是誰，電影出來後大家都知道了。Warren Buffett 有《智慧型投資人》，還有各種電子報、Podcast、投資人更新，這些都是讓大家認識這些大神的方式。但以前這些人都得自己經營媒體網路，現在可以直接在平台上原生發聲。And this is where it gets really exciting, because this is where the new content creator is created. And people like Murad, who have amazing things to talk about different assets and community building, it can happen natively on the platform. So think about Michael Burry on The Big Short. The Big Short happened, no one knew who Michael Burry was. The Big Short movie was created, and then everyone knew who he was. Warren Buffett had The Intelligent Investor. Warren Buffett had—Different newsletters and podcasts and investor updates. That's how people found out about these different traders who grow these massive followings, Leopold, right, from Blue Energy on X. But there's never been a platform for these people that didn't have to build their own media networks. They could access this platform natively.

5:24在 FOMO 上，你可以在排行榜上發現任何東西。我們目前有依照時間區分的在地化排行榜，但我們將會更著重於你如何創造新的投資組合發現。也許有人想要一個比較安全的投資組合，也許有人想要全押在迷因幣上。那麼，你可以在這個平台上完全透明地追蹤最厲害的人討論這些事情。你可能會問，為什麼有人會想這麼做？因為在 FOMO 上有創作者獎勵，最厲害的人可以開始靠這個賺錢。所以在九月，FOMO 向我們平台上的創作者發放了 1,500 萬美元的獎金。你可以想像，這只是 300 萬使用者而已。So on FOMO, you could discover anything on the leaderboard. We currently have Localized leaderboard by time, but we're going to lean more into how you create new portfolio discoveries. Maybe someone wants a safer portfolio. Maybe someone wants to go all in on meme coins. Well, you could follow the best people talk about any of these things fully transparently on the platform. And you ask, why would anyone want to do this? Well, you have creator rewards on FOMO, where the best people could start to earn a living. So in September, FOMO did $15 million in payouts to creators on our platform. And you could imagine that's only 3 million users.

5:58隨著我們將數億使用者加入這個平台，這個發展方向就像YouTube在過去兩年內向其平台上的創作者支付了一千億美元一樣，X也會向其平台上的使用者發放創作者獎勵。在FOMO上，我們會獎勵那些提供優質資訊的人，獎勵那些做出良好交易的人，以及那些跟隨他們的人。有許多人在FOMO上擁有數十萬，甚至數百萬的追隨者，而現在他們全都可以獲得收益。Where this goes as we add hundreds of millions of users to this platform, the same way as YouTube has paid out $100 billion in the past two years to creators on their platform, and X pays out creator rewards to users on their platform. On FOMO, we reward people for providing good information. For making good trades and for the people that follow them. There's many people with hundreds of thousands, if not millions of followers on FOMO, and now all of them can earn.

6:23新投資人階級與企業互動新模式

6:23那麼，這當中的價值在哪裡呢？在另一端，是新興的投資者族群。一直以來，有一群人被歸類為「投資不適合你」的人。也許他們對時尚有興趣，想買LVMH的股票。也許他們有自己的投資想法，但一直無法實現，因為從來沒有一個平台能讓他們在沒有教育門檻的情況下取得相關資訊。但在FOMO上，這個教育門檻被消除了，而且公司也能參與互動。所以現在在FOMO上，Solana就有17萬名持有者，都是FOMO上的個人持有者。And then where is the value in that? On the other side is the new investor class. There's been this classification of people that have always been told that investing is not for them. Maybe they're into fashion and want to buy LVMH stock. Maybe they have a certain thesis, but they've never been able to actualize that because there's never been a platform where they can access the information without an education barrier. But on FOMO, the education barrier is dissolved, and the companies can interact too. So today on FOMO, Solana has 170,000 holders alone, individual holders on FOMO.

6:56所以，Solana 的行銷長 Vibu，以及其他團隊成員，現在可以在 FOMO 上持有供應量，他們也可以透過這些訊息，將通知直接發送給在這個平台上持有 Solana 的每一位使用者。So Vibu, the CMO of Solana, and there's a bunch of the other team, can now hold supply on FOMO, and they could give messages through theses that get sent as a direct notification to every single person holding Solana on the platform.

7:08現在想像一下，當我們的平台上有股票時會發生什麼事。也許 Nike 的高階主管團隊會加入 FOMO。這將會是金融平台史上最具意圖的分發方式，讓人們和公司擁有者能夠直接與最有意願的受眾溝通，也就是那些實際持有他們資產的人。而且每個人都能擁有一席之地。在 FOMO 上，只要你的意見與實際交易相關，每個人都可以發表看法，這讓你能夠提升訊號、排除雜訊。我們也看到平台正朝著這種群眾外包、社群共建的方向發展，就像 Murad 剛才所說的那樣。So now imagine where this goes when we have equities on the platform. Maybe the C-suite of Nike comes onto FOMO. It's the highest intent distribution that's ever existed for a financial platform, where people and company owners could actually directly communicate with the highest intent audience out there, the people who are actually holding their assets. And everyone has a seat at the table. On FOMO, everyone could have an opinion as long as it's tied to an actual trade, which allows you to increase signal and weed out noise. And we're seeing platforms move in this direction of crowdsourced community building, just like Murad was talking about.

7:42在 X 平台上，你會看到社群註解其實是一種能夠對抗平台上錯誤資訊的方法。同樣地，在 FOMO 上，你可以利用你的按讚，還可以發表你自己的論點，實際上為第一次加入這個平台的人創造更多脈絡。On X platform, you see community notes as a way to actually beat back this false information that's happening on the platform. Similarly, on FOMO, you can use your likes, and you can also have your own theses to actually create context for people who are onboarding to the platform for the first time.

7:58AI 時代的投資社群與平台整合

7:58想像你完全不懂投資，在 AI 時代大家都在煩惱怎麼投資 AI。現在終於有個平台會告訴你怎麼投資股票，還能即時發現新機會。這就是 Murad 剛才提到的社群力量。每個人都能成為社群一員。大家都記得 WallStreetBets 和 GameStop 的故事，FOMO 讓你能在 app 裡原生建立社群。Murad 在 FOMO 上持有 SPX，還能即時發送社群更新給所有持有者。So imagine you have no clue how to invest. In a world with AI, everyone's worried, how do I invest in AI? Well, finally you have a platform where it tells you how to invest in a stock. You can discover new things in real time. And this is where Murad was the perfect entry. Everyone could become a community member. So everyone remembers everything that happened on WallStreetBets and GameStop. And there's this really exciting opportunity on FOMO to do community building natively in the app. Murad holds SPX on FOMO, and then he can give community updates to everyone there.

8:27但過去這些社群都很分散，溝通和執行分開，沒人知道發言的人到底有沒有真的持有資產，一切都很模糊。現在如果有個平台能把 AI 世界的社群力量整合起來，讓大家原生持有資產、即時更新、完全透明，這就是 FOMO 要做的事。However, there's always been fragmentation here. You need to have the communication on a separate platform from where the execution lies. There's no transparency if this person is actually holding the asset. It's been completely obfuscated. So finally, if you could have a platform where the world of AI, like Murad says, is going towards communities, the community-driven platform is where people will hold these assets natively, get updated in real time, and do this fully transparently. And that's exactly what FOMO is building.

8:58社群事件與用戶爆發式成長

8:58這張圖很精彩。2012 到 2020 年，Robinhood 在美國只有 500 萬個資金帳戶。後來因為疫情新投資人湧入，一年內從 500 萬變 1250 萬。2020 年底到 2021 年初 WallStreetBets 事件後，Robinhood 又從 1250 萬暴增到 2270 萬。六年過去，現在 Robinhood 也才 2800 萬用戶。這證明社群事件的威力。WallStreetBets 上大家討論 AMC、GameStop，形成社群後換到新平台執行想法。So in 2012 up until 2020, Robinhood only had 5 million funded accounts in the United States. Then, following the momentum of the new investor class that came through COVID from staying indoors, Robinhood went from 5 million to 12.5 million accounts in one year. And then when the whole Wall Street Bets fiasco happened in late 2020, early 2021, Robinhood platform went from 12.5 to 22.7 million users in less than a year. And to give you some context, it's been six years since then, and Robinhood currently has 28 million users. So this shows you the power of community-driven events. There was this event on Wall Street Bets. People were talking about AMC and GameStop stock. They formed a community, and then they went to a new platform and executed that vision.

9:43所以現在請想像，不再需要一切都完美無缺，也不需要閃電剛好擊中，你有一個足球場，上面有數百萬根避雷針，每一個資產本身都內建了一個社群，隨時這個社群都可以實現，真正圍繞這個資產發展出一個社群。而這正是 FOMO 正在打造的。So imagine now, instead of everything having to go perfect and lightning having to strike, you have a football field with millions of lightning rods, where every single asset has a community built into it, and at any time that community can actualize to actually grow a community around that asset. And that's exactly what FOMO is building.

10:02AI 時代的信任與新投資人浪潮

10:02在 AI 時代，資訊完全商品化，誰都能做 deepfake、各種媒體，唯一能讓人信任的就是自己真正持有的東西。你需要一個能觸及新投資人階級的平台，讓大家可以用 Apple Pay 一鍵入金、第一次獲得資訊，創造全新投資人浪潮。我預測未來幾年，FOMO 會帶進數億甚至十億新用戶，成為第一個讓新投資人能參與全球股票的平台。任何人、任何地方、任何資產都能交易。謝謝大家！So, in the world of AI, where information is actually fully commoditized because anyone can make a deepfake, Anyone could have any form of media, and the only thing that people actually believe in is what they're holding. You need a platform that has access to a new investor class, where people might be interested in having certain takes. People could onboard with Apple Pay and get access to information for the first time, and a whole new investor class is created. My prediction is that in the next couple years, FOMO will onboard hundreds of millions, if not a billion people to the platform and be the first platform for a new investor class that has never had access to global equities. Trade anything with anyone from anywhere. Thank you.