Yenwen Feng is a Taiwanese entrepreneur and angel investor best known as the co-founder and CEO of Perpetual Protocol, a decentralized perpetual futures exchange built on Ethereum and deployed on the Optimism Layer-2 network. His operating background in DeFi infrastructure shapes his investing thesis: he backs early-stage projects working on decentralized finance primitives, trading infrastructure, and Web3 tooling, with a primary geographic focus on Taiwan and the broader Asia-Pacific region.
Feng launched Perpetual Protocol in 2020 (originally called Strike Protocol), introducing a virtual automated market maker (vAMM) model that allowed traders to take leveraged positions without a traditional order book or liquidity providers holding inventory risk. The protocol's native token, PERP, went live on Ethereum mainnet in September 2020. A second version, Curie, migrated execution to Optimism in 2022 and adopted a Uniswap v3-style concentrated-liquidity model. Perpetual Protocol became one of the earlier viable decentralized derivatives venues, which gave Feng first-hand perspective on what DeFi teams need at the seed stage.
Notable investments
Public information about Yenwen Feng's specific angel portfolio is limited. Crunchbase lists approximately seven investments, but deal names, sizes, and dates are not fully disclosed. Based on publicly available records, his investments are concentrated in decentralized trading, DeFi infrastructure, and developer tooling projects. No individual deal sizes have been reported in press coverage or regulatory filings as of early 2026.
- Perpetual Protocol – co-founded; decentralized perpetual futures on Optimism. perp.com
- Additional portfolio companies – specific names are not confirmed in public sources. The portfolio count of seven is drawn from aggregated investor databases and may include pre-announcement or undisclosed rounds.
Team
Yenwen Feng operates primarily as a solo angel rather than through a named fund. He co-founded Perpetual Protocol alongside Shao-Kang Chan (engineering) and several other early contributors. There is no publicly named managing partner, analyst, or institutional structure attached to his angel activity. Deal sourcing appears to flow through the DeFi founder network centered in Taiwan and connections built through Perpetual Protocol's early growth years.
Recent activity
Public information about Feng's angel deal activity in 2025–2026 is limited. His primary public focus has been on Perpetual Protocol's product roadmap and ecosystem partnerships. He has been an active voice on crypto social media regarding DeFi market structure and Layer-2 adoption, but has not announced new fund vehicles or disclosed new portfolio entries in that window based on available reporting.
For teams building in decentralized trading or DeFi tooling, Feng represents a founder-investor profile: operational credibility in the exact problem space, deep regional roots in Taiwan's growing Web3 scene, and a relatively concentrated portfolio suggesting selective, high-conviction bets over volume. The absence of a formal fund structure means deal access is largely network- driven. Teams seeking an introduction should track Perpetual Protocol's community channels and Feng's public commentary on X (formerly Twitter) for signals on where his current interest lies.
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