The BUILDLer Blueprint: Yishi on Grit, User-First Thinking, and What’s Next for OneKey

It’s a Tuesday afternoon when Dana H., Investment Partner of YZi Labs, sits down with Yishi Wang, Founder & CEO of OneKey – the open-source hardware wallet that recently secured funding from YZi Labs.

Known for her passion for uncovering the stories behind the founders, Dana is particularly intrigued by Yishi’s journey. OneKey, after all, is celebrated for its spirit of craftsmanship and its widespread adoption in global markets – think Asia, Europe, Australia, Brazil, etc. 

“Give us something spicy,” Dana grins, eager to delight the audience.

Yishi chuckles. “I’ll do my best.”

In this interview, you’ll discover what inspired Yishi to found OneKey, the setbacks he faced, how he navigated challenges, and his vision for the future.

At YZi Labs, we’re dedicated to sharing the most authentic founder stories. So, without further ado, let’s dive into the conversation.

Dana: Could you briefly introduce yourself? What led you to found OneKey in 2019? Was there a particular motivation or turning point?

Yishi: I started working in the blockchain industry back in 2015, when I was a product manager at Bixin. The industry was still in its infancy then, and people were just beginning to realize the need for wallets and asset management.

During that time, I tried out the mainstream hardware wallets and looked into a lot of open-source wallet projects. Each product had its strengths, but there were still pain points. Gradually, I realized a lot of people around me had similar needs: they wanted a wallet that was easier to use, more secure, and better suited to their habits. This demand wasn’t really being met. That’s why, in 2019, I decided to start OneKey – to create a wallet that truly lets users control their own assets with peace of mind.

Dana: What about the existing wallets’ user experience made you want to build your own wallet?

Yishi: Great question.Looking back at early hardware wallets like the original Trezor Model One, it was an exciting, community-driven project and innovative for its time. The user experience was still evolving – access was primarily through the web, and desktop or mobile apps hadn’t become standard yet. . Similarly, Ledger just had a Chrome plugin. 

At the time, the broader needs around secure seed phrase backup and seamless Dapp interactions were just beginning to emerge, so the solutions were naturally more limited.

That generation of products was made for “buy and hold” users, not for the later wave of on-chain interaction and Dapp usage. It wasn’t until we started OneKey and DeFi summer that the company was really pushed forward by user demand, and we found a clear direction.

Dana: When did you realize that the needs you were seeing – like better usability and Dapp support – were actually shared by a broader group of users, and not just your own preferences? Did you get a lot of feedback from the community?

Yishi: Honestly, when we first launched the wallet, it just didn’t sell – nobody was buying. When you build a wallet, you’re often solving your own problems. But there were also external factors: it’s like buying a wok and spatula but having no ingredients. You can’t cook. 

The real demand came with the DeFi summer driven by Compound and Yearn, when there was suddenly a huge need for on-chain interaction, and people started using OneKey on their own. Back then, we didn’t even have a client – users would connect OneKey to MetaMask and start giving us feedback on things MetaMask couldn’t do, so we built our own extension. Before that, we just had a mobile app and multisig basics, but didn’t really fit on-chain scenarios. 

User feedback and complaints pushed us to improve. I was led by early users into yield farming myself; I didn’t start mining until 2020. Users would try it, tell us what was wrong, and we’d fix it, and words spread. 

Our first batch was worth 700k USD, about 10,000 units, but marketing was a challenge – we had to educate users on what a hardware wallet is and how to use it. Only when people started handling large sums did they realize the risks. Then, in a couple of months, we sold out and had supply chain issues. We were out of stock for over a year.

Dana: Before users started using OneKey and giving feedback, was your product vision mostly based on your own imagination—sort of building in a vacuum?

Yishi: I think it was. Yes. At the very beginning.

Dana: Looking back, would you do anything differently?

Yishi: I’d get the product into users’ hands sooner, even if it was rough, and let them tell me what’s wrong so I could fix it. A lot of so-called “demands” aren’t actually demands – they’re just things you think are useful, but users don’t care. You can work really hard on something, but if users don’t buy in, it doesn’t matter. 

Instead of building in isolation with long feedback loops, it’s better to get it out there early, let users complain, and then fix it. If complaints decrease over time, you know you’re on the right track. As long as your direction is right—like, say, the future is on-chain assets—and you’re moving down the right path, your chances of success go up, and you avoid detours.

Dana: How long did it take from founding OneKey to experiencing your first real breakthrough? Did you go through any periods of doubt or difficulty, and how did you ultimately reach that moment of enlightenment?

Yishi: It’s a process of constant falsification. You might have a small breakthrough, but you’re always questioning yourself, even now. Startups burn money every month. If you can’t build a usable product that generates revenue, the team’s finished. 

The good part is having users willing to stick with you and that they grow along the way. At first, users have small funds and little understanding of on-chain or hardware wallets, but as they use the product, they dig deeper and ask more questions. If you see repeated questions, it means you haven’t solved something well, so you go back and fix it. A good product should be plug-and-play, not require hand-holding. As these problems get solved, your thinking gets clearer. 

Positive feedback – like user growth, sales, and endorsements – all count as “aha” moments. But honestly, “enlightenment” is a big word. It’s more like, looking back, you realize you were right. That conclusion might come from failure, lessons learned, or user feedback. As long as it was the right call in hindsight, that’s enough.

Dana: It’s true that hardware products aren’t as easy as software to get quick user feedback. How do you speed up the feedback cycle?

Yishi: You have to observe users on the front lines. We’re not perfect, but here’s what I’ve learned: We released several products – the classic, then the Touch. After the first batch of Touch, we stopped production. Why? Because we ignored what users really wanted. For example, users wanted the touchscreen wallet to parse transaction details, but we didn’t do it well. Our quality control and costs were off, and chip shortages meant we lost money on every unit, so we stopped early. That was a hard lesson – nearly 3 million USD and a year’s effort. 

For the Pro, we learned from that: stayed close to core users, prioritized features, and got quality control right, so it went much smoother. All hardware companies face the same feedback problem: software can update next week, but hardware can’t. You need to make sure you can iterate and improve with each generation. 

Some companies only get one shot. The bigger the company, the higher the stakes – if Apple released a disastrous iPhone, it could sink the company. The key is to ensure you have a chance to iterate and that each fix outweighs the mistakes. Hardware feedback cycles are slow—it’s just physics; you can’t accelerate it like software.

Dana: You mentioned the need for iteration, but you also need enough capital to keep going. Many in Web3 say it’s hard to raise funds without launching a token, but OneKey has no plans to launch a token and still has a strong cap table. Do you have any insights on fundraising?

Yishi: Infrastructure and cyclical businesses are different. Some companies are suited to launching a token – if you catch a good cycle and secondary effects, you can raise a lot and then focus on building. But some businesses aren’t that cyclical. For example, OneKey sells well in bull and bear markets; wallet demand is long-term. Infra companies like Dune, Debank, Alchemy are similar – the demand is always there. 

Look at Notion: Ivan spent three years with slow user growth before they hit product-market fit. OneKey is more like that. If we launched a token, the secondary market might not care, but if we have solid revenue, we’re investable in the equity markets and can go public – PE/PS ratios can be calculated. That suits us better. There’s no right or wrong – token models are fine, but not for us. 

Founder urgency matters too. Some projects chase timing, raise funds, launch a token, exit, and move on. That’s not me. Choosing investors is a two-way street. I’m not in a rush; I can do two or three cycles and keep going.

Dana: You’re someone who likes to express yourself. How does OneKey satisfy your need for self-expression? Is there anything that still feels unfulfilled?

Yishi: I’ve always seen products as a form of self-expression. When you describe a company, you’re really describing the whole experience. For example, when you buy an iPhone, you can feel Apple’s pursuit of quality, their attention to detail, and their design philosophy. It's like you’re on the same wavelength. I buy a lot of products myself: phone cases, Pop Mart toys, Belkin accessories – and you can sense the company or founder’s attitude behind them.

Building OneKey really satisfies my “maker” urge – creating something, getting feedback, and earning recognition. When people like and enjoy your product, that’s self-expression and a sense of accomplishment.

But honestly, I don’t feel fully satisfied yet. The main reason is that not enough people are using the product – it hasn’t reached the scale I want. So sometimes I feel like my need for expression isn’t fully met. I hope OneKey can reach more users and that more people will recognize our philosophy and products. Only then will I feel truly fulfilled.

Dana: Some people know you first from your X presence, not from using OneKey. Do you see your X more as a marketing platform or a place for self-expression?

Yishi: That’s an interesting question. Before OneKey, my X was just personal. I posted whatever I wanted, whenever I wanted, with no filter. After starting OneKey, I posted less about my personal life and more about the company. That was a shift.

X is a really important channel for me. We don’t have much marketing budget, and X saves us a lot on advertising. More importantly, as a founder, interacting directly with users on X means I get immediate feedback and can solve their problems quickly. Especially since we’re managing users’ money, they want answers fast. I don’t like corporate PR statements either—if there’s a problem, I want to hear directly from the boss.

So for me, X is a direct channel to users. I get a lot of DMs every day. Some I can solve myself, others I pass to the tech team. But no matter what, I feel responsible for helping users. Besides that, X is still a place for me to share opinions and recommend products I like, but now it’s mostly about OneKey.

Dana: You mentioned that a wallet is a psychological lock. Can you elaborate?

Yishi: For me, a wallet is a huge psychological safety lock. For example, I would never keep large amounts in a software wallet or exchange. I just don’t feel safe. No matter how good the tech or UX, if my assets aren’t physically isolated, I’m uneasy. I have to keep large sums in a hardware wallet—only then, with the private key in my hand and physical separation, do I feel truly secure.

A lot of users feel the same way. When it comes to asset security, people get very cautious. A hardware wallet is like a safe in real life – it gives you a strong sense of security. No matter what happens, if your assets are in a hardware wallet, you feel protected.

This sense of security isn’t just about the product itself, but also about trust in the brand and team. Many users choose OneKey because they trust our approach and our focus on security. It’s not just the tech that matters in wallets; trust and responsibility are at their core. We always emphasize that wallets are about giving users true control and peace of mind.

So, a wallet isn’t just a tool. It’s a “psychological safe” in the crypto world. With it, users truly feel that “my money is my money”—that’s at the core of what we’re trying to do with OneKey.

Dana: You said, “Only your money is your money.” Is that the same as “not your key, not your coin”?

Yishi: Not exactly. It’s not just about owning the key. It’s about having the key in your own hands. Even if the key is yours, if you don’t physically have it, it doesn’t count. So, “your key in your hand is your money.”

Dana: Hardware wallets are often called a “slow business,” and some compare hardware wallets to safes for crypto assets. What’s your view on hardware wallet adoption, and what do you think will drive more people to own one or more hardware wallets in the future? When you look at the market, how do you approach growth and reaching new users?

Yishi: I believe hardware wallets are a solid business, even though their growth tends to be gradual. They’re much more than just digital safes – time is the real leverage here, as adoption naturally increases over the years. As long as people care about the security of their crypto assets, this hardware wallet business will continue to have a place. Consider Swiss banks: as trusted brands, they safeguard a wide range of assets. In many ways, hardware wallets are beginning to fulfill a similar role in the crypto world.

What drives people to own one or more hardware wallets is really the growth in the industry’s asset value and users’ own holdings. For example, if a Bitcoin is worth $100,000, would you feel safe keeping several in one wallet? If Bitcoin hits $1 million or $10 million, would you still use just one wallet? As users’ assets grow, they’ll want to diversify risk, and demand for wallets will naturally rise. So the Total Market Addressable for hardware wallets isn’t just “number of crypto users x penetration rate” – it’s deeply tied to the total asset value in the industry. The more assets there are, the stronger the need for security, and the bigger the market.

As for how to reach more users and grow sales, that’s the heart of our GTM. When we started OneKey, Ledger and Trezor had been around for years, with strong market share and mindshare. But I don’t believe in monopoly – if your product is good enough, there are always opportunities in channels, pricing, and user experience. Even in the West, Ledger and Trezor haven’t covered everything; in Asia, OneKey has even surpassed them in some ways.

I really like the saying, “Dare to be last.” For example, my first game console was a Subor (小霸王游戏机), which I later learned was a Chinese version of Nintendo. Brands like BBK and OPPO were latecomers but still did very well. What matters isn’t who has the highest market share right now, but who becomes the “first hardware wallet” for new users. My observation is that once users start to use OneKey, they’ll stay with us. And all we need to do is to wait for the user assets to grow when the crypto industry grows. So our goal is to make OneKey that “first love” wallet — if we can be users’ first hardware wallet, we’ll grow alongside their assets, and no matter how many wallets they own in the future, they’ll always think of OneKey first.

So yes, hardware wallets are a slow business, but they’re a business with long-term value. As the industry’s asset base grows and more users realize the importance of security, the market will keep expanding. Our job is to leverage time and be a long-term partner on users’ journey to wealth.

Dana: You have unique access to Asian “whale” users and run communities for them. Beyond just asset size, do you see meaningful differences in their attitudes or behaviors compared to average users? 

Yishi: The concept of “whales” is kind of vague – everyone can be a whale. The only real difference is the amount of assets, but their needs aren’t that different from regular users. New users usually start with small amounts and aren’t too worried about security. But as they spend more time in the industry and their assets grow, they naturally pay more attention to security. Asset flow has different stages: you might check if a Dapp is listed on DeFi Llama or CoinMarketCap, analyze transaction signatures, worry about Dapp hijacks or contract changes, and so on. 

Most OneKey users, regardless of their asset size, care about these security issues. Many users who make money in PVP or DeFi will put some assets in a hardware wallet for long-term storage and keep the rest liquid on-chain. This behavior isn’t really about how much money you have – it’s about your understanding of security and asset management.

So, I don’t see a big difference between whales and others. Their needs and concerns are pretty much the same. When we build products and services, we focus on making sure everyone feels safe and comfortable, not just VIPs. In crypto, anyone can become a whale, and everyone deserves equal treatment.

Dana: OneKey’s Earn product seems to reflect both your experience and user needs. How do you see Earn now? How does it relate to hardware wallets?

Yishi: The Earn feature came directly from user demand – many hold idle crypto (ETH, SOL, stablecoins) but lack easy, reliable ways to earn yield. Users want a trustworthy, simple platform to filter protocols and find stable, lower-risk returns.

Why OneKey Earn? People want to save time and put assets somewhere safe, just like they trust Binance. As a wallet, OneKey is already users’ entry point. Integrating yield opportunities right in the wallet makes decision-making much easier.

There’s also potential to combine protocols, like Pendle’s PT or “yield Lego”, to match different risk appetites. We can smartly recommend options based on user profiles, making it simpler and faster than using external Dapps.

Ultimately, crypto users need long-term, reliable yield pools for steady growth and peace of mind. Our goal is to make OneKey a “super wallet” and “super wealth gateway,” helping users manage and grow assets easily.

Earn is a natural extension. Soon, users will be able to keep USDe in OneKey and earn yield automatically. We’ll also secure exclusive deals for better returns, and ensure all logic and risks – like USDe minting with USDT/USDC – are transparent, so users can participate confidently.

Dana: What’s your ideal state of being a founder? What are the companies out there that you admire?

Yishi: I see being a founder as a profession,  just like being a doctor, engineer, or designer. People participate in society in different ways; I like solving problems through products.

The companies I admire are those that create long-term value, have sustainable business models, solve real problems, and stand the test of time. If I could achieve even a fraction of what these companies have, I’d be happy.

For example, 37signals /Basecamp – I’ve followed them since college. Their CTO, David Heinemeier Hansson, created Ruby on Rails, which is hugely respected. Basecamp has been around since 1999, over 20 years now. Last year, they made $280 million in revenue with 60 team members. Their website is one of the few that truly “speaks human.” I really agree with their approach to company management and collaboration.

There’s also 1Password – I’ve used it since 2013, and the name “OneKey” was inspired by it. They’ve stuck with one thing for over a decade, constantly improving, with a great reputation.

Cloudflare is another. They’ve grown steadily since going public, which shows strong long-term capabilities. DJI and Pinduoduo are also companies that have created lasting value in their fields.

If OneKey can become a company like any of these—focused, value-driven, solving real user problems, and lasting for decades—I’d be very satisfied.

With the formal questions out of the way, Dana paused. 

“I have a feeling we’ll still be having these conversations 20 or 30 years from now,” Dana said, “Our team hopes to keep growing alongside yours.”

Yishi’s eyes reflected determination. “Absolutely. There’ll be many more years and conversations.”

The interview drew to a close, but neither seemed in a hurry to leave – both sensing there was still much more to discover together.

At YZi Labs, we’re here for the long haul: listening, learning, and sharing the real stories behind the people and ideas shaping Web3, AI, and biotech. We look forward to bringing you more authentic conversations and fresh perspectives from every corner of the ecosystem.

Until next time. 

About YZi Labs

YZi Labs manages over $10 billion assets globally. Our investment philosophy emphasizes impact first—we believe that meaningful returns will naturally follow. We invest in ventures at every stage, prioritizing those with solid fundamentals in Web3, AI, and biotech.

YZi Labs’ portfolio covers over 300 projects from over 25 countries across six continents. More than 65 of YZi Labs’ portfolio companies have gone through our incubation programs. For more information, follow YZi Labs on X.

About Onekey 

Founded in 2019, OneKey is a widely used open-source hardware wallet brand that secures billions in assets for users worldwide. Its hardware and software are fully open-sourced and independently audited, offering institutional-grade security and a free companion app – all at an accessible $99 price point. OneKey’s mission is to make secure self-custody accessible to every Web3 user.

Disclaimer: The information provided in this article is intended for informational purposes only and does not constitute investment advice, endorsement, analysis, or recommendations with respect to any financial instruments, investments, or issuers. This article may contain forward-looking statements which are by nature subject to risks and uncertainties. Investment in cryptocurrency and DeFi projects involves substantial risk, including the risk of complete loss. This article does not take into account the investment objectives, financial situation, or specific needs of any particular person and each individual is urged to consult their legal and financial advisors before making any investment decisions.