Framework Ventures

Join Michale, Mike, Yano and Santi on stage and LIVE from PERMISSIONLESS IV as they break down crypto's breakout moment for this week's roundup! -- Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Follow Michael - https://x.com/im_manderson Follow Mike - https://x.com/MikeIppolito_ Follow Santi - https://x.com/santiagoroel Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh -- GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries. Discover how GEODNET is changing the world: [https://geodnet.com] -- Get up to speed on the biggest stories in crypto each week. In five minutes. Get the Bitwise Weekly CIO Memo delivered directly to your inbox at bitwiseinvestments.com/ciomemo/empire -- Ledger, the global leader in digital asset security, proudly sponsors Expansion! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.Buy now on https://shop.ledger.com/?r=1da180a5de00. -- Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi. Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz Chapters: (00:00) Intro (01:25) The Growth of Prediction Markets (04:11) Polymarket vs Kalshi's Business Models (09:32) Ads (Geodnet, Bitwise) (11:08) Is Crypto Forming Its Own Mag 7? (19:16) Ads (Geodnet, Bitwise) (20:53) Global Capital Pools and the State of Venture (30:21) Bitcoin Dominance Is Up Only (36:21) Ads (Ledger, Citrea) (37:52) Verifiable Apps and the Effectiveness of the DAO (40:56) How to Play the Stablecoin Boom — Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Michael Anderson

Co-founder

Framework Ventures

Mike Ippolito

Co-Founder

Blockworks

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner get together and give the industry insider's perspective on crypto. This week, special guest Vance Spencer of Framework Ventures joins the crew to explore Ethereum’s Beam Chain proposal, a bold yet contentious vision for Ethereum 3.0. With promises of quantum resistance, faster transactions, and decentralized staking, is this five-year roadmap a revolutionary leap or an unachievable ambition? The team dives into the tension between Layer 2s and Ethereum’s base chain, alongside Solana’s growing dominance as a UX benchmark. On the political front, the conversation breaks down Trump’s pro-crypto administration. From speculation around key cabinet picks to the potential establishment of a national Bitcoin reserve, they analyze what this new era could mean for regulation, innovation, and the broader market. Tune in for a lively discussion of the forces shaping Ethereum’s evolution and crypto’s role in America’s future. Show highlights 🔹 Polymarket CEO Raided: The crew discusses the FBI’s raid on Polymarket founder Shayne Coplan following the election, raising questions about politically motivated actions and the future of prediction markets. 🔹 Trump’s Crypto Administration: Trump’s pro-crypto agenda, including cabinet picks and a proposed Bitcoin strategic reserve, signals a potential shift in U.S. crypto policy. 🔹 D.O.G.E. and Dogecoin: The Department of Government Efficiency (D.O.G.E.), led by Elon Musk and Vivek Ramaswamy, ignites a Dogecoin rally and highlights crypto’s rising cultural impact. 🔹 Bitcoin’s Surge: Bitcoin hits $94,000, sparking predictions of $250K or more during Trump’s presidency, while the crew debates whether a long-awaited altseason is imminent. 🔹 Ethereum’s Challenges: Ethereum’s Layer 2 friction and Solana’s growing UX dominance fuel concerns over Ethereum’s long-term competitiveness. 🔹 Solana and memecoins: Solana’s connection to memecoin markets strengthens its position as a key rival to Ethereum. 🔹 Crypto Regulation Outlook: The potential for sweeping pro-crypto legislation under Trump’s administration raises hopes for innovation but also risks overexuberance. 🔹 Ethereum 3.0 Skepticism: The Beam Chain proposal reflects Ethereum’s struggle to balance long-term visions with immediate market pressures, drawing comparisons to Solana’s rapid growth. 🔹 Future Price Predictions: Vance and the crew share bold price predictions for Bitcoin and Ethereum, exploring the political and technological forces driving market momentum. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures Guest: ⭐️Vance Spencer, Co-Founder Framework Ventures Disclosures Timestamps  00:00 Intro 01:36 Trump's Election and Market Reactions 03:14 Polymarket CEO FBI Raid 13:37 DOGE or the Department of Government Efficiency? 16:10 Memecoin Meta Update? 23:17 Trump's Pro-Crypto Administration 33:23 Market Sentiments and Predictions 42:00 Ethereum 3.0 and Beam Chain 52:17 Ethereum's Future and Competitors Learn more about your ad choices. Visit megaphone.fm/adchoices

Vance Spencer

Co-founder

Framework Ventures

In this episode, Jason is live from Permissionless with Michael Anderson from Framework Ventures and Avichal Garg from Electric Capital. They delve into the implications of Uniswap's Unichain, exploring its potential impact on ETH, OP, and the broader DeFi ecosystem. The conversation shifts to the evolving landscape of crypto applications and infrastructure, touching on investment strategies in both public and private markets. Finally, they discuss the upcoming U.S. election's influence on crypto regulation and the surprising role of stablecoins in national security. - - Start your day with crypto news, analysis and data from Katherine Ross and David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts Follow Avichal: https://twitter.com/avichal Follow Michael: https://x.com/im_manderson Follow Jason: https://twitter.com/JasonYanowitz Follow Santiago: https://twitter.com/santiagoroel Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7ww Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Anoma is the universal intent machine, introducing a new era of applications where you define the outcomes you want. Anoma’s intent-centric architecture provides a universal operating system for building intent-centric apps compatible with any blockchain. Anoma vastly improves blockchain UX, enables novel applications, and promotes a more human-centric future for decentralized technology. Follow Anoma at x.com/anoma and signup for the newsletter at anoma.net - - Supra Containers are secured by Supra’s L1 nodes and get access to Supra’s 500k TPS throughput, sub-second consensus latency, and all their built-in services like oracle price feeds and onchain randomness without any overhead. Supra is also MultiVM compatible so you can easily deploy your EVM, Move, and SVM smart contracts here. Get all the freedom, control, and tools you need to build super dApps and bring the world onchain. To learn more, visit www.supra.com/blockworks - - Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Michael Anderson

Co-founder

Framework Ventures

Avichal Garg

Co-Founder and Partner

Electric Capital

Are crypto games making a comeback? Vance Spencer and his Co-Founder Michael Anderson join us today to answer that question. We did a bunch of episode on crypto gaming last hype cycle – retrospectively, it was too early. But now we have cheap blockspace, better wallets, and games that are fun to play. ------ ✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-crypto-gaming-2 ----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE ⁠https://k.xyz/bankless-pod-q2 ⁠ 🦊METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING ⁠https://bankless.cc/MetaMask  ⚖️ARBITRUM | SCALING ETHEREUM ⁠https://bankless.cc/Arbitrum ⁠ 👾GMX | V2 IS NOW LIVE  https://bankless.cc/GMX 🔗CELO | CEL2 COMING SOON https://bankless.cc/Celo  🦄UNISWAP | ON-CHAIN MARKETPLACE ⁠https://bankless.cc/uniswap ------ TIMESTAMPS 00:00:00 Intro 00:07:19 Intro To Crypto Gaming 00:14:00 How Has Crypto Gaming Evolved? 00:17:39 Casual Vs AAA Games 00:21:10 The Current Gaming Experience 00:26:00 What Benefits Come From Blockchain? 00:32:47 Best Argument Against Crypto Gaming? 00:45:29 How Far Can This Go? 00:50:47 IOS and Taxes 00:55:11 Dealing With Regulators 00:59:01 Choosing a Chain 01:04:50 Are Traditional Studios Coming? 01:07:27 What's An On Chain Game? 01:12:20 Blockspace 01:18:58 Can This Pump Our Assets? 01:21:44 Closings and Disclaimers   ------ RESOURCES Vance: https://twitter.com/pythianism Michael: https://twitter.com/im_manderson ------ Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Vance Spencer

Co-founder

Framework Ventures

Michael Anderson

Co-founder

Framework Ventures

On the show today, we’re bringing Vance on to talk about S M E L L. Not an odor, but instead 5 different assets. The FAANG of Crypto? We walk through all 5 assets and talk about the merits of each, along with the other subjects running around the current crypto meta. Let Vance loop you into what he thinks is worth paying attention to. ----- 🏹 Airdrop Hunter is HERE, join your first HUNT today https://bankless.cc/JoinYourFirstHUNT  ------ 📣 SAFE CORE | Smart Wallet Infrastructure https://safe.global/core  ------ BANKLESS SPONSOR TOOLS: 🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://k.xyz/bankless-pod-q2  ⁠ 🦊METAMASK PORTFOLIO | MANAGE YOUR WEB3 EVERYTHING https://bankless.cc/MetaMask  ⚖️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum  ⁠ 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle  ⁠  🦄UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap%E2%81%A0   👾STADER LABS | ETHX LIQUID STAKING https://bankless.cc/Stader  ----- CHAPTERS 0:00 Intro 06:37 Takes on Friend.Tech 13:02 Good Or Bad For Crypto? 17:40 The SocialFi Narrative 20:17 S.M.E.L.L 23:23 Synthetix 27:55 Maker 35:34 Ether 41:26 Lido 47:10 ChainLink 50:48 Can They Outpace ETH? 56:35 Where's Uniswap 59:22 Solana? 1:01:29 Closing and Disclaimers ----- RESOURCES Vance Spencer  https://twitter.com/pythianism  ----- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures⁠

Vance Spencer

Co-founder

Framework Ventures

In today's episode special edition cross-over episode Jason and Santi are joined by Michael, Co-founder at Framework Ventures and Co-host of the Bell Curve podcast. They cover EthCC Account Abstraction takeaways, Infinex, UniswapX, Chainlink CCIP & LayerZero, the VC landscape and MUCH much more.  - - This episode is brought to you by Kwenta, the premier derivatives trading platform on Optimism that offers deep liquidity, low fees and up to 50x leverage across 24+ assets.  Go to Kwenta.io and start trading today! --  This episode is brought to you buy Thales.  Thales is an innovative digital options platform on Arbitrum and Optimism that gets you exposure to crypto assets in the simplest way possible. As simple as choosing UP or DOWN! Experience the simplicity and power of Thales by visiting:  https://thalesmarket.io/?mtm_campaign=blockworks - - Follow Santi: https://twitter.com/santiagoroel Follow Jason: https://twitter.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod Subscribe on YouTube: https://tinyurl.com/4fdhhb2j Subscribe on Apple: https://tinyurl.com/mv4frfv7 Subscribe on Spotify: https://tinyurl.com/wbaypprw Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Resources UniswapX https://twitter.com/Uniswap/status/1680955621343129600 Infinex https://twitter.com/DefiantNews/status/1679838219201028097 Chainlink CCIP https://twitter.com/chainlink/status/1680970793331613697 Celo Move to L1 https://blockworks.co/news/celo-return-home-ethereum --  (00:00) EthCC (03:46) Account Abstraction & Crypto UX (06:48) Infinex: The CEX Killer? (10:25) UniswapX Release (17:19) Chainlink CCIP (27:43) LayerZero vs Chainlink (31:04) Policy Episode Takeaways (36:23) Thales (37:19) Kwenta (38:15) CoinDesk Acquired (41:25) Sequoia Shakes Up Crypto Arm (48:24) Crypto VC Competitive Landscape (52:16) Crypto VC Strategies & Investment Practices (01:03:13) Most Important Factor for L1s (01:12:43) Celo Transition to Ethereum L2 — Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Michael Anderson

Co-founder

Framework Ventures

Vance Spencer is the Co-Founder of Framework Ventures, a VC firm that got its claim to fame by sticking around during the 2018-2020 bear market, going all-in on DeFi before we had a name for it, and taking risks and finding gems while everyone else fled the industry. This is Vance’s 4th appearance on Bankless, because in addition to being a chad VC, he’s also adept at measuring the markets and understanding metas, which is what we’re looking to do here today. Bitcoin is down 66% from the top, but up 50% from the bottom! ETH Down 66% from the top, but up 75% from the bottom! Solana down 90%, but up 200% from the bottom! Meanwhile, Ethereum’s L2 ecosystem is HOT. OP is hitting ATHs. RPL is at its highs in ETH terms, nearing highs in USD terms… Aptos is somehow at a 16B valuation. Question: Where are we??? Vance has the answer. ------ Crypto Tax Calculator | Free Crypto Tax Calculator https://bankless.cc/CTCpodcast  ------ JOIN BANKLESS PREMIUM: https://newsletter.banklesshq.com/subscribe  ------ BANKLESS SPONSOR TOOLS: KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE https://bankless.cc/kraken  UNISWAP | ON-CHAIN MARKETPLACE https://bankless.cc/uniswap  ️ ARBITRUM | SCALING ETHEREUM https://bankless.cc/Arbitrum  EARNIFI | CLAIM YOUR UNCLAIMED AIRDROPS https://bankless.cc/earnifi  ----- Timestamps: 0:00 Intro 6:24 Vance's Read of the Market 8:10 Ranging 9:40 Indicators 13:00 Apathy Market 15:30 Trends 18:41 Institutions 22:45 Is FTX a Permanent Stain? 25:45 Aptos 29:30 Alt-L1s 35:05 Private Markets 37:24 Crypto Gaming 41:15 Future of DeFi Tokens 43:39 Macro & Recession 45:40 ETH/BTC 49:40 Alt-L1s Over? 51:05 2023 51:50 Closing & Disclaimers ----- Resources: Vance Spencer https://twitter.com/pythianism  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures

Vance Spencer

Co-founder

Framework Ventures

In part one of The Scoop’s coverage of the on-going controversy surrounding FTX and Alameda, Framework Venture co-founder Vance Spence suggested that FTX must have a very large hole in their balance sheet to be forced to turn to their biggest competitor for a buyout. We now know that FTX likely has upwards of an $8 billion hole in its balance sheet, which CEO Sam Bankman-Fried is attempting to fill through fundraising efforts. In part two of this breaking news episode of The Scoop, Evgeny Gaevoy, Founder and CEO of crypto market-making firm Wintermute, and Ki Jung Ju, Co-Founder and CEO of crypto data provider CryptoQuant, examine FTX's demise with Framework Ventures Co-founder Vance Spencer. They discuss the relationship between FTX and Alameda, as well as what comes next for the crypto industry when the dust finally settles. According to Ju, whose company CryptoQuant specializes in analyzing on-chain data, there have been many substantial transfers between FTX and Alameda: “Digging into their wallets, FTX and Alameda's wallets, and there are many significant flows between those entities… I think there are many untransparent or shady deals between FTX and Alameda…” While the full extent of the relationship between FTX and Alameda remains unknown for now, Gaevoy also says that the connection between the two companies was improper: “It turned out that there was this massive moral hazard — there were way more connection points than should have been morally possible, and it ended with a spectacular, spectacular blowup.” Episode 110 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro, Wintermute Founder and CEO Evgeny Gaevoy, and CryptoQuant Co-founder and CEO Ki Jung Ju. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com. This episode is brought to you by our sponsors Tron, Ledn About Tron TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord | About Ledn Ledn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io

Evgeny Gaevoy

Founder

Wintermute

Ki Young Ju

Co-Founder and CEO

CryptoQuant

Vance Spencer

Co-founder

Framework Ventures

In response to the unexpected collapse of FTX, billions of dollars in crypto have been flowing out of exchanges over the past 24 hours as market participants rush to self-custody their funds. In this breaking news edition of The Scoop, Frank Chaparro and Framework Ventures Co-Founder Vance Spencer analyze the factors that contributed to FTX’s rapid downfall, as well as speculate on the comingled relationship between Alameda and FTX. According to Spencer, a Coindesk report on Alameda’s balance sheet published on November 2nd was a critical turning point in the saga. “What I was expecting a giga-brain firm like Alameda to have on their balance sheet was sovereign bonds offset by equity positions offset by other hedges, but it was just kind of like a retail crypto portfolio,” says Spencer. The prices of tokens associated with FTX and Alameda have plummeted, particularly FTX’s native FTT token, which is down over 80% in the last two days. Since FTX is backed by some of the biggest funds in the world including SoftBank and Tiger Global, Spencer suggests the fact that Binance appears to be FTX’s only option points to the likelihood that the reality of FTX’s book must be very severe: “For you to go to your biggest rival who is actively trying to kill you and sell to them implies to me that the other people weren't biting and that [Binance] was kind of the only option… What this makes me think is that the hole is either very large, or there's something else on the balance sheet which caused other people to pass.” Episode 109 of Season 4 of The Scoop was recorded live with The Block's Frank Chaparro and Framework Ventures Co-Founder Vance Spencer. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests can be sent to podcast@theblockcrypto.com. This episode is brought to you by our sponsors Tron, Ledn About Tron TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (dApps). Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized web3 services boasting over 100 million monthly active users. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. | TRONDAO | Twitter | Discord | About Ledn Ledn was founded on the unshakeable conviction that digital assets have the power to democratize access to the global economy. We help you to experience the real life benefits of your Bitcoin without having to sell it. Start a savings account, take out a loan, or double your Bitcoin. For more information visit Ledn.io

Vance Spencer

Co-founder

Framework Ventures

✨ DEBRIEF ✨ | Ryan & David's Unfiltered Thoughts on the Episode https://shows.banklesshq.com/p/121-debrief ------ Vance Spencer of Framework Ventures returns to Bankless to walk us through a tremendous opportunity—the Crypto Bear Market of 2022. With a steadfast thesis and a sober approach, Vance is bullish on Layer 2 ecosystems and GameFi. And of course, all roads lead to Ethereum. Crypto is a “coiled spring on a path to hypergrowth.” Bear Markets are where legends are born. How will you take advantage of the opportunity of a lifetime? ------ 📣 METAMASK | The Easiest Buy in Crypto https://bankless.cc/MetaMask  ------ 🚀 SUBSCRIBE TO NEWSLETTER:          https://newsletter.banklesshq.com/    🎙️ SUBSCRIBE TO PODCAST:                 http://podcast.banklesshq.com/    ------ BANKLESS SPONSOR TOOLS:  ⚖️ ARBITRUM | SCALED ETHEREUM https://bankless.cc/Arbitrum  ❎ ACROSS | BRIDGE TO LAYER 2 https://bankless.cc/Across  🏦 ROCKET POOL | DECENTRALIZED ETH STAKING https://bankless.cc/RocketPool  👻 AAVE V3 | LEND & BORROW CRYPTO https://bankless.cc/aave  ⚡️ MAKER DAO | THE DAI STABLECOIN  https://bankless.cc/MakerDAO   🦁 BRAVE | THE BROWSER NATIVE WALLET https://bankless.cc/Brave  ------ Topics Covered: 0:00 Intro 5:00 Vance Returns 7:39 Where Crypto Needs to Be 16:44 Bull Market Lessons 21:38 Alt L1 Blockchains 26:40 The Layer 2 Rotation 32:13 The Future of ETH Killers 41:07 The Future of Layer 2’s 47:30 Optimism vs Arbitrum 49:35 The Ethereum Market 58:30 ETH is Money 1:02:18 Veblen Moneygoods 1:07:19 Who Buys ETH? 1:10:15 Bull Market Timelines 1:16:05 The Future of Tokens 1:21:30 DeFi’s Make or Break 1:28:25 Winners will emerge 1:32:15 The GameFi Rabbit Hole 1:37:18 Lessons from Axie  1:43:15 Metaverse Money 1:47:45 The Bear Market Gift 1:50:30 Closing & Disclaimers  ------ Resources: Vance on Twitter: https://twitter.com/pythianism?s=20&t=z7tmj0LJ3O71UyWH9xlFqQ  Vance’s Tweets https://twitter.com/pythianism/status/1528501361452584960?s=20&t=IDHtibGbBEp1t1lnsMyrIg  https://twitter.com/pythianism/status/1531719941853892609?s=20&t=OyT_N9CEGQ8-dWs1MVapcQ  https://twitter.com/pythianism/status/1526968297794723840?s=20&t=ndBaWVS2JCaliYyt24jViA  Rune Christensen’s Endgame https://forum.makerdao.com/t/the-endgame-plan-parts-1-2/15456  Crypto Fees https://cryptofees.info/  Betting the Fund on the Merge https://shows.banklesshq.com/p/betting-the-fund-on-the-merge-hal?s=w#details  Bull Case For DeFi https://newsletter.banklesshq.com/p/the-bull-case-for-defi-vance-spencer?s=w  Bull Case For DeFi II https://shows.banklesshq.com/p/-defi-verticals-vance-spencer?s=w  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures

Vance Spencer

Co-founder

Framework Ventures

Vance Spencer and Michael Anderson, co-founders of Framework Ventures, join Jason on today’s episode of “Empire.” The founders have grown Framework’s assets under management from $14 million to over $1.4 billion in just three years. The co-founders share their thoughts on the layer-2 scaling thesis and why every project will eventually fork their own layer-2. Vance and Michael believe the shift to layer-2s is inevitable — it’s the endgame in maximizing token value. They then dive into staking and staking derivatives and why the Ethereum merge will bring about the birth of a new industry. This might be the most alpha ever dropped in one podcast — don’t miss it! - - Follow Jason: https://twitter.com/JasonYanowitz Follow Vance: https://twitter.com/pythianism Follow Michael: https://twitter.com/im_manderson Subscribe To Our YouTube Channel: https://tinyurl.com/4fdhhb2j Subscribe To Our Podcast: apple.co/3srZf7M or sptfy.com/8bQc -- ParaSwap: If you want to make a swap at the best price across the DeFi market, check out paraswap.io. ParaSwap’s state-of-the-art algorithm beats the market price across all major DEXs and brings you the most optimized swaps with the best prices, and lowest slippage. -- Timestamps: (00:00) Intro (01:21) Yuga Labs debacle and scaling solutions (07:40) Application-specific L2s (09:07) Are L2 tokens parasitic to L1 tokens? (11:27)The multichain future (15:58) $10B hack prediction (17:57) Lido and Staking (23:27) Is The ETH Merge Priced In? (27:41) How To Outperform ETH (30:24) Fundamental Analysis (32:54) Institutional strategies and the ETH flippening (38:56) Paraswap Ad (40:05) Bearish AMMs, Bullish PFOF (45:14) Are we just recreating TradFi? (47:22) Revisiting the OG DeFi protocols (50:50) Tokenomics (55:14) Investing in GameFi (1:04:58) Enterprise blockchains (1:09:54) Super DAOs (1:11:54) 2022 Outlook -- Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Vance Spencer

Co-founder

Framework Ventures

Michael Anderson

Co-founder

Framework Ventures

In this episode of The Scoop, Framework co-founders Michael Anderson and Vance Spencer sat down with host Frank Chaparro to explain their new fund’s investment thesis which centers around the idea that blockchain gaming is “getting to the point of mass-market appeal.” As Anderson explained during the interview, the combination of AAA quality game design and in-game ‘play-to-earn’ economies is the key to mass adoption: “That combinatorial effect is the transition that we predict will move from ‘play-to-earn’ into ‘play-and-earn’ where it’s more that you want to be playing the game because it’s a really fun and engaging game. You get to compete at the highest levels, and you get to play in the economy in the same ways that you get to with Axie.” Despite surging in popularity in 2021, the ‘play-to-earn’ game Axie Infinity has recently seen declining activity, something exacerbated by a $600 million hack earlier this year. According to the Framework co-founders, the remedy to the complexities and risks of blockchain gaming is in custodial solutions — another big theme of their new fund which the two co-founders hope will lead to mass adoption. As Spencer explained: “All of the game loops, all of the things that are super important to these game developers, break without these custodial experiences. And so this is going to be the kind of paradigm through which all of the people will initially come in.” Framework Ventures isn’t the only VC firm that sees blockchain gaming as crypto’s next major development: South Korean VC firm Hashed also shared with The Scoop how they are betting big on gaming with their own $200 million fund deployed last December. Episode 35 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Michael Anderson & Vance Spencer, cofounders of Framework Ventures. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com. This episode is brought to you by our sponsors Fireblocks, Coinbase Prime & Cross River Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com. About Coinbase Prime Coinbase Prime is an integrated solution that provides institutional investors with an advanced trading platform, secure custody, and prime services to manage all their crypto assets in one place. Coinbase Prime fully integrates crypto trading and custody on a single platform, and gives clients the best all-in pricing in their network using their proprietary Smart Order Router and algorithmic execution. For more information, visit www.coinbase.com/prime. About Cross River Cross River is powering today’s most innovative crypto companies, with banking and payments solutions you can rely on, including fiat on/off ramp solutions. Whether you are a crypto exchange, NFT marketplace, or wallet, Cross River’s API-based, all-in-one platform enables banking as a service, ACH & wire transfers, push-to-card disbursements, real-time payments, and virtual accounts and subledgers. Request your fiat on/off ramp solution now at crossriver.com/crypto.

Michael Anderson

Co-founder

Framework Ventures

Vance Spencer

Co-founder

Framework Ventures

In this special episode of Bankless, we bring on some of the best minds in the space to discuss where DeFi is and where we're headed. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎙️ SUBSCRIBE TO PODCAST: http://podcast.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini  🦊 METAMASK | DEFI PASSPORT https://bankless.cc/metamask  🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap  🔀 KWENTA | EXCHANGE SYNTHETIC ASSETS https://bankless.cc/kwenta  ------ The Current State of DeFi Panel: Vance Spencer, Santiago Santos, and Spencer Noon It feels like we're living out a crucial moment in the story of Decentralized Finance. A variety of perspectives will collectively yield that we are at a tipping point, from a macro and micro standpoint. As we witness the emergence of a new technological ecosystem, the stakes and implications are ever increasing. Thus it only makes sense to bring on a panel of some of DeFi's smartest minds to hold a summit on where we are and where we're heading. This panel comprised of Santiago Santos of Parafi Capital, Vance Spencer of Framework Ventures, and Spencer Noon of the Variant Fund. In broad terms, DeFi refers to open, blockchain-based finance. The root of this stack consists of primitive financial services – the money verbs like borrowing, lending, trading, escrow, etc. It involves programming smart contracts to execute logic that transfers value on the blockchain. Within these parameters, there is infinite expressivity and room to explore. The internet of value has set itself up to be a game of optimizing capital efficiency through logic. The winners of this game will be the protocols, apps, individuals, and institutions that minimize counterparty risk while maximizing anti-fragility and resilience. The key here is finding ways to balance the values of consumer agency and protection with the power of capital efficiency. Maximalism and absolutes will be pushed to the margin as the realities of tradeoffs become increasingly apparent. DeFi, despite its youth, has shown itself to be resilient and deeply anti-fragile. Good logic doesn't break. As it matures, the growth and depth of DeFi infrastructure will demonstrably contribute to its Lindy effect. The total addressable market (TAM) of this ecosystem difficult to quantify, as it is a non-zero game that currently encapsulates the entire global economy at present. Conversations like these should leave an informed viewer feeling optimistic, inspired, and determined to face the obstacles ahead with resolve and conviction. ------ Resources: Vance on Twitter: https://twitter.com/pythianism?s=20  Santiago on Twitter: https://twitter.com/santiagoroel?s=20  Spencer on Twitter: https://twitter.com/spencernoon?s=20  ------ Topics Covered: 0:00 Intro 4:00 Santiago, Vance, and Spencer 5:40 What is DeFi? 12:01 Can't Be Evil 17:10 Total Addressable Market 20:39 DeFi Eating the World 24:50 Capitulating Institutions 31:26 Regulatory Winter 34:39 Stablecoins and Yield 44:36 El Salvador & Usability 49:30 Uniswap V3 57:51 Layer 2 Madness 1:05:21 Being About That Life 1:09:10 Closing & Disclaimers ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures

Vance Spencer

Co-founder

Framework Ventures

Santiago Santos

Crypto Investor

ParaFi Capital

Spencer Noon

Partner

Variant FundVariant

Vance Spencer returns to Bankless to refresh his takes from his last appearance, 'The Bull Case For DeFi.' His predictions have held up exceptionally well, and listen in as he takes us through what Layer 2 means for the DeFi space. ------ 🚀 SUBSCRIBE TO NEWSLETTER: https://newsletter.banklesshq.com/  🎖 CLAIM YOUR BADGE: https://newsletter.banklesshq.com/p/-guide-2-using-the-bankless-badge  🎧 Get this Episode's Debrief: https://shows.banklesshq.com/p/exclusive-debrief-defi-verticals  ------ BANKLESS SPONSOR TOOLS: 💰 GEMINI | FIAT & CRYPTO EXCHANGE https://bankless.cc/go-gemini  🦊 METAMASK | DEFI PASSPORT https://bankless.cc/metamask  🦄 UNISWAP | DECENTRALIZED FUNDING http://bankless.cc/uniswap  🔀 KWENTA | EXCHANGE SYNTHETIC ASSETS https://bankless.cc/kwenta  ------ 📣 KYBER | DeFi’s First Dynamic Market Maker Protocol https://bankless.cc/kyber  ------ Bankless Podcast #68 - DeFi Verticals Guest: Vance Spencer Framework's Vance Spencer returns to Bankless nine months after his first appearance, 'The Bull Case for DeFi.' A lot has happened in the space since then, but his perspective holds up as salient and sharp. He and investing partner Michael Anderson have built a venture fund that invests in people. With a healthy mix of on-chain and venture investments, Framework has consistently led as a thesis-driven firm with a clear focus on DeFi. Primitives, aggregators, and apps comprise a diverse and thoughtful portfolio representing a successful past and bullish future. It is increasingly apparent that capital efficiency is the game that DeFi projects are playing to gobble up market share. Vance brings a uniquely holistic approach to investing in the space, discussing the verticalization of DeFi and seeking projects that leverage the smart contract money legoes to optimize front ends. The space's growth depends on building out payment rails, optimizing MEV, and exploring the world of rollups as a massive upgrade to the DeFi Sandbox. Stay tuned for hot predictions towards the end – this is somebody to listen to. ------ Topics Covered: 0:00 Intro 6:00 Vance Spencer of Framework 9:15 Accelerating Innovation & TVL 12:25 Bullish Bear Market 15:00 Optimism, ETH, and BTC 20:11 Long-term Market Cycles 24:23 Speculation, Value, and Resilience 29:06 Narratives and Volatility 35:41 The DeFi Sandbox Today 42:14 What to Build Next 47:30 Institutional Aave 51:40 Enterprise Blockchain 56:03 Regulation 59:54 DeFi Layer 2 Summer 1:09:57 Derivatives & Games 1:13:30 Layer 2 Implications 1:19:40 Multi-Chain DeFi 1:23:44 Ultra-Sound Values 1:28:29 Eating the World 1:31:40 Information and DAOs 1:37:02 Be About That Life 1:42:00 Predictions 1:48:18 Framework Ventures 1:50:54 Closing & Disclaimers ------ Resources: Vance on Twitter: https://twitter.com/pythianism?s=20  The Bull Case for DeFi: https://newsletter.banklesshq.com/p/the-bull-case-for-defi-vance-spencer  ----- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research. Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://newsletter.banklesshq.com/p/bankless-disclosures

Vance Spencer

Co-founder

Framework Ventures

In Vance Spencer's view, the market is completely undercounting the amount of capital that's about to move into the crypto world from institutional investor circles.  The co-founder of the $1 billion-plus investment firm Framework Ventures would have a good sense of that trajectory, considering how Framework wrapped up a $100 million fundraise for a new fund in the decentralized finance market. Announced Friday, backers of the new fund include the $40 billion investment firm Hall Capital Partners and unnamed endowments, according to a report by The Wall Street Journal.  Spencer joined The Scoop (prior to the raise being made public) to unpack the case for Ethereum, which powers much of the DeFi market, the impact of Dogecoin mania, and institutional adoption of crypto.  "The resounding sense that I get is that people are underestimating the amount of capital that's coming off the sidelines by probably 1 to 2 orders of magnitude," Spencer said. Spencer said that Ethereum and Bitcoin are the two cryptos that are "on the menu" for the large investors and are both "nowhere near a top." Still, he added that the story of Ethereum "has a lot more to be told in a world where there is not hyperinflation or there's not all these crazy things happening than [bitcoin's story]." This episode is brought to you by our sponsors Bakkt, Kraken, and Exodus Bakkt® unlocks the $1.2+ trillion of digital assets that is currently held in cryptocurrencies, rewards and loyalty points, gaming assets and merchant stored value. We began in 2018 with the vision to bring trust and transparency to digital assets. Through the Bakkt Warehouse and Bakkt Bitcoin Futures and Options contracts, we serve institutional clients in an end-to-end regulated market with true price transparency. For consumers, Bakkt aggregates digital assets to enable instant liquidity and to empower users to trade, transfer and pay however they want. Visit Bakkt.com for more information About Kraken Whether you’re an experienced crypto trader or just starting out, Kraken has the tools to help you achieve financial freedom. With 50+ cryptocurrencies to choose from, industry-leading security and a wide variety of features to suit any investing strategy, Kraken puts the power in your hands to buy, sell and trade digital assets. Visit Kraken.com to get started today. About Exodus Exodus is leading the world out of traditional finance by building beautiful and user-friendly crypto products. Forget having to learn the nuances of different cryptocurrencies. Exodus is designed for everyone and hides the complex details behind a beautiful and intuitive interface. Buy and sell one cryptocurrency for another from the comfort of your wallet, in seconds. Funds remain under your full control. Secure, manage, stake, and exchange all of your favorite cryptocurrencies from one wallet. No account registration is required. Download Exodus at Exodus.com or directly from Google Play and the iOS App Store and you’re ready to go.

Vance Spencer

Co-founder

Framework Ventures

Episode: #28 August 31, 2020 ----- Tools from our sponsors to go bankless: Loopring - trade & pay on Ethereum w/ near-0 gas fees! (use "Bankless" for VIP4 status & trades at 6bps!) Monolith - holy grail of bankless Visa cards Aave - money lego for lending & borrowing Rocket Dollar - tax shelter your crypto ($50 w/ "BANKLESS") (Read this on IRAs and 401ks) ---- Vance Spencer of Framework was buying DeFi tokens when they were deeply unpopular. Deep conviction on DeFi, but he and his co-founder made bets on communities. He was contrarian yes...but contrarian right. Ask him his strategy and he'll simply tell you..."I look at memes all day." But there's hidden brilliance in that phase. Listen as he describes how he invests in the crypto native founders, how he buys culturally composable communities, how the best things start very small.  His fund bought SNX when no on believed. They bought LINK when it was worth 18 cents. How? Why? What's he buying now? We end with some FIRE predictions on final market caps for this bull run. We cover: Are we in a bull market? The DeFi Bull Case Crypto Native Investing Fund Composable communities Contrarian bets in the bear market Where did the LINK marines come from? Populism is real in crypto REGULATORS are friends? Turning Communities into Protocols Farming Token Premium Things Vance is buying Price Predictions!!! 🔥 Join us next Monday for a fresh episode! ----- Resources discussed: DeFi Studio Framework Labs Leave Stealth Listen to Protocol Sink Thesis episode ----- Episode Actions: Get involved in communities - YFI, YAMs, SNX, Bankless Get active in the networks you invest in! (e.g. own some ETH, try to run an Eth2 validator!) ----- Subscribe to podcast on iTunes | Spotify | YouTube | RSS Feed Leave a review on iTunes Share the episode with someone you know! ----- Don't stop at the podcast! Subscribe to the Bankless newsletter program Watch Bankless shows and tutorials on YouTube Visit official Bankless website for resources Follow Bankless on Twitter Follow Ryan on Twitter Follow David on Twitter ----- Not financial or tax advice. This podcast is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions.  Do your own research.

Vance Spencer

Co-founder

Framework Ventures

This week’s interview is with Michael Anderson and Vance Spencer, co-founders of crypto venture fund Framework Ventures. Michael and Vance live and breathe crypto. The live together, work together, and spend all their time analyzing crypto startups, and actively participating in the protocols they fund. It’s how they’ve become some of the deepest thinkers in the space. They talked about how the emergence of token-based business models in the past year has been a breakthrough for crypto, legitimizing the space as a new asset class. they discussed how they determine whether a protocol will accrue value. Vance believes new developments in decentralized exchanges this year will drive 10% of centralized exchanges’ liquidity. Michael believes the hot new thing, governance tokens, are akin to early startup equity. They also talked about why they love the philosophy driving SNX and discussed why the underdog mentality of LINK Marines is bullish for Chainlink. But first, we’ll start with how they got into crypto in the first place.

Michael Anderson

Co-founder

Framework Ventures

Vance Spencer

Co-founder

Framework Ventures