Katherine Ross

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire" target="_blank" rel="noreferrer noopener">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



“Be prepared to do more with less,” Framework Ventures’ Michael Anderson said on this week’s <a href="https://blockworks.co/podcast/empire/123636b8-1c15-11f0-b399-77293cfdfa54">Empire round-up</a>.&nbsp;



Empire co-host Santiago Santos joined the Bell Curve round-up to chat about the cycle, and he talked a lot about what this moment means for founders, given that the overall attitude around crypto is pretty bullish…and yet it’s a tough time to build in crypto.&nbsp;



As Dragonfly’s Rob Hadick <a href="https://blockworks.co/news/defi-founders-stablecoin-dragonfly-hadick">told us yesterday</a>, the valuations are pretty high at this point, and Anderson added another interesting layer: This industry has to be “efficient with the money that we’re using.”



<iframe loading="lazy" width="560" height="315" src="https://www.youtube.com/embed/qs-wmzStry0?si=ABrTzXoQHkIwHQDG" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>







“ There is generally going to be less money than people expect. Every year over the last five years, we’ve had less money than the previous year from a venture-allocation perspective,” he added.&nbsp;



For the founders out there, Santos offered some advice from his unique position of being both a VC and a founder himself: Keep at least 24 months of runway and “understand your position in the stack.”



Which means having an understanding of a monetization plan.&nbsp;



Santos added that Facebook, back when it was planning to go public — and even after it IPO’d — didn’t have a monetization plan. It actually got dinged by investors for it, if you look at the historical data.



“It just said, we&#8217;re gonna build a killer product that people love and we&#8217;ll then figure out how to monetize,” Santos said. But as crypto evolves, the path towards monetization models will also become more clear as users come onboard and — as Santos put it himself — “ if you have attention of the user, you can monetize the shit out of it.”



So go forth and monetize…one day.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/daily">Blockworks Daily</a>: Unpacking crypto and the markets.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Crypto has to be more ‘efficient’ with the money being used

Garrett Harper

Vance Spencer and Michael Anderson, co-founders of Framework Ventures, join Jason on today’s episode of “<a href="https://www.youtube.com/watch?v=1KFuND2TIps&amp;ab_channel=BlockworksCrypto" target="_blank" rel="noreferrer noopener">Empire</a>.” 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!



Plus, hear more on:



<ul class="wp-block-list"><li>leveraged bets on ETH</li><li>the demise of AMMs</li><li>enterprise blockchains</li><li>ETH 2.0 merge</li><li>And so much more!</li></ul>



Check out what they had to say in the video below.👇



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Every Project Will Have Its Own L2 | Michael Anderson &amp; Vance Spencer" width="1024" height="576" src="https://www.youtube.com/embed/1KFuND2TIps?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
</div></figure>



<h3 class="wp-block-heading">About the show</h3>



&#8220;Empire&#8221; is a twice-a-week show where we share the real crypto stories that aren’t heard elsewhere. On Mondays, Jason and Santiago Santos interview crypto industry movers and shakers to talk about their struggles, bold moves and tough decisions. Finish off the week with Friday&#8217;s weekly roundup episode that covers the top news and narratives of the week.



For any NPR or Guy Raz fans out there, you can think of &#8220;Empire&#8221; as a &#8220;How I Built This&#8221; for the bitcoin and crypto industry.



Subscribe to &#8220;Empire&#8221; today on&nbsp;<a href="https://podcasts.apple.com/us/podcast/empire/id1554930038" target="_blank" rel="noreferrer noopener">Apple</a>&nbsp;or&nbsp;<a href="https://open.spotify.com/show/4UTePv1CR3APdKOiosR3Iq" target="_blank" rel="noreferrer noopener">Spotify</a>. Watch episodes on&nbsp;<a href="https://www.youtube.com/channel/UCEOv-8wHvYC6mzsY2Gm5WcQ" target="_blank" rel="noreferrer noopener">YouTube</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Get the news in your inbox. Explore Blockworks newsletters:



<ul class="wp-block-list">
<li><a href="https://blockworks.co/newsletter/daily">Blockworks Daily</a>: Unpacking crypto and the markets.</li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forwardguidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha directly in your inbox.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/supplyshock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>