Exclusive Interview with FRAMEWORK VENTURES Co-Founder Vance Spencer | KBW2023

foreign investors first and foremost and synthetics Ave uniswap compound the graph chain link uh Wi-Fi you know those are all either LED or we're the largest holders of those tokens outside the team or the largest airdrop recipients so I mean we are known for that and you know the panel that we just did was on maker and that's a new investment of ours but D5 is really the thing that has product Market fit and scale and profitability and that's kind of what we do [Music] we look at you know what type of traction you have what type of metrics you have on chain who the team is what the category is and uh you know what kind of the momentum behind the project is as well kind of everything that you would look for in traditional Venture the same rules apply here we're not you know Reinventing the wheel or changing the math it's just good fundamentals basically the easiest way to get our attention is to build something undeniable and something that has real scale traction earnings power and where the token frankly makes sense I think in the next six to 12 months you're going to see all the games launch and that's just going to be a user funnel that is really hard to match by anything that exists on chain today so those are the things that on the Venture side we're looking at the most outside of D5 but you know it's there's there's fewer crypto projects these days but they're better overall and I think that's kind of the quality Trend which is really good to see we don't want a thousand crypto projects we want a hundred that are really good this bear Market is way better frankly way easier than the last one there's actually applications There's real teams There's real things being built we raised 400 million in April um and so we've just been having a blast frankly it's been a lot of fun deploying it yeah it's like being a kid in the candy store it's it's really hard to be pessimistic on the space right now I mean Defy is the category that has product Market fit it is probably the easiest to invest into in terms of there's liquid tokens there's valuation models There's real communities and real dows and so it's I don't know I honestly don't feel like this bear Market is too difficult in terms of like what what should you do the answers are kind of sitting there if you actually look on chain you know D5 really scaling is the first one you know getting to I think there's a few protocols that we'll get to a billion plus in earnings this cycle and that's wild the next one is gaming and and you know launching that we'll get a bunch of users on chain and that'll be just you know an influx of no more new people and then the last one is AI and just being able to actually have these Dows be autonomously governed but that's kind of the things that I think will be at least most impactful