Crypto Gloss

Framework Ventures

Framework Ventures is a crypto-native venture capital firm founded in 2019 by Michael Anderson and Vance Spencer. The firm is best known as one of the most prominent early backers of Chainlink (LINK) and for articulating a clear investment thesis around DeFi infrastructure — the idea that the productive economy of crypto (lending, derivatives, oracles, and real yield generation) would be more durable than speculative trading cycles. Framework raised a $100M fund in 2020 and a subsequent $400M fund in 2022.

Background

Co-founders Michael Anderson and Vance Spencer both came from finance and tech backgrounds before entering crypto. Their Chainlink thesis was articulated early and publicly — they were vocal LINK bulls at a time when Chainlink was widely mocked in crypto Twitter culture as a memecoin (“LINK marines”). Their conviction proved correct: Chainlink became the dominant decentralized oracle network, with LINK rising from cents to $50+ at its 2021 peak.

Investment Thesis

Framework focuses on the “productive economy” of crypto:

  • DeFi infrastructure that generates real cash flows — oracles, DEXs, yield protocols
  • Gaming and NFT economies with persistent on-chain ownership models
  • Protocols with durable network effects, not just speculative premium
  • Real Yield — DeFi protocols that generate revenue from actual economic activity versus inflationary token emissions

Notable Portfolio Companies

Protocol Category
Chainlink (LINK) Oracle network
Axie Infinity (AXS) Blockchain gaming
Aave Lending
Synthetix Synthetic assets / derivatives
Goldfinch Real-world lending
Yield Guild Games Gaming DAO
Enjin NFT infrastructure
Perpetual Protocol Perps DEX
Notional Finance Fixed-rate DeFi

Public Presence

Both founders are active on crypto Twitter and have given interviews articulating their thesis. Vance Spencer in particular has been known for detailed podcasts on DeFi economics and real yield narratives.

Related Terms

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