Vance Spencer co-founded both Framework Ventures and Framework Labs, making him a co-founder-operator hybrid who actively builds crypto protocols through Labs rather than just investing passively like traditional VCs. He's known for his early, high-conviction DeFi investments in core primitives like Chainlink and Aave, and for arguing that crypto's classic 4-year cycle narrative is breaking down as the market matures into more fundamentals-driven mini-cycles. Vance Spencer co-founded both Framework Ventures and Framework Labs, making him a co-founder-operator hybrid who actively builds crypto protocols through Labs rather than just investing passively like traditional VCs. He's known for his early, high-conviction DeFi investments in core primitives like Chainlink and Aave, and for arguing that crypto's classic 4-year cycle narrative is breaking down as the market matures into more fundamentals-driven mini-cycles.