在第148期《隐藏力量》节目中，主持人Demetri Kofinas与Framework Ventures的创始人Michael Anderson和Vance Spencer探讨去中心化金融DeFi的未来。他们讨论了金融机构如何通过智能合约降低成本和创造新的收入流，以及无许可开放协议如何扩大金融服务的人群覆盖。此外，还分析了基于代币的商业模式相对于传统商业模式的技术优势，并分享了他们在Chainlink和Synthetix的投资经验。

🔍 Framework Ventures是一家专注于去中心化金融DeFi的风险投资公司，其投资理念基于三个假设：金融机构将通过智能合约获得竞争优势，无许可开放协议将使更多人获得金融服务，基于代币的商业模式在技术产品领域具有优势。

🚀 Framework Ventures的投资案例包括Chainlink和Synthetix，这两个项目在去中心化金融领域具有重要地位。Chainlink作为去中心化预言机提供商，Synthetix作为衍生品平台，都展现了DeFi的巨大潜力。

🎯 节目中，嘉宾们探讨了如何捕捉网络价值、解决双边网络的“先有鸡还是先有蛋”问题，并提出了一种新的估值方法，打破了2017年ICO热潮时期流行的模型和公式。

🔬 Framework Ventures团队还对Chainlink和Synthetix的技术、代币经济学和社区进行了深入讨论，展示了他们对DeFi生态系统的深刻理解和投资策略。

In Episode 148 of Hidden Forces, Demetri Kofinas speaks with Michael Anderson and Vance Spencer. Mike and Vance are the founders of Framework Ventures, a thesis-driven venture capital firm whose team of technologists, researchers, and investors partner with founders and teams to build token-based networks and develop the requisite cryptoeconomics, governance, and community to scale.   

The team’s focus is on the hot new space of decentralized finance, known as DeFi for short. They are the largest owners outside of the core team & exchanges of both the decentralized oracle provider Chainlink and the derivatives platform Synthetix. 

Framework’s investment thesis relies on three assumptions. The first is that (1) financial institutions will realize competitive advantages as smart contract functionality allows them to streamline costs and realize new revenue streams. (2) Permissionless open protocols will provide access to financial services to a wider range of people than is possible today. (3) Token-based business models have a competitive advantage over traditional business models for some technical products.

During this episode, we explore a number of use cases and applications that Framework’s founders believe will drive value in DeFi. We discuss cryptoeconomics in the context of how to capture network value, the “chicken-or-the-egg” problem of initializing a two-sided network and consider a new approach to valuation that breaks with some of the models and formulas that were popularized during the ICO craze of 2017. 

The team also discusses their investments in Chainlink and Synthetix, including a discussion about the tech, tokenomics, and community of these projects.

You can access the episode overtime, as well as the transcript and rundown to this week’s episode through the Hidden Forces Patreon Page. All subscribers gain access to our overtime feed, which can be easily added to your favorite podcast application.

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Producer & Host: Demetri Kofinas

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Episode Recorded on 07/20/2020