The Rollup How Treasury Companies Will Drive Crypto's Next Bull Run with Michael Anderson
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Aug 31, 2025 
In this engaging conversation, Michael Anderson from Framework Ventures dives into the transformative role of digital asset treasury companies in institutional crypto adoption. He highlights the increasing interest in Ethereum ETFs and the potential for significant Ethereum purchases. Michael emphasizes DeFi's foundational importance and discusses the challenges ahead, including market sustainability and governance in crypto ecosystems. Expect exciting insights into how these treasury strategies could shape a new era for cryptocurrencies!
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L1s Versus Apps: Different Valuation Worlds
- L1s combine multiple asset roles into one token offering larger outcome potential.
- Apps must be valued on real cash flows and profitability rather than raw metrics like TVL.
Value Projects By Cash Flow, Not TVL
- Stop valuing projects by raw TVL alone because not all TVL translates to profit.
- Prioritize projects that convert on-chain activity into sustainable bottom-line cash flow.
New L1s Follow A Familiar Playbook
- Many newer purpose-built L1s will follow the same playbook: distribution plus monetizable asset.
- Michael warns that competing L1s must differentiate on tech or distribution to become meaningful.