This is a segment from the Empire newsletter. To read full editions, subscribe. “Be prepared to do more with less,” Framework Ventures’ Michael Anderson said on this week’s Empire round-up. Empire co-host Santiago Santos joined the Bell Curve round-up to chat about the cycle, and he talked a lot about what this moment means for founders, given that the overall attitude around crypto is pretty bullish…and yet it’s a tough time to build in crypto. As Dragonfly’s Rob Hadick told us yesterday, the valuations are pretty high at this point, and Anderson added another interesting layer: This industry has to be “efficient with the money that we’re using.” “ There is generally going to be less money than people expect. Every year over the last five years, we’ve had less money than the previous year from a venture-allocation perspective,” he added. For the founders out there, Santos offered some advice from his unique position of being both a VC and a founder himself: Keep at least 24 months of runway and “understand your position in the stack.” Which means having an understanding of a monetization plan.