Solana can fulfill Blockchain’s OG promise: Lily Liu at ETHCC

At the Ethereum Community Conference on July 8, Lily Liu, President of the Solana Foundation, showcased the transformative potential of blockchain technology. Highlighting Solana’s exceptional performance, capital liquidity, and robust developer ecosystem, she underscored its unique ability to revolutionize financial markets and fulfill blockchain’s original promise.

Blockchain technology, initially designed for peer-to-peer electronic cash, aimed to enhance self-custody digital property rights, programmable money, and open finance. Bitcoin, as a store of value and medium of exchange, highlighted this vision. 

Blockchains promised to outshine existing monetary systems by being faster, cheaper, and accessible 24/7/365. 

Despite promises of speed, cost-efficiency, and constant accessibility, blockchain has struggled with performance, capital, and talent liquidity issues.

Lily asserts that new technologies are crucial as they enable and monetize long-tail markets, revealing opportunities that the previous systems couldn’t. According to Lily, while blockchain might not seem 10x better than current systems to everyone, it offers unique use cases that surpass the traditional financial infrastructure.

Performance: Solana’s Edge

Lily advocates for Solana due to its high performance. Unlike other blockchains, Solana has consistently demonstrated fast transaction speeds and low costs, making it a strong candidate for fulfilling the original vision of blockchain technology.

Capital Liquidity: Solana’s Market Presence

Solana’s capital liquidity is evident in its strong market performance. It ranks in the top three for stablecoin transaction volume this year. 

The green bars in transaction volume metrics often represent Solana, showcasing its widespread adoption as a medium of exchange.

Talent Liquidity: A Robust Developer Ecosystem

This talent liquidity ensures continuous improvement and evolution of the blockchain, making it a dynamic and adaptable ecosystem.

Lily highlights three critical conditions for a successful blockchain: fast and cheap transactions, widespread use of money, and a robust developer community. Solana, she claims, is the only ecosystem that meets all three.

Diverse Use Cases on Solana

The Solana platform supports a variety of financial applications, including supply chain finance, payday loans, credit cards, corporate credit, interbank repo markets, and insurance markets. These use cases highlight Solana’s versatility and its potential to revolutionize traditional financial systems.

Lily Liu: Isn’t PayFi, Just DeFi?

PayFi introduces a groundbreaking financial concept, distinct from DeFi, focusing on settlement times. Lily, its creator, emphasizes the value of timely settlement over speculative trades. In crypto, PayFi enables ‘Buy now, Pay Never’ scenarios, revolutionizing finance. It supports creator monetization, offers invoice financing, manages payment processing risks, and fosters private credit pools globally on Solana. 

With applications spanning supply chain finance to insurance markets, PayFi pioneers programmable money, shaping a new era in financial innovation beyond traditional DeFi paradigms.

In conclusion, while the original vision for blockchain has faced hurdles, platforms like Solana are making significant strides in realizing this vision by providing performance, liquidity, and a strong developer community. Solana exemplifies the transformative potential of blockchain technology, driving new financial markets and opportunities.

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