News
Solana May Deliver on Blockchain’s Original 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 emphasized its unique ability to disrupt financial markets and fulfill the original promise of blockchain.
Blockchain technology, originally designed for peer-to-peer electronic money, aimed to improve self-custodial digital property rights, programmable money, and open finance. Bitcoin, as a store of value and medium of exchange, highlighted this vision.
Blockchains promised to overshadow existing monetary systems by becoming faster, cheaper, and accessible 24/7/365.
Despite promises of speed, affordability, and constant accessibility, blockchain has faced challenges with performance, capital, and talent liquidity.
Lily says new technologies are crucial because they enable and monetize long-tail markets, unlocking opportunities that previous systems couldn’t. According to Lily, while blockchain may not seem 10x better than current systems to everyone, it offers unique use cases that surpass traditional financial infrastructure.
Performance: Solana’s Edge
Lily supports Solana for its high performance. Unlike other blockchains, Solana has consistently demonstrated high transaction speeds and low costs, making it a strong candidate to realize the original vision of blockchain technology.
Capital Liquidity: Solana’s Presence on the Market
Solana’s capital liquidity is evident in its solid market performance. It ranks among the top three stablecoin transaction volumes this year.
Green bars in transaction volume metrics often represent Solana, highlighting its widespread adoption as a medium of exchange.
Talent Liquidity: A Robust Developer Ecosystem
This liquidity of talent ensures the continuous improvement and evolution of 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 strong developer community. Solana, she argues, is the only ecosystem that satisfies all three.
Different use cases on Solana
The Solana platform supports a variety of financial applications, including supply chain finance, payday lending, credit cards, corporate credit, interbank repo markets, and insurance markets. These use cases highlight Solana’s versatility and potential to disrupt traditional financial systems.
Lily Liu: Isn’t PayFi Just DeFi?
PayFi introduces a revolutionary financial concept, distinct from DeFi, that focuses on settlement timing. Lily, its creator, emphasizes the value of timely settlement over speculative trading. In cryptocurrency, PayFi enables “Buy Now, Never Pay” scenarios, revolutionizing finance. It supports creator monetization, offers invoice financing, manages payment processing risks, and promotes private credit pools globally on Solana.
With applications ranging from supply chain finance to insurance markets, PayFi is pioneering programmable money, shaping a new era in financial innovation that goes beyond traditional DeFi paradigms.
In conclusion, while the original vision for blockchain has faced obstacles, platforms like Solana are making great strides in realizing this vision by offering performance, liquidity, and a robust developer community. Solana exemplifies the transformative potential of blockchain technology, driving new financial markets and opportunities.
Read also: Messi’s Instagram Story Promotes Solana Memecoin WATER