DeFi
Solana Can Deliver on Blockchain’s Original Promise: Lily Liu at ETHCC
At the Ethereum Community Conference on July 8, Solana Foundation President Lily Liu showcased the transformative potential of blockchain technology. Highlighting Solana’s exceptional performance, capital liquidity, and robust developer ecosystem, she highlighted its unique ability to revolutionize financial markets and deliver on blockchain’s initial promise.
Blockchain technology, originally designed for peer-to-peer electronic cash, aimed to empower self-managed digital property rights, programmable money, and open finance. Bitcoin, as a store of value and medium of exchange, has brought this vision to life.
Blockchains promised to surpass existing monetary systems by being faster, cheaper, and accessible 24/7/365.
Despite promises of speed, cost-effectiveness, and consistent accessibility, blockchain faces challenges of performance, capital, and talent liquidity.
Lily says new technologies are crucial because they enable the creation and monetization of long-tail markets, revealing opportunities that previous systems couldn’t offer. While blockchain may not seem 10x better than current systems to everyone, Lily says it offers unique use cases that go beyond traditional financial infrastructure.
Performance: The Edge of Solana
Lily champions Solana because of its high performance. Unlike other blockchains, Solana has consistently demonstrated fast 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 strong market performance, ranking among the top three in stablecoin trading volume this year.
Green bars in transaction volume metrics often represent Solana, illustrating 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 essential requirements for a successful blockchain: fast and cheap transactions, widespread use of money, and a strong developer community. She believes that Solana is the only ecosystem that meets all three requirements.
Various use cases on Solana
The Solana platform supports a wide variety of financial applications, including supply chain finance, payday lending, credit cards, corporate lending, interbank repo markets, and insurance markets. These use cases highlight Solana’s versatility and potential to revolutionize traditional financial systems.
Lily Liu: Isn’t PayFi just DeFi?
PayFi introduces a revolutionary financial concept, distinct from DeFi, focused on settlement times. Lily, its creator, emphasizes the value of fast settlement over speculative transactions. In crypto, PayFi enables “Buy Now, Pay Never” scenarios, revolutionizing finance. It supports creator monetization, offers invoice financing, manages payment processing risks, and powers global private credit pools on Solana.
With applications ranging from supply chain finance to insurance markets, PayFi is the pioneer of programmable money, shaping a new era of financial innovation beyond traditional DeFi paradigms.
In conclusion, while the original vision of blockchain has encountered obstacles, platforms like Solana are making significant strides in realizing this vision by offering performance, liquidity, and a robust developer community. Solana exemplifies the transformative potential of blockchain technology, creating new markets and financial opportunities.
Read also : Messi’s Instagram Story Promotes Solana WATER Memecoin