Solana Foundation President Lily: What is the biggest narrative of this cycle? What is the future of crypto payments?

Original title: "Lily, President of Solana Foundation: What is the biggest narrative of this cycle? What is the next step for crypto payments?"

Original author: BlockTempo

Lily Liu, President of Solana Foundation, delivered a keynote speech "PayFi" at the ABS Asian Blockchain Summit, and had a dialogue with Cal King, founder of Taiwan Validator, to discuss the culture and trends of cryptocurrency, and the role Solana plays in it.

The audience was packed to listen to what kind of innovations Solana, the most popular public chain, will bring in the future.

PayFi on Solana

First, Lily Liu talked about a settlement-based DeFi concept - PayFi. In just 20 minutes of speech, Lily Liu outlined the specific outline of PayFi and provided the following examples:

· Retail environment:For example, using cryptocurrency for "Buy Now, Pay Never" transactions, using the interest of the lending platform to pay for consumption.

· Digital content creators:Creators can fund their next project by prepaying future income, which is difficult to achieve in the traditional financial world.

· Accounts receivable:Companies can quickly obtain cash flow from accounts receivable and reduce waiting time through cryptocurrency, which is a huge market.

In addition, in order to match the innovative concept of PayFi, fast payments and low transaction costs are important, but more importantly, the technology should enable 10x utility use cases. Lily Liu said: Solana has the advantages of high performance, capital liquidity and talent liquidity, and is the only blockchain that can achieve these utilities.

ABS Formosa Venue Lily Speech Special PayFi

Lily Liu's Fireside Chat

Lily Liu's second speech was a fireside chat with Cal King, founder of Taiwan Validator. Lily first talked about how she first came into contact with Bitcoin in 2013, when she heard the story of Bitcoin from Bobby Lee, founder of BTCC, the first Bitcoin exchange in China.

From Crypto Scam to Crypto Changing the World

At first, Lily, like ordinary people, thought Bitcoin was a scam, but after Bobby Lee's constant brainwashing and mentioning, Lily Only then did he compromise and read the Bitcoin white paper. After reading it, he was convinced that cryptocurrency is not only not a scam, but a technological innovation that can change the world: "After reading the white paper, I think it is definitely not a scam. It's very interesting because it's very simple, but this simple concept - you have digital property rights - is actually very profound. You can say that having a legal system to enforce property rights is also a simple thing, but in fact, it is the foundation of the success of human civilization. So this is a simple but very basic thing, and the technological innovation that can enforce this in a digital environment is transformative. This really caught my attention because not only is this similar to the foundation of a successful society and economy in the non-technical world and the non-digital world at the very beginning, but when you add programmability on top of this, it becomes very crazy. I think there are still a lot of innovations that have not yet been discovered, and we are still in the early stages of this journey." Cryptocurrency Mainstreaming In addition, Lily He also has his own point of view, and said that Bitcoin is already a mainstream financial product: "The way cryptocurrency is adopted by the mainstream is a bit counterintuitive, I think. You must have your own advantages, strengths and critical mass (reaching a sufficient number of users, supporters or resources to enable cryptocurrency to expand further), and then that's how you transform the mainstream. So Bitcoin eventually flipped Wall Street through the Bitcoin ETF, which ultimately promoted mainstream integration into existing Wall Street institutions, so I think Bitcoin has now gone through the process of turning to the mainstream." From "Infrastructure" to "Applications" When Cal King asked Lily about her vision for the future of the Solana Foundation, Lily believed that it was time to shift from building infrastructure to building infrastructure for applications:

“I want to be part of an ecosystem that builds actually useful applications and builds infrastructure for useful applications, rather than building infrastructure for other infrastructure and letting others use it to build more infrastructure.”

Lily mentioned PayFi, which was presented on the Formosa 3 stage in the morning, and Actions and Blinds previously launched by the Solana ecosystem:

“Just talking about PayFi on our Solana stage, you can build a new credit model on the chain and provide it to small transactions that cannot get credit in the existing financial system, whether it is individuals or self-employed individuals, which actually involves a large number of people and transactions.

This is very interesting to me. We launched Actions and Blinks, you can call it developer tools, which I think is very exciting and rich. It basically allows you to embed Solana on the Internet Trading, I think that's very powerful, and this begins to explore how to embed on-chain commerce into the consumer Internet experience."

Financial cluster is the biggest narrative of this round of crypto cycle

Finally, Cal King asked Lily what trends in blockchain she is most concerned about at the moment. Lily said that financial cluster is the biggest narrative of this round of crypto cycle, and Solana has a natural advantage:

"A lot of people are very excited about payments, going back to what I think is one of the original but still unsolved use cases in cryptocurrency. I think this can only be expanded on Solana. Everyone can do proof of concept, but the only place that can really take off is Solana because there is performance and liquidity here, and you don't need to decentralize both.

So I think this is a focus of the entire industry right now, payments and physical assets. I think after this cycle, it may return to non-financial applications. NFT It's a bit stagnant at the moment, but like anything in crypto, every cycle has a theme, and then it's very volatile, and then another theme emerges. So, I think this is a very financial-oriented cycle, not just payments, but also physical assets (RWA), institutional finance entering the on-chain liquidity pool.

I think more broadly, you can call it a financial cluster, we call it the Solana economy, bringing these financial elements together to create an integrated value chain. I think that's the biggest theme in this cycle.

Interview with Lily and Cal king at Jingnian Circle

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