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Organized: Bitcoin Vision
The 2025 Shanghai Blockchain International Week and the 11th Blockchain Global Summit were held in Shanghai.Lily Liu, Chairman of Solana Foundation, delivered a keynote speech at the event.Lily Liu said that each generation of Internet advancement and innovation will have special hardware and software requirements.The essence of blockchain is: assets and financial infrastructure.Solana hopes to build a technology platform for Internet finance and serve as the basic infrastructure for Internet finance.
Regarding the current development of Solana, Lily Liu said that Solana ranks first in application revenue in the entire industry, ranks first in developer community growth rate, and ranks first in newly issued assets.she thinksAll assets will become digital assets, and “everything can be tokenized”.Solana’s vision is to tokenize all assets, including blockchain native assets, traditional financial assets and emerging assets, turning these asset classes into tradable, usable and mortgageable assets.
Talking about the development of Solana’s Chinese-speaking area, Lily Liu said that Solana has always attached great importance to the Chinese-speaking area and has made a lot of investment in the past two years to support the developer ecosystem in the Chinese-speaking area.Solana will continue to support the developer community in the domestic Chinese-speaking area and hopes to have more cooperation in payment, DePIN and AI tracks..
Lily Liu finally emphasized,The encryption industry will have two main application scenarios in the future, one is assets and the other is international financial facilities.Bitcoin, the “digital gold”, will continue to be the primary asset, while Solana strives to become the financial infrastructure of the future.
Bitcoin Vision compiled Lily Liu’s speech as follows:.
Moderator: Next, please give us a round of applause. Lily Liu, Chairman of the Solana Foundation, will give us a keynote speech. Please give us a round of applause!Welcome Lily!
Lily Liu: Good morning!My name is Lily Liu, and my Chinese name is Liu Yuanli.
In fact, the first time I heard about Bitcoin was when I lived in Shanghai in 2013. Today is the first time I have the opportunity to return to Shanghai and participate in the Shanghai Blockchain Conference. So I am very grateful to Mr. Xiao, who has been supporting the development of the entire industry in China in the past 10 years. I am also grateful for this opportunity to participate and support with HashKey and partners. I also have the opportunity to share Solana’s recent progress, future plans and development direction in Shanghai.
How many of you have heard of Solana?If you raise your hand, there are quite a few. Our domestic community is also very active.
First of all, why did I become interested in Bitcoin when I heard about it in Shanghai in 2013?An alumnus and I, named Warbili, kept mentioning Bitcoin since August 2013. You must read Bitcoin. We often played poker together and kept mentioning Bitcoin. I said that Bitcoin seemed to have become Warbili’s religious belief. I read the white paper, and I originally suspected that this was not a very real technology.
I opened this white paper and it said “A Peer-to-Peer Electronic Cash System” (a peer-to-peer electronic currency system). I started to think that this is actually a very interesting concept. Now the Internet is an Internet of information.2014 is also the second wave of Internet progress. The second wave can also be said to be a mobile Internet. Each generation of Internet advancement and innovation will have special hardware and software requirements.
Why is it called Web3 now?Because Web3 is a new development and innovation related to assets and the Internet, it also has its own set of hardware and software.Back to what are the uses of the blockchain itself?There are two main uses: First, blockchain is used as an asset. In 2025, it is clear which chain will play the role, which is Bitcoin.But in fact, the title of Bitcoin’s own white paper says “peer to peer electronic cash system”. The title does not say “digital gold.” The vision that Bitcoin gives us is whether it is possible to build a native financial infrastructure for the Internet. On the one hand, blockchain is an asset, and on the other hand, it has the dream of becoming a financial infrastructure.I was looking at the technologies around me that could go in this direction and should go in this direction.
I remember that Bitcoin’s Block Size was discussed for several years in 2016 and 2017. In the end, Bitcoin decided on its own as an asset. It was just about which technology in this field would serve as a technical platform to form the financial infrastructure of the Internet.
Let’s talk about some of the problems faced by traditional finance today. Of course, traditional finance is an already rich set of systems and a very rich set of markets.But what is it that we have come to accept as commonplace?There are so many assets and so many markets, but they are all dispersed. How can they be dispersed?Different countries, different banks, different companies, different standards, now every country, every company, every joint company has another standard, but money and assets will enjoy the theory of “network effects”. What is the concept?If a network has more users and more people are using it, its value will also increase.
I have all read “Experience Country” (sound) on the Internet. How strong, how big, and how important the network effect is.We often say “money is work business”. The network effect has a very strong impact on some application platforms we have seen, and it will also have a very large impact on finance.
Speaking of Solana, what was your initial vision?It is technology serving finance, a technology platform for Internet finance, and the basic infrastructure of Internet finance.How to describe it?To integrate all asset classes and all use cases in a mobile environment, this is Solana.
Let’s talk about the current situation of Solana’s promotion of the Internet capital market. The ecosystem has three layers. It is usually described that the first is the network, the second is the application platform and technology platform, and the third is the asset layer. For ecological development, each layer must be active and must be active. The important point is that each layer can also make money.
Let’s talk about some current data first. Solana has developed very fast in the past few years. When it comes to the use of Solana, the daily usage is 2-3 times higher than that of other chains in the entire industry combined.Applications on Solana are very profitable. Now the applications on Solana rank first in application revenue in the entire industry. The developer community is the core of every community. The developer growth rate has accelerated a lot in the past few years. Since last year, it has ranked first in the developer community growth rate.Integrating all assets and all markets together, it also ranks first when it comes to newly issued assets.
Some specific data, especially in the first quarter of 2025, the Solana ecosystem began to grow very rapidly, with growth in the network layer, application layer, and asset layer.
Solana is a large-scale blockchain that integrates all users, applications, assets and usage scenarios in one environment.Usually our industry here will compare the performance of this chain and this chain. Our vision is to surpass the performance of traditional finance. This year has just marked the fifth anniversary of the launch of the mainnet. Now we can achieve more than 1,000 TPS every day. If the voting TPS is removed.Compared with Visa, Visa has achieved 1700, which means that on the current basis, we are close to Visa and Nasdaq, two leading traditional financial platforms, and we can have corresponding performance (comparison) with large networks and large enterprises.
At the network layer, the emphasis is on continuously improving bandwidth and reducing latency. There will be a lot of technical advancements this year and next. The current performance is 400 milliseconds to complete a block, the price has jumped, and the transaction fee is only 0.0005 per minute. This is already the leading performance of the blockchain.But we are not satisfied yet. If we really want to build a native Internet financial infrastructure, we must advance it at the technical and network levels.
What kind of use case is this for?We believe that all assets will become digital assets and “everything can be tokenized.”Traditional finance now has 500 trillion assets, but in the past year only a small part was uploaded to the chain through Money Market Funds.At the beginning, it was not believed that the blockchain infrastructure only serves the assets of an ecosystem, or only the assets native to the blockchain.The current amount of native assets in the blockchain is about 4 Trillion (trillion). It may have dropped slightly due to some events two months ago. Now the blockchain is facing a small range of assets, which should be the goal of the industry.
If all assets are tokenized, where are they used?We believe it is “marketization of everything”, and our vision is to turn all assets, including blockchain native assets, traditional financial assets, and completely new assets, such as playing games, Pokemon cards are a relatively popular market, and they can also be tokenized or turned into a tradable, usable, and mortgageable asset on the blockchain.
If Solana compares with these financial companies, taking some European and American examples, Solana has only had five years of development, and has about 80 million monthly active users.Compared with the monthly usage of PayPal, a partner that has been developed for 30 years, which is about 400 million, we hope that we will not have to wait 30 years to reach such a scale.
Let me first talk about the progress and data of the developer community. It places great emphasis on attracting new developers. A community has two main resources, one is talent and the other is capital.It has the same requirements as any economy, any company, or any entity. It will attract 7,500 new developers in 2024, and developers will also receive a lot of economic benefits in the Solana ecosystem. In 2024, ecological application revenue will reach 3.3 billion U.S. dollars, and fundraising will reach 8.9 billion U.S. dollars. In fact, Solana itself has only raised 30 million. This is a large number, but Solana itself has only raised a small part.
The range of applications now includes more than 2,000 applications, including the newly released mobile phone Solana Seeker, and there are hundreds of mobile applications.Not only developers participate in our ecosystem, but also many companies, especially now for stablecoins and other usage scenarios, want to join the Solana ecosystem.
We are now the platform with the fastest growth rate. Why does Solana always attach great importance to the Chinese-speaking area?Because we start with payment.If we only talk about payment, especially the Chinese-speaking areas in China are leading in this regard. Seeing that there are 1 billion people, who created the concept of “Super APP” in the past 15 years?It is domestic, and domestic has a very special payment ecosystem.
What does Solana hope to do in the Chinese-speaking area?In the past two years, we have invested a lot in supporting the developer ecosystem in the Chinese-speaking area. We will continue to support the developer community here and hope to have more cooperation, especially in payment, DePIN and AI tracks.
In the future, Solana’s role in finance can be compared to Netflix’s role in entertainment and Amazon’s role in e-commerce. Using this comparison, it can be said that Solana has the fastest time to reach a market value of 100 billion U.S. dollars. Solana only took four and a half years, Apple took 30 years, and Google took 8 years. If it only takes 5 years from the main network to the present to achieve such progress, we believe that the next five years will also be very promising.Depend on what?Relying on the income from our network, the development of the ecosystem depends on making money from the network, and also by helping our application developers make money. Only in this way can a stable, sustainable and healthy economic system be formed.
There are two reasons for use in our industry, one is assets; the other is international financial facilities.We consider Bitcoin, the “digital gold”, as an asset, and the future financial infrastructure is Solana.
Thank you so much!
