Lily Liu, Chairman of Solana Foundation: PayFi will surpass DeFi and open a new financial paradigm

On July 8, At the 7th EthCC Conference, Solana Foundation Chairman Lily Liu delivered a keynote speech titled "The Emergence of PayFi: Realizing the Vision of Cryptocurrency".

PayFi is a new concept that Lily Liu mentioned many times on social media this year. In this EthCC conference speech, she formally introduced her definition and understanding of PayFi.

Lily Liu said that PayFi introduces a breakthrough financial concept that is different from DeFi and focuses on settlement time. And timely settlement is very valuable for speculative trading.

In terms of application scenarios, Lily Liu believes that PayFi supports the "Buy now, Pay Never" scenario, which has completely changed the financial industry. It enables creators to monetize, provide invoice financing, manage payment processing risk, and cultivate a global private credit pool on Solana.

PayFi’s applications cover the supply chain finance and insurance markets, pioneering programmable currency, and will surpass DeFi to open a new financial paradigm.

In addition, Lily Liu said that although the original vision of blockchain has faced obstacles, platforms like Solana are making significant progress in realizing this vision by providing performance, liquidity and a strong developer community. .

In addition to sharing the potential of PayFi, Lily Liu also mentioned the development and changes of blockchain technology, the value of Bitcoin, and Solana’s performance, capital liquidity and strong developer ecosystem at the beginning of her speech, and emphasized Solana’s unique ability to revolutionize financial markets and deliver on the original promise of blockchain.

Lily Liu mentioned that blockchain technology was originally designed for peer-to-peer electronic cash and aims to enhance self-custody digital property rights, programmable currency and open finance. Bitcoin, as a store of value and medium of exchange, highlights this vision.

Blockchain promises to surpass existing monetary systems by being faster, cheaper and accessible in real-time. Blockchain also promises speed, cost-effectiveness and continued accessibility. But unfortunately, it has struggled with performance, capital and talent mobility issues.

Lily Liu said that new technologies are crucial. While blockchain may not be 10x better than current systems for everyone right now, it offers unique use cases beyond traditional financial infrastructure. Solana is also continuing to work on new blockchain technologies.

In terms of performance, Lily Liu said she championed Solana for 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.

In terms of capital liquidity, Solana ranks among the top three in stablecoin trading volume this year and has been widely adopted as a medium of exchange; and in terms of talent mobility, Solana has become a dynamic and Adaptable ecosystems.

Lily Liu also highlighted three key conditions for blockchain success: fast and cheap transactions, widespread use, and a strong developer community. She believes Solana is the only ecosystem that meets these three criteria.

In addition, Lily Liu also shared various use cases of Solana. For example, 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.

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