On July 8, at the 7th EthCC conference, Lily Liu, President of the Solana Foundation, delivered a keynote speech titled "The Emergence of PayFi: Realizing the Vision of Cryptocurrency."
PayFi is a new concept that Lily Liu has mentioned many times on social media this year. In her speech at the EthCC conference, she formally introduced her definition and understanding of PayFi.
Lily Liu said that PayFi introduced a breakthrough financial concept different from DeFi, focusing on settlement time. Timely settlement is very valuable for speculative transactions.
In terms of application scenarios, Lily Liu believes that PayFi supports the "Buy now, Pay Never" scenario, which has revolutionized the financial industry. It supports creator monetization, provides invoice financing, manages payment processing risks, and cultivates a global private credit pool on Solana.
PayFi's applications cover the supply chain finance and insurance markets, pioneering programmable currency that will go beyond DeFi and usher in 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, as well as Solana’s performance, capital liquidity and strong developer ecosystem at the beginning of her speech, and emphasized Solana’s unique ability to revolutionize the financial market and realize the original promise of blockchain.
Lily Liu mentioned that blockchain technology was originally designed for peer-to-peer electronic cash, with the goal of enhancing self-custodial digital property rights, programmable currency, and open finance. Bitcoin, as a means of storing value and a medium of exchange, highlights this vision.
Blockchain promises to outperform existing monetary systems by being faster, cheaper, and accessible in real time. Blockchain also promises speed, cost-effectiveness, and constant accessibility. But unfortunately, it has struggled with performance, capital, and talent mobility issues.
Lily Liu said that new technology is crucial. Although blockchain may not be 10 times better than the current system for everyone at present, it provides unique use cases that go beyond traditional financial infrastructure. Solana is also working hard on new blockchain technology.
In terms of performance, Lily Liu said that she advocates for Solana because of its high performance. Unlike other blockchains, Solana has consistently demonstrated fast transaction speeds and low costs, making it a strong candidate for realizing the original vision of blockchain technology.
It introduced that in terms of capital liquidity, Solana ranked among the top three in stablecoin trading volume this year and has been widely adopted as a medium of exchange; in terms of talent liquidity, Solana has become a dynamic and adaptable ecosystem through its strong developer community.
Lily Liu also emphasized the three key conditions for the success of blockchain: fast and cheap transactions, widespread use, and a strong developer community. She believes that Solana is the only ecosystem that meets these three conditions.
In addition, Lily Liu also shared Solana's various use cases. 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 the versatility of Solana and its potential to revolutionize the traditional financial system.
