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Liu of the Solana Foundation calls for a renewed emphasis on finance amid cryptocurrency decline and limited narratives.
Liu’s statements arise as cryptocurrencies experience significant declines and other sector leaders are refining their perspectives on blockchain applications.
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Key points:
- Blockchains ought to return to their foundational purpose: finance, as articulated by Solana Foundation President Lily Liu on X Thursday, dismissing years of narratives that framed the technology as a potential substitute for the current internet.
- Liu, who is scheduled to speak at Consensus Hong Kong next week, expressed skepticism towards previous attempts to integrate blockchains into gaming and expansive “web3” consumer narratives, labeling them as intellectually insufficient and excessively dependent on marketing instead of authentic market development.
Blockchains ought to return to their foundational purpose: finance, as articulated by Solana Foundation President Lily Liu on X Thursday, dismissing years of narratives that framed the technology as a potential substitute for the current internet.
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“Blockchains have consistently been and will remain technology for finance,” Liu stated, portraying financialization and open capital markets as the sector’s fundamental value proposition.
Liu, who is scheduled to speak at Consensus Hong Kong next week, expressed skepticism towards previous attempts to integrate blockchains into gaming and expansive “web3” consumer narratives, labeling them as intellectually insufficient and excessively dependent on marketing instead of authentic market development. She criticized the notion that merely placing existing applications on a blockchain, often under the concept of “read, write, own,” would inherently yield value, contending that true adoption necessitates the establishment of entirely new financial markets.
The remarks coincide with a period of significant declines in crypto prices, with bitcoin, ether, and other prominent tokens experiencing downturns amid macroeconomic uncertainty and diminishing speculative interest. Nevertheless, institutional engagement remains robust, as traditional financial entities continue to investigate tokenization, on-chain settlements, and payment systems.
Liu’s comments also align with movements from other industry figures who are refining their own visions for blockchain utility. Ethereum co-founder Vitalik Buterin has recently indicated a commitment to reinforcing Ethereum’s layer-1 scaling roadmap, shifting focus away from the extensive layer-2-centric strategy that has characterized Ethereum’s approach in recent times. This transition signifies a commitment to fragmented ecosystems, emphasizing usability and coherence.
Collectively, the remarks underscore a larger recalibration occurring within the industry: as prices decline, leaders are reiterating that the technology supporting this ecosystem retains its significance.
Read more: From ‘Ethereum’s sidekick’ to standalone stars: How Vitalik Buterin’s latest pivot is forcing Layer 2s to grow up
