Host: Thank you to TON's team, thank you!

Next, Ms. Lily Liu, the president of Solana Foundation, will give a speech on the stage, with the theme of "Internet Capital Markets"!

Lily Liu: Good morning everyone! I am Lily, and I am the president of the Solana Foundation. Many friends, especially those in Asia, may think that Solana is a so-called Meme chain, but I actually want to say that in the past 4-5 years, I did not think that such a title is correct. When I participated in blockchain, I actually did before the transaction chain, Depin chain, payment chain, stablecoin chain, and Meme chain. If I summarized these titles together, I found that Solana is all-encompassing, which is equivalent to global infrastructure. This is exactly what blockchain is supposed to do, and it provides global financial infrastructure. Just like the Internet connects billions of people around the world, what blockchain does is to provide a unified infrastructure that connects wealth, transactions, finance and the ledgers of billions of people around the world. The core of the talk here is the capital market of the Internet.

I would like to explain some basic concepts to you first, not just specific concepts for Solana, but rather concepts that are common to everyone in all crypto worlds. Because during the infrastructure construction process, people have been talking about speculation for ten or even more than ten years, but I think what we mean is that we can give financial assets to more people, which is also the so-called "Internet capital market".

The most important question today is how can we solve the problem with technology?

The current problems facing the capital market are not for everyone, and I hope to quote Larry Fink, the president and CEO of the world's largest asset management agency, who once said that almost every client, every leader, and everyone I have spoken to, who feels more anxious about the current economic situation than at any time recently. I understand how they feel, we have experienced similar moments, but in the long run, we can always find solutions.

So, we need to discuss the long-term with you. If you extend the time, you will find that all problems will be solved.

Let's talk about the United States first, because the United States is indeed the largest capital market in the world, and when we talk about different types of assets, many assets do originate in the United States. So we will focus on the United States, and only 27% of Americans still believe in the "American Dream", that is, the belief that you can achieve success through hard work. In 15 years, the proportion of such numbers has dropped significantly.

Next, let's talk about capital and labor. There is a trade-off between capital and labor as two factors of production. This represents another statement of the "American Dream". Before 50 years, you only need to work 25 hours to buy a S&P 500 stock. However, if you need to buy the same S&P 500 stock in 2024, you will need to work 195 hours. This means the availability of the capital market, the return on capital investment and the return on labor investment. Although the speed of differentiation is relatively slow, there is indeed a huge differentiation and a gap.

(Bill Gurley video content: I never think I am the only person. Many people think that listing has mentioned high performance and achieved high achievements. I think this is a very positive opinion for the ecosystem. I think this is also very positive for the entire US financial market, making companies go public faster and feel at ease. You can hear that the SFC and others will worry that popular investors, investors who step on risk have exposure, or that they are not sure about these trends. Everyone knows that when they see more and more opportunities for US dollar listing, they will not disclose this information, so I don’t think it’s a healthy phenomenon.)

Lily Liu: What is he talking about? He is actually a very successful hot spot expert in benchmark companies. He said that these innovations and technologies can be accessed by the public in the open market as they go public. But now it is often the case that companies will not go public for ten years, which means that the benefits obtained from innovation and growth are taken away by the private market, which means that labor investment is becoming increasingly difficult to obtain the benefits of the capital market.

Access to the capital market may only be enjoyed by a small number of people.

Let's take a look at the changes since 1971. If it matches the growth rate of the S&P 500 index, the current hourly wage should be US$240 per hour. It can be seen that the price comparison between capital and labor is becoming increasingly mismatched.

Let's take a look at the situation of listed companies and private companies. From 200From 8 years to now, we can see that there are many innovations, such as Bitcoin, and these losses are being borne by more people. But what are the returns? Although US Treasury bonds have risen by more than 800 times, who will pay this? Actually, it's a taxpayer. Interest rates have actually increased by 559 times and GDP has also increased, but they have not increased in a corresponding proportion. In other words, the possibility of capital contact is increasingly concentrated in the hands of a few people, and the benefits are privatized while the losses are borne by the general taxpayers. This is a contradiction. There are still many problems, how to solve these basic problems?

You can see that many solutions have been proposed, some solutions are not so happy to see. There are many discussions about basic income (UBI) in public discussion, and of course there are also many discussions about artificial intelligence. There are also many problems in artificial intelligence. It can be seen that the situation is becoming increasingly unfavorable now, especially with the addition of AI, because AI seems to be much more capable than ordinary people. Should we pay people a basic income so that they can continue to promote the development of human civilization? This is a basic capitalism with communities and a contradiction between the welfare economy and the ownership economy. Is it better to have basic opportunities, not basic income?

As there is a small city in Alaska, as a city residents, you will not get basic income, but the local community gives you opportunities, and you can get a portion of the opportunities. In this way, community members will have more incentives and are willing to contribute to the community.

It can be seen that in the current financial market capital market, we have been discussing these issues.

Look at the supply side and demand side, the private market is becoming more and more privatized, and the private equity market is becoming more and more important. Many large companies will go public before, but it does not mean that keeping their stock prices will definitely rise. Nowadays, many large companies and technology companies are not listed publicly, and of course they still have many sources of innovation. It can be seen that individuals are increasingly likely to acquire opportunities in the capital market.

What is the situation in 2020 and 2021? There are many needs to go without going through the "front door", but by going through the "side door" and the "back door". At the same time, the demand for products in the public market is very high, but the market is indeed a bit saturated.

You can look at these charts. They have exceeded the S&P 500 index. Why has such a trend appeared in the past decade? Because there are many demands to promote technological innovation, these are concentrated on the 7 largest stocks, others in the pastThe capital market has been in a private/private equity situation for ten years.

The other difference is in the crypto market. Some people may ask why these Meme coins are because we have a very large demand and want to obtain good investment assets. The United States is the largest, deepest and most successful capital market in the world. This is the case in the United States. So what are the rest of the world? I think everyone knows it well.

Labor force should be converted into capital, but the transformation process is getting smoother and smoother now. Labor force will be squeezed out of the capital market. This is not just a price (a problem), but also a regulatory issue. If you have been in the United States, you will know that there is a lot of work to be done, and some technology companies even hope that regulators will agree to pay for the company with equity. Now that no license is obtained, investors' process for the market is getting worse and worse.

You can see some regulatory measures. If you want to do a lot of work and want to maintain a bank account, or you can download the APP and wallet software, and you can immediately obtain all the assets on the chain and on the Internet, such as HSBC and other websites that seem to be very official. What is the next generation? The next generation is a very beautiful and cute logo. The boundaries between transferring these assets tokenization and tokenization are becoming more and more blurred and closed. For everyone, such assets can pass by just having an Internet connection.

This is not a new thing. As time goes by, many assets have been created and distributed. Now we are just turning things on paper into digital. This has been slowly and unswervingly promoted over the past 15 or 20 years. This is what the crypto circle can do for us, so that everyone can return to the fair trading range. Next, I want to say that alternative assets and alternative assets are not just alternative assets, but may have become the largest asset class. At the same time, there may be the greatest development potential in blockchain.

After reading the demand side, we have already talked about why the asset market can become more fair. This may be a future work trend for all colleagues on the blockchain and need to work harder.

Next, let's talk about supply. If you think of IPOs or public market issuance, these companies have spent a lot of money, and it is possible to have millions of dollars. If everyone thinks, if I want to do an IPO and make this business OK from an IPO, how much do I need to pay? Is time worth the price? IPO itself is very expensive.

There is another problem that taxation. Texas and Europe hope to become financial centers. These cities and regions are competing for channels for transactions and distribution. What is the biggest problem? It's actually cryptocurrency. Of course, there are many regulations now, how can financial transaction supervision obtain potential Mecca, and more people can understand it based on the current supervision.

Of course, this is of course different from direct listing. For many technology companies, for example, Spotify is doing direct listing, and the cost savings of direct listing are also very objective compared to traditional IPOs. If they use the crypto market, we can see that ordinary traders and ordinary investors can also gain more entry into the capital market, giving better supply and opportunities to small and medium-sized enterprises.

Maybe for more than ten years of hard work in this regard, DeFi, Meme coins, etc. will continue to develop. We must bring them to the center of attention, from non-mainstream products to mainstream products, and at the same time bring more and more investments from all over the world. There will be more and more "unintentional investors" in the current market. Everyone can become an investor. All assets are financial assets. All apps are financial apps. The capital market can also become a financial market.

This is the future we are working hard to build.