TLDR:
- Lily Liu says DeFi is the primary economic engine that gives non-Bitcoin blockchains a reason to exist.
- Liu draws on ancient and modern history to argue no vision reaches scale without a strong economic engine.
- Networks must be neutral, global, and performant to deliver open financial access to 5.5 billion users.
- Liu separates corporate blockchain infrastructure from open systems, calling the divide philosophical, not technical.
Solana Foundation President Lily Liu has made a bold case for decentralized finance as the backbone of every blockchain network.
In a recent post, Liu argued that DeFi is not a standalone application category within the crypto space. Instead, she positioned it as the primary economic engine that gives non-Bitcoin blockchains their reason to exist.
Her statement has drawn attention across the industry for its direct framing of blockchain’s core purpose and long-term direction.
Liu Ties Blockchain’s Future to Economic Strength and Open Access
Liu opened her argument by revisiting the original vision behind blockchain technology. That vision has carried several names over the years.
She wrote that terms like “open finance, decentralized finance, internet of money, tcp/ip for money” all point to the same goal. The aim has always been moving financial infrastructure from analog to digital for 5.5 billion internet users.
She anchored her position in historical patterns from both ancient and modern periods. No major vision, she argued, has reached scale without a strong economic engine driving it.
“Look around in history both ancient and modern,” Liu wrote, “and there is not a single vision that has reached scale without an economic engine underwriting it.”
Ancient empires underwrote major religions, and successful city-states built economies before extending influence outward.
Liu was direct in connecting that history to blockchain ecosystems today. She stated that “the path to self-sovereignty is based on a strong and differentiated economy.”
For her, DeFi represents that differentiated economy. It gives non-Bitcoin networks a real and defensible reason to grow beyond speculation.
For blockchain to reach 5.5 billion users, Liu added that networks must be “neutral, global, and performant.” They must also remain committed to open systems that protect self-sovereignty at every layer.
Economic strength matters, but structural openness must accompany it. Together, those qualities define what a legitimate blockchain network looks like.
Corpo Infra Versus Open Systems: A Fundamental Divide
Liu also drew a clear distinction between corporate blockchain infrastructure and genuinely open systems. She acknowledged that corporate infrastructure benefits from significant distribution at launch.
However, she argued it “ultimately serves the same ownership structures and private interests that characterize finance today.” That characteristic separates it from blockchain’s founding mission.
Liu was careful not to dismiss corporate infrastructure entirely. She noted these projects “may have their role” and can “certainly creating value for their owners.”
Still, she was firm that they should not be treated as legitimate inheritors of blockchain’s original ethos. That distinction, for her, carries real weight across the entire industry.
She described blockchain’s true ethos as “self sovereignty, open access, radically equal opportunity served to the broadest set of humanity reachable in an instant.” Those principles, she argued, are incompatible with private ownership structures.
Any infrastructure that concentrates control or restricts access contradicts that original commitment. The divide between open systems and corporate infrastructure is, in her view, philosophical rather than technical.
Her framework places DeFi at the center of how blockchain fulfills its original promise. Networks that remain neutral and open are better positioned to carry that mission forward at scale.
Those who prioritize private interests instead risk becoming mirrors of the very financial systems blockchain set out to transform.