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SOL Lily Liu, President of the Solana Foundation, explains the vision of a "token super cycle"
Lily Liu, President of the Solana Foundation, proposed what she calls the concept of a "token super cycle", arguing that funds, assets and ownership will be permanently relocated to the blockchain infrastructure. This is not a temporary trend, but a fundamental structural change in the way markets operate.
Solana is a high-speed blockchain network designed for fast, low-cost transactions. The Solana Foundation is a non-profit organization that supports the development and ecological growth of the network.
In a column published on September 2, Liu pointed out that tokenization-the process of recording real-world assets such as stocks, bonds, or real estate as digital tokens on the blockchain-is not another technology cycle, but a fundamental reshaping of the way financial assets are issued, invested and distributed.
Four major forces converge at the same time
Liu pointed out four development trends that are now converging at the same time. First, stablecoins-digital tokens pegged to currencies such as the U.S. dollar-have proven that funds can flow on-chain around the world. Second, financial institutions are beginning to introduce traditional assets into blockchain. Third, the underlying infrastructure has become fast and cheap enough to carry real economic activity. Finally, artificial intelligence is creating a new class of software-based economic players that require programmable money to operate.
The data at least partially support this argument. Liu wrote that in the past year, more than $4.7 trillion in stablecoins have been transferred on the Solana network. In addition, Blockworks data shows that as of August 2026, the supply of tokenized shares in circulation on Solana has reached approximately US$683 million, compared with approximately US$5.8 million in June 2025. The network also processed a record 5.2 billion non-voting transactions in August, making it its busiest month on record.
From access to ownership
Liu elaborated on this opportunity from an access perspective. She believes that traditional capital markets are subject to thresholds such as region, minimum investment quotas and brokerage relationships. Tokenization removes these barriers and allows anyone with an Internet connection to have a share of economic output. She called this "basic ownership by all people."
She also pointed out that this shift has a competitive dimension. Liu mentioned that major institutions, including the New York Stock Exchange, the American Depository Trust and Clearing Corporation (DTCC) and the London Stock Exchange, are already exploring the on-chain equity market. Visa uses Solana for USDC settlement, PayPal introduced its stablecoin to the network, and Western Union also launched its own stablecoin on Solana.
Liu acknowledges that trading volumes on the chain are still small compared to traditional markets, but believes that measuring this shift with today's numbers will ignore its future direction.
