不可避免地，并不是所有资产都适合作为 DAT 的基础资产。 Solana 就是一个非常好的例子（也许是比特币之外最好的），因为它在以下方面都提供了充足的收益来源： 链本身的收益（staking） 生态系统中的 DeFi 收益 项目方的投资机会（venture opportunities） Solana 相关的 DAT 拥有足够的成长预算，可以发展成真正的运营型公司，而不仅仅是简单的资产循环结构。当然，它们也必须落实执行——而且它们正在美国、中东（MENA）与亚太（APAC）等地区做得相当不错。 Inevitably Not all assets make a good basis for a DAT. Solana is a good one (perhaps the best one outside of Bitcoin) because there is a plethora of yield opportunities from the chain itself (staking), the ecosystem (defi yield), projects (venture opps) Solana DATs have the growth budget to become operating companies, to be more than structured asset looping. Of course they need to execute on it too, which they are doing a good job on throughout the US, MENA, and APAC.
Lily Liupresident, solanafndn
观点原文
不可避免地，并不是所有资产都适合作为 DAT 的基础资产。
Solana 就是一个非常好的例子（也许是比特币之外最好的），因为它在以下方面都提供了充足的收益来源：
链本身的收益（staking）
生态系统中的 DeFi 收益
项目方的投资机会（venture opportunities）
Solana 相关的 DAT 拥有足够的成长预算，可以发展成真正的运营型公司，而不仅仅是简单的资产循环结构。当然，它们也必须落实执行——而且它们正在美国、中东（MENA）与亚太（APAC）等地区做得相当不错。
Inevitably
Not all assets make a good basis for a DAT.
Solana is a good one (perhaps the best one outside of Bitcoin) because there is a plethora of yield opportunities from the chain itself (staking), the ecosystem (defi yield), projects (venture opps)
Solana DATs have the growth budget to become operating companies, to be more than structured asset looping. Of course they need to execute on it too, which they are doing a good job on throughout the US, MENA, and APAC.
Solana
相关观点
- 在 不丹 🇧🇹 度过了几天非常特别的时光。 我们正与 DK Bank 合作，在 Solana 上将黄金（TER）进行代币化，此行既是为了推进这项合作，也为了参加不丹的国庆日活动。 不丹由一位建设者型领导者所引领。Solana 也是一个由建设者打造的网络。 这只是开始。我希望这能发展为一段长期合作关系——在扩展 Solana 链上经济的同时，为不丹带来新的经济发展形式。互联网资本市场让资本形成可以在任何地方发生。 不丹的核心资产是它的文化：佛教根基、深厚的国家凝聚力，以及对“正和结果”的真实承诺——不仅为了当下，也为了跨越世代（甚至生命）。没有虚无主义的资本主义。以价值观创造价值。 今天的不丹也许并不容易抵达。但在未来几十年里，随着 Gelephu Mindfulness City（GMC） 的推进，这种情况可能会改变。他们拥有愿景，也拥有领导层的连续性，敢于进行真正的长期布局。这种耐心与雄心，非常罕见。 Spent a very special few days in Bhutan 🇧🇹 We’re working with DK Bank to tokenize gold (TER) on Solana, and came both to advance that collaboration and to join National Day. Bhutan is led by a builder. Solana is a network built by builders. This is just the beginning of what I hope becomes a long-term partnership—bringing new forms of economic development to Bhutan while expanding the Solana on-chain economy. Internet capital markets make capital formation possible anywhere. Bhutan’s core asset is its culture: Buddhist roots, deep national cohesion, and a lived commitment to positive-sum outcomes—not just for today, but across generations (and even lifetimes :-). Capitalism without nihilism. Creating value with values. Bhutan may be hard to reach today. But decades from now, that may change with Gelephu Mindfulness City (GMC). They have the vision and the continuity of leadership to take a truly long-term swing. That kind of patience and ambition is rare.Lily Liu · 2025/12/20
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- 同意强调“指数级机会”的重要性。 不同意“收入不重要”这一观点。 如果我们要深入讨论科技行业的经验教训，那么所有那些早期呈现指数级增长的指标，最终都体现为收入——只不过需要十年以上的时间来累积巨大网络效应、吸引与之匹配的资本与人才，并将这些价值充分变现。 同意互联网使“一切事物皆可形成市场”成为可能，也同意金融基础设施应该像发送短信一样触手可及。 真正的错位并不是是否要有估值指标， 而是——把华尔街为特定用户细分市场服务的公司（即便是增长最快的科技公司，用户数也通常止步于 10~20 亿）制定的估值倍数范围，套用于旨在满足全球 55 亿人口所有经济需求的金融基础设施上。 Agree on emphasizing the importance of seeing exponential opportunity. Disagree on the position that revenue doesn’t matter. If we want to expound on tech learnings, all of the exponential early stage metrics ultimately manifested in revenue - it just took a decade or more to accumulate enormous network effects, capture their associated capital and talent formation, and monetize the heck out of it. Agree that markets for everything are actually possible on the internet, and that financial infrastructure should be as finger tip ready as a text message. The dissonance isn’t having a valuation metric - it is in thinking that Wall Street multiple ranges derived from companies that target a subset of needs for some customer segment (even the exponential growth tech companies max out at 1-2B users) also apply to financial infrastructure that serves every economic need of 5.5B people.Lily Liu · 2025/11/29
- 转 曾被叫做“鬼链”的链， 变成了 FTX 的链， 变成了 NFT 的链， 变成了“死掉的链”， 变成了梗币（memecoin）的链， 最终—— 变成了 “万物之链（the everything chain）”。 the ghost chain became the ftx chain became the nft chain became the dead chain became the memecoin chain became the everything chainLily Liu · 2025/11/28