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Chairman of the Solana Foundation: Capital, assets, and ownership are entering a token super cycle

Lily Liu, the chair of the Solana Foundation, stated that funds, assets, and ownership are migrating to an all-weather internet infrastructure, forming a long-term token supercycle.Tokenization is not only about moving assets onto the chain but also about changing the assets themselves, allowing value to be issued, held, financed, and traded in a market that never closes.She believes that stablecoins have proven that funds can flow onto the chain globally, financial institutions are pushing for asset tokenization, and blockchain infrastructure is beginning to meet the demands of real economic activities for speed and cost, while AI economic agents require programmable money.With these factors converging, any value with clear ownership could be tokenized and gain broader distribution, financing, and trading channels.In the past year, the trading volume of RWA on Solana reached hundreds of billions of dollars, covering tokenized U.S. Treasury bonds, stocks, and private credit; during the same period, stablecoin transfer volume exceeded $4.7 trillion.Liu stated that tokenization can also allow more investors to break through geographic, minimum investment, and qualification restrictions, and enable the assets held to be used for collateral or to generate returns. Although the current on-chain market size is still far below that of traditional markets, the relevant infrastructure could potentially reach 5.5 billion internet users globally in the future.

The Ethena Foundation announced four major adjustments to the ecosystem: repurchasing ENA and canceling monthly VC unlocks

According to official news, the Ethena Foundation announced four adjustments to the Ethena ecosystem, including repurchasing locked tokens held by early investors, further aligning the value of tokens with equity, launching a governance proposal for income to repurchase ENA, and canceling future monthly unlocks for VC investors.The Ethena Foundation stated that it has completed the acquisition of all locked ENA tokens from some major seed round investors who had sold ENA in the past 9 months. Regarding the alignment of token and equity value, the Ethena Foundation and Ethena Labs have reached a "Master Framework Agreement," which stipulates that the intellectual property and value generated by the agreement will exclusively belong to the foundation and be governed by ENA holders, while equity investors in Labs entities will no longer enjoy residual cash flow.In addition, the governance proposal for income to repurchase ENA has been launched. According to the proposal, the net income generated by all business lines under the Ethena brand will be used for programmatic repurchase of ENA, and the proposal has been approved by the Risk Committee. The Ethena Foundation also stated that it has reached an agreement with major investors to eliminate the selling pressure caused by future monthly unlocks for VC investors by releasing unallocated tokens. Team tokens will still remain locked according to the original allocation plan.
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