Lily Liu: SOL Spot ETF Sees Nearly $1 Billion in Net Inflows Against the Trend in 6 Weeks, DAT Inc. to Serve as Bridge Connecting Solana and Public Markets

**December 11, 2025** Lily Liu, Chair of the Solana Foundation, spoke at the Solana Breakpoint 2025 Conference, outlining key updates for the blockchain platform: Solana is the first blockchain to launch a policy research institute. As every institution now needs a digital asset strategy to enter the blockchain space, many have chosen Solana—including Western Union (processing over $600 billion in annual remittances) and Pfizer (handling $2 trillion in annual merchant payments). Other organizations have followed suit. ETFs have been a major theme this year. Six weeks ago, physically backed Solana staking ETFs launched in the Solana ecosystem. In just six weeks, their assets under management (AUM) have neared $1 billion—even amid weak overall market performance, the funds have seen three straight weeks of net inflows. Six such ETFs have listed in the U.S. alone. Another key (and somewhat controversial) theme is DAOs (Decentralized Autonomous Organizations). While many view DAOs as short-term liquidity tools, the Solana Foundation disagrees. Solana is one of the few platforms where companies can build at both the infrastructure and asset layers, and the foundation believes DAOs will be long-term ecosystem players: they’ll bridge Solana to public markets, build infrastructure and asset management systems, and integrate these functions.