Solana’s bustling decentralized finance (DeFi) scene is rising quicker than Ethereum’s, and making extra money too. And but, Franklin Templeton identified in a Tuesday report, its tokens are value much less.
“Solana DeFi valuation multiples commerce on common decrease than their Ethereum counterparts regardless of considerably greater progress profiles, highlighting an obvious valuation asymmetry,” the report stated.
Franklin Templeton in contrast tokens of 5 main ETH initiatives (LDO, AAVE, ENA, MKR and UNI) to these of 5 of Solana’s strongest protocols (JTO, JUP, KMNO, MNDE and RAY). The Solana initiatives noticed 2,400% median progress in charges 12 months over 12 months, and a median a number of of 9x, whereas the Ethereum initiatives had been up solely 150%, and a a number of of 18x.
The developments come after a 12 months of torrid progress for Solana. Memecoin merchants particularly powered the community’s decentralized exchanges to new heights in 2024. In January 2025 Solana’s DEXes had extra quantity than these of your entire Ethereum ecosystem, mixed.
“DeFi could also be coming into an period of Solana Digital Machine Dominance, shifting away from the historic reign of EVM primarily based DeFi,” the report stated.
That is to not say the Ethereum mainnet is completed. On the contrary, Franklin Templeton stated the shift in exercise to layer 2 blockchains “is proof that the Ethereum scaling method is hitting its stride.”
However the asymmetry between Ethereum’s extremely valued belongings and Solana’s comparatively undervalued tokens could not final.
“As Solana continues to exhibit its resilience as a decentralized computing platform, the market could quickly value blue-chip, cornerstone Solana DeFi protocols in step with comparable Ethereum protocols.
