Solana’s bustling decentralized financial scene grows faster than that of Ethereum and also earns more money. And yet Franklin Templeton pointed out in a Tuesday report, the tokens are worth less.
“Solana Defi appreciation multiples act on average lower than their Ethereum -opposite -off -ponds, despite considerably higher growth profiles, which emphasizes an apparent valuation asymmetry,” the report said.
Franklin Templeton compared Tokkens of five leading ETH projects (LDO, Aave, ENA, MKR and Uni) with those of five of Solana’s strongest protocols (JTO, Jup, KMNO, MNDE and Ray). The Solana projects saw 2,400% median growth in reimbursements year after year, and a median multiple of 9x, while the Ethereum projects have only risen 150% and a multiple of 18x.
The trends come after a year of scorching growth for Solana. Memecoin traders in particular engaged the decentralized exchanges of the network in 2024 to new heights. In January 2025, Solana’s Dexes had more volume than that of the entire Ethereum Ecosystem, combined.
“Defi can introduce an era of Solana Virtual Machine -Dominance, away from the historic regime of EVM -based Defi,” said the report.
That does not mean that the Ethereum mairy has been completed. On the contrary, Franklin Templeton said that the shift in activity to layer 2 block chains “The proof is that the Ethereum scale is touched.”
But the asymmetry between the highly appreciated assets of Ethereum and the relatively undervalued tokens of Solana should not last.
“While Solana continues to demonstrate his resilience as a decentralized computer platform, the market will soon be able to win a blue chip, cornerstone Solana Defi protocols in line with comparable Ethereum protocols.
