Solana’s busy decentralized finance (defi) scene grows faster than Ethereums and also makes more money. And yet, Franklin Templeton pointed out in a Tuesday report, its tokens is worth less.
“Solana Defi -Valuation Multipleres are on average lower than their Ethereum colleagues despite significantly higher growth profiles, highlighting a seemingly valuation asymmetry,” the report said.
Franklin Templeton compared symbols of five leading ETH projects (LDO, AAVE, ENA, MKR and UNI) with those from five of Solana’s strongest protocols (JTO, JUP, KMNO, MNDE and RAY). The Solana projects experienced 2,400% median growth in fees over years over year and a median multiple of 9x, while the Ethereum projects rose only 150% and a multiplum of 18x.
Trends come after a year of Torrid Growth for Solana. In particular, Memecoin dealers ran the network’s decentralized exchange to new heights by 2024. By January 2025, Solanas Dexes had more volume than those throughout the Ethereum -Ecosystem, combined.
“Defi may be going into an era of Solana Virtual Machine -Dominance, changing away from the historic reign of EVM -based defi,” the report said.
That is not to say that Ethereum Mainnet is done. On the contrary, Franklin Templeton said the shift in activity to LAG 2 blockchains “is proof that the Ethereum scaling method is hitting its step.”
But the asymmetry between Ethereum’s highly valued assets and Solana’s relatively underrated token’s goods may not.
“As Solana continues to demonstrate its resilience as a decentralized computer platform, the market can soon price blue-chip, cornerstone Solana Defi protocols in line with comparable Ethereum protocols.
