The scene of animated decentralized finances of Solana (DEFI) increases faster than that of Ethereum, and also earns more money. And yet, Franklin Templeton highlighted in a Tuesday report, his tokens are less worth.
“The multiple of Solana’s evaluation of the Deviation of trade on average lower than their Ethereum counterparts despite significantly higher growth profiles, highlighting an apparent valuation asymmetry,” said the report.
Franklin Templeton compared the tokens of five main ETH projects (LDO, Aave, ENA, MKR and UNI) to those of five of the strongest protocols in Solana (JTO, JUP, KMNO, MNDE and Ray). Solana projects have experienced median growth of 2,400% of the costs from one year to the next and a median multiple of 9x, while Ethereum projects have increased only by 150% and a multiple of 18x.
Trends are involved after a year of scorching growth for Solana. Merchants even in particular fueled the decentralized grants of the network to new heights in 2024. In January 2025, Solana’s dexes had more volume than those of the whole Ethereum ecosystem, combined.
“DEFI can enter an era of the domination of the Solana virtual machine, moving away from the historic reign of DEFI based on the EVM,” said the report.
This does not mean that the Ethereum Mainnet is finished. On the contrary, Franklin Templeton said that the change of activity to layer 2 blockchains “is proof that the Ethereum scaling approach strikes its stride”.
But the asymmetry between the highly popular assets of Ethereum and the relatively undervalued token of Solana may not last.
“While Solana continues to demonstrate its resilience as a decentralized IT platform, the market could soon assess Cornerstone Solana Defi protocols in accordance with comparable Ethereum protocols.
