The bustling scene of decentralized finance (Defi) of Solana is growing faster than that of Ethereum, and also earning more money. And yet, Franklin Templeton said in a Tuesday report, his tokens are worth less.
“Solana assessment multiplies trade on average lower than its Ethereum counterparts despite significantly higher growth profiles, highlighting an apparent assessment asymmetry,” the report said.
Franklin Templeton compared to the tokens of five ETH leaders (LDO, AAVE, ENA, MKR and UNI) with those of five of the strongest protocols in Solana (JTO, JUP, KMNO, MNDE and RAY). Solana’s projects saw 2,400% average growth in rates year after year, and 9x medium multiple, while Ethereum projects rose only 150% and an 18x multiple.
Trends occur after a year of torrid growth for Solana. Memecoin merchants in particular promoted the decentralized exchanges of the network to new heights in 2024. In January 2025, the Solana dexes had more volume than those of the entire Ethereum ecosystem, combined.
“Defi may be entering an era of domain of the solana virtual machine, moving away from the historical reign of Defi based on EVM,” the report said.
That does not mean that Ethereum Mainnet is finished. On the contrary, Franklin Templeton said that the change of activity to layer 2 of blockchains “is proof that the Ethereum scale approach is reaching its step.”
But the asymmetry between highly valued assets of Ethereum and relatively undervalued tokens of Solana may not last.
“As Solana continues to demonstrate its resistance as a decentralized computing platform, the market can soon set the price of blue-chip chips protocols, Cornerstone Solana Defi in line with comparable Ethereum protocols.
