이 기사 공유하기
Solana DeFi Tokens Undervalued Compared to Ethereum's, Says Franklin Templeton
There's a mismatch between the old guard and new.
Solana's bustling decentralized finance (DeFi) scene is growing faster than Ethereum's, and making more money too. And yet, Franklin Templeton pointed out in a Tuesday report, its tokens are worth less.
"Solana DeFi valuation multiples trade on average lower than their Ethereum counterparts despite significantly higher growth profiles, highlighting an apparent valuation asymmetry," the report said.
Franklin Templeton compared tokens of five leading ETH projects (LDO, AAVE, ENA, MKR and UNI) to those of five of Solana's strongest protocols (JTO, JUP, KMNO, MNDE and RAY). The Solana projects saw 2,400% median growth in fees year over year, and a median multiple of 9x, whereas the Ethereum projects were up only 150%, and a multiple of 18x.
The trends come after a year of torrid growth for Solana. Memecoin traders in particular powered the network's decentralized exchanges to new heights in 2024. In January 2025 Solana's DEXes had more volume than those of the entire Ethereum ecosystem, combined.
"DeFi may be entering an era of Solana Virtual Machine Dominance, shifting away from the historical reign of EVM based DeFi," the report said.
That's not to say the Ethereum mainnet is finished. To the contrary, Franklin Templeton said the shift in activity to layer 2 blockchains "is proof that the Ethereum scaling approach is hitting its stride."
But the asymmetry between Ethereum's highly valued assets and Solana's comparatively undervalued tokens may not last.
"As Solana continues to demonstrate its resilience as a decentralized computing platform, the market may soon price blue-chip, cornerstone Solana DeFi protocols in line with comparable Ethereum protocols.
More For You
알아야 할 것:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase Taps Chainlink CCIP as Sole Bridge for $7B in Wrapped Tokens Across Chains
The integration enables users to move these assets across different networks and applications, leveraging Chainlink's secure oracle networks.
What to know:
- Coinbase has tapped Chainlink's Cross-Chain Interoperability Protocol (CCIP) for its wrapped assets, worth around $7 billion.
- CCIP will enable users to move assets across different networks and applications, leveraging Chainlink's secure oracle networks.
- The deal aims to improve cross-chain security and reduce risk, using CCIP's decentralized node-based design.
Top Stories
