Solana DeFi Tokens Undervalued Compared to Ethereum’s, Says Franklin Templeton

Solana’s bustling decentralized finance (DeFi) scene is rising sooner than Ethereum’s, and making extra money too. And but, Franklin Templeton identified in a Tuesday report, its tokens are value much 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 stated.

Franklin Templeton in contrast tokens of 5 main ETH tasks (LDO, AAVE, ENA, MKR and UNI) to these of 5 of Solana’s strongest protocols (JTO, JUP, KMNO, MNDE and RAY). The Solana tasks noticed 2,400% median progress in charges 12 months over 12 months, and a median a number of of 9x, whereas the Ethereum tasks have been up solely 150%, and a a number of of 18x.

The traits come after a 12 months of torrid progress for Solana. Memecoin merchants particularly powered the community’s decentralized exchanges to new heights in 2024. In January 2025 Solana’s DEXes had extra quantity than these of the complete Ethereum ecosystem, mixed.

“DeFi may be entering an era of Solana Virtual Machine Dominance, shifting away from the historical reign of EVM based DeFi,” the report stated.

That’s not to say the Ethereum mainnet is completed. To the opposite, Franklin Templeton stated the shift in exercise to layer 2 blockchains “is proof that the Ethereum scaling approach is hitting its stride.”

But the asymmetry between Ethereum’s extremely valued property and Solana’s comparatively undervalued tokens might not final.

“As Solana continues to display its resilience as a decentralized computing platform, the market might quickly value blue-chip, cornerstone Solana DeFi protocols in keeping with comparable Ethereum protocols.