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…
