In recent months, Solana has been making waves in the decentralized finance (DeFi) sector, prompting discussions about its potential to rival Ethereum‘s valuation.
A new report by Franklin Templeton highlighted that Solana’s DeFi protocols are among the most utilized and highest-earning platforms across all blockchain environments.
Franklin Templeton Predicts Solana as Ethereum’s Rival
In an analysis, Franklin Templeton highlighted the rapid growth and potential of Solana’s DeFi ecosystem. The report suggested that its valuation could soon rival Ethereum’s.
The global asset management firm, which oversees $1.68 trillion in assets, noted that six Solana-based protocols surpassed $1 billion in Total Value Locked (TVL).
During the third and fourth quarters of 2024, Solana outperformed Ethereum in several key metrics. Solana’s decentralized exchange (DEX) volume notably exceeded that of Ethereum and all Ethereum Virtual Machine (EVM)–based DEXs combined.
The surge indicates a significant shift in DeFi activity towards Solana, challenging Ethereum’s longstanding dominance in the space. Jito (JTO) leads the charge, a liquid staking protocol that recently reached an all-time high of $3 billion in TVL. Notably, this marked the first time a Solana-based protocol has achieved this milestone.
Other notable protocols include Jupiter (JUP), Raydium (RAY), Kamino (KMNO), Marinade (MNDE), and Sanctum Coin (SANCTA). Collectively, these protocols contributed to Solana’s growing DeFi ecosystem.
Further emphasizing its growing prominence, Solana’s active addresses per hour were reported to be 26 times higher than Ethereum’s as of January 2025. This surge in user activity reflects the network’s scalability and efficiency, making it an attractive platform for developers and investors seeking faster transactions and lower fees.
Despite the impressive growth, Franklin Templeton’s report points out that Solana’s DeFi protocols remain undervalued compared to their Ethereum counterparts. The analysis reveals that Solana’s DeFi tokens are trading at lower valuation multiples, although they exhibit higher growth profiles and strong fundamentals.
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BeInCrypto data shows SOL was trading for $149.77 as of this writing, up by over 5% in the past 24 hours.
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2025-03-06 10:38