Solana vs.以太坊分散融資

全球投資公司富蘭克林·鄧普頓（Franklin Templeton）在新發布的標題為“索拉納（Solana）對以太坊（Ethereum）分散融資”金融方面的看法中，闡明了分散財務中日益競爭的格局（DEFI）。

Global investment firm Franklin Templeton recently released a market perspective titled Solana vs. Ethereum Decentralized Finance, offering insights into the increasingly competitive landscape in decentralized finance (DeFi).

全球投資公司富蘭克林·鄧普頓（Franklin Templeton）最近發布了一個市場觀點，標題為“索拉納（Solana）vs.以太坊”（Ethereum）分散的金融，為分散財務（DEFI）的競爭日益激烈的景觀提供了見解。

According to the firm, DeFi protocols have rapidly become foundational primitives within crypto economies. These blockchain-based applications leverage self-executing smart contracts to deliver financial services without relying on centralized intermediaries.

根據該公司的說法，DEFI方案已迅速成為加密經濟體中的基礎基礎。這些基於區塊鏈的應用程序利用自我執行的智能合約來提供金融服務，而無需依靠集中式中介機構。

DeFi: Solana Vs. Ethereum

Defi：Solana vs。以太坊

Franklin Templeton’s analysis highlights the striking growth of Solana-based DeFi, which stands in contrast to historical market leader Ethereum.

富蘭克林·鄧普頓（Franklin Templeton）的分析強調了基於索拉納（Solana）的DEFI的驚人增長，這與歷史市場領導者以太坊形成了鮮明對比。

Despite Solana’s robust transaction capabilities and rising user adoption, the paper notes how Ethereum has historically served as the leader of all DeFi, enabling the highest level of activity and offering the deepest liquidity among all on-chain ecosystems.

儘管Solana具有強大的交易能力和用戶的採用率上升，但該論文指出了以太坊歷史上如何擔任所有DEFI的領導者，這是最高水平的活動，並在所有鏈生態系統中提供了最深的流動性。

However, this dominant stance appears to be under challenge. The research shows that as of January 31, 2025, Solana DEX volume exceeded both Ethereum DEX volumes as well as volumes from all Ethereum Virtual Machine (EVM)-based DEXs combined.

但是，這種主導立場似乎受到挑戰。研究表明，截至2025年1月31日，Solana DEX量超過了以太坊DEX量以及所有以太坊虛擬機（EVM）基於所有基於以太元的DEX的組合。

Solana DEX Volume Surpasses Ethereum & EVM DEXs

Solana Dex卷超過以太坊和EVM DEXS

Image: Franklin Templeton

圖片：富蘭克林·鄧普頓（Franklin Templeton）

As of January 31, 2025, DeFi has managed to find strong product market fit, facilitating as much as $600bn in monthly trading volume & securing over $120bn in Total Value Locked (TVL).

截至2025年1月31日，DEFI設法找到了強大的產品市場貼合，每月交易量高達600億美元，並獲得超過1200億美元的總價值鎖定（TVL）。

On the Ethereum side, protocols such as Lido (LDO), Aave (AAVE), Maker (MKR), and Uniswap (UNI) remain steadfast in their market positions, generating tens to hundreds of millions of dollars in annualized fees over a 90-day period.

在以太坊方面，諸如Lido（LDO），AAVE（AAVE），MAKER（MKR）和UNISWAP（UNI）之類的協議在90天的時間內產生了數百萬美元的年度費用。

Ethereum DeFi Protocol Fees (90d Annualized, $ in millions)

以太坊Defi協議費（90d年度，百萬美元）

According to the firm, Solana’s top DeFi contenders—Jito (JTO), Jupiter (JUP), Kamino (KMNO), Marinade (MNDE), and Raydium (RAY)—reportedly posted both rapid growth and surprisingly low valuation multiples.

根據該公司的說法，索拉納（Solana）的頂級競爭者 - 吉托（JTO），木星（JUP），卡米諾（Kamino）（kmno），醃料（MNDE）和Raydium（Ray）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）均報導了快速增長且令人驚訝的是低估的估值倍數。

Solana DeFi Protocol Fees (90d Annualized, $ in millions)

Solana Defi協議費（90d年度，百萬美元）

Despite these eye-opening figures, Franklin Templeton’s data shows that Solana protocols continue to trade at lower fee-based valuation multiples compared to comparable Ethereum DeFi projects. The research points to an apparent valuation asymmetry between the two ecosystems, even after considering potential token dilution.

儘管有這些令人大開眼界的數字，但富蘭克林·鄧普頓（Franklin Templeton）的數據表明，與可比的以太坊defi項目相比，Solana協議繼續以較低的收費估值倍數進行交易。該研究表明，即使考慮到潛在的令牌稀釋，這兩個生態系統之間也存在明顯的評估不對稱性。

One of the focal points of the report is the transformative effect of high-throughput chains like Solana. Many observers once believed Ethereum’s first-mover advantage in DeFi was insurmountable, but the recent rise of Solana and other high-throughput chains has significantly challenged Ethereum’s market-leading position for the first time since Ethereum’s inception.

該報告的重點之一是諸如Solana之類的高通量鏈的變革效應。許多觀察家曾經認為以太坊在Defi中的首要優勢是無法克服的，但是Solana和其他高通量連鎖店最近的興起卻大大挑戰以太坊的市場領先地位以來，這是自以太坊的成立以來的首次挑戰。

Although Ethereum continues to expand via Layer-2 blockchains (L2s), the growing prominence of the Solana Virtual Machine (SVM) environment suggests that DeFi might be entering what Franklin Templeton dubs an “era of SVM dominance.” Meanwhile, Ethereum is seeing an upsurge in “EVM aligned modular infrastructure,” reflecting a modular approach aimed at scaling financial activity to L2 chains and new, higher-throughput Layer-1 networks.

儘管以太坊繼續通過2層區塊鏈（L2S）擴展，但Solana Virtual Machine（SVM）環境的越來越突出表明，Defi可能會進入Franklin Templeton Dubs“ SVM優勢時代”。同時，以太坊正在看到“ EVM對齊的模塊化基礎架構”的增長，這反映了一種旨在將財務活動擴展到L2鍊和新的，更高的Thoughput Layer-1網絡的模塊化方法。

At press time, SOL traded at $147.

發稿時，Sol的交易價格為147美元。