Solana（Sol）正在成為分散融資（DEFI）市場中以太坊（ETH）的頂級挑戰者

以太坊（ETH）長期以來一直是分散金融（DEFI）的骨幹，但在2025年，其統治面臨著索拉納（Solana）（SOL）的不可否認的挑戰。

In the constantly evolving landscape of decentralized finance (DeFi), Ethereum (ETH) has long been recognized as the backbone of the sector. However, as we delve into 2025, an undeniable challenge to this status quo is emerging from Solana (SOL).

在不斷發展的分散融資（DEFI）的不斷發展的景觀中，以太坊（ETH）長期以來一直被認為是該行業的骨幹。但是，隨著我們深入研究2025年，對這種現狀的不可否認的挑戰正在從Solana（Sol）出現。

A recent report by Franklin Templeton sheds light on the growing footprint of Solana in DeFi. Despite noting that Solana may not yet pose an existential threat to Ethereum’s dominance, the report underscores the fact that Solana’s rapid rise is an occurrence that cannot be easily disregarded.

富蘭克林·鄧普頓（Franklin Templeton）最近的一份報告闡明了索拉納（Solana）在迪迪（Defi）的不斷增長。儘管指出Solana可能尚未對以太坊的統治構成生存威脅，但該報告強調了Solana的迅速上升是不容易被忽視的事實。

Ethereum has conventionally been viewed as the industry standard in DeFi, boasting the highest total value locked (TVL) and leading the way in decentralized exchange (DEX) volumes. Its ecosystem has facilitated up to $600 billion in monthly trading volume and secured over $120 billion in TVL.

以太坊通常被視為DEFI的行業標準，擁有最高的總價值鎖定（TVL），並以分散交易所（DEX）的範圍領先。它的生態系統已促進了高達6000億美元的每月交易量，並獲得了超過1,200億美元的TVL。

However, for the first time, Ethereum’s dominion is encountering sustained pressure. Solana’s high-speed, low-cost transactions have attracted users and developers, resulting in an influx of new users to the DeFi sector.

但是，以太坊的統治首次遇到持續壓力。 Solana的高速，低成本交易吸引了用戶和開發人員，從而導致新用戶湧入Defi行業。

In January, Solana DEXs collectively processed more volume than all Ethereum Virtual Machine (EVM)-based DEXs combined, a milestone that highlights the shift in user activity.

一月份，Solana Dexs集體處理的數量比所有基於以太坊（EVM）的DEX組合的數量更多，這是一個重要的里程碑，突出了用戶活動的變化。

Although Ethereum remains the largest smart contract platform by market capitalization, Solana’s DeFi growth narrative has compelled analysts to reassess long-held assumptions about the sector’s future.

儘管以太坊仍然是市場資本化最大的智能合同平台，但Solana的Defi增長敘述迫使分析師重新評估對該行業未來的假設。

The SVM vs. EVM Debate Heats Up

SVM與EVM辯論升溫

The emergence of Solana has also renewed discussions about the superiority of its virtual machine (SVM) compared to Ethereum’s EVM. Throughout history, Ethereum has been the preferred platform for most DeFi applications due to its robust infrastructure and network effects.

與以太坊的EVM相比，Solana的出現還重新討論了其虛擬機（SVM）的優勢。在整個歷史上，由於其強大的基礎架構和網絡效應，以太坊一直是大多數Defi應用程序的首選平台。

However, Solana’s increasing share of the DeFi market suggests a gradual shift in the preferences of both developers and users toward Solana’s SVM.

但是，Solana在DEFI市場中的份額不斷增加，這表明開發人員和用戶對Solana的SVM的偏好逐漸轉變。

The Franklin Templeton report suggests that “DeFi may be entering an era of Solana Virtual Machine (SVM) dominance, shifting away from the historical reign of EVM-based DeFi.”

富蘭克林·鄧普頓（Franklin Templeton）的報告表明，“ Defi可能會進入Solana Virtual Machine（SVM）優勢，從而擺脫了基於EVM的Defi的歷史統治時期。”

Solana’s DeFi protocols also trade at lower valuation multiples despite realizing significantly higher growth rates. The report further indicates that this asymmetry in valuation could be interpreted as Solana’s DeFi sector being undervalued considering its growth trajectory.

儘管意識到增長率明顯更高，但Solana的Defi協議也以較低的估值倍數進行交易。該報告進一步表明，考慮到其生長軌跡，這種估值中的不對稱性可以解釋為被低估了索拉納的偏差部門。

Many industry experts argue that Solana is not yet optimally positioned to topple Ethereum, but they acknowledge it is becoming a formidable competitor. As Solana’s DeFi ecosystem matures, its protocols may begin to closely mirror the valuation of their Ethereum counterparts, further cementing Solana’s status as a major player in the decentralized finance domain.

許多行業專家認為，索拉納（Solana）尚未在以太坊上排名最佳，但他們承認這正在成為強大的競爭對手。隨著Solana的Defi生態系統的成熟，其協議可能會開始緊密地反映其以太坊對應物的估值，從而進一步鞏固了Solana作為分散金融領域的主要參與者的地位。