Solana vs.以太坊分散融资

全球投资公司富兰克林·邓普顿（Franklin Templeton）在新发布的标题为“索拉纳（Solana）对以太坊（Ethereum）分散融资”金融方面的看法中，阐明了分散财务中日益竞争的格局（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).

全球投资公司富兰克林·邓普顿（Franklin Templeton）最近发布了一个市场观点，标题为“索拉纳（Solana）vs.以太坊”（Ethereum）分散的金融，为分散财务（DEFI）的竞争日益激烈的景观提供了见解。

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.

根据该公司的说法，DEFI方案已迅速成为加密经济体中的基础基础。这些基于区块链的应用程序利用自我执行的智能合约来提供金融服务，而无需依靠集中式中介机构。

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.

富兰克林·邓普顿（Franklin Templeton）的分析强调了基于索拉纳（Solana）的DEFI的惊人增长，这与历史市场领导者以太坊形成了鲜明对比。

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.

尽管Solana具有强大的交易能力和用户的采用率上升，但该论文指出了以太坊历史上如何担任所有DEFI的领导者，这是最高水平的活动，并在所有链生态系统中提供了最深的流动性。

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，这种主导立场似乎受到挑战。研究表明，截至2025年1月31日，Solana DEX量超过了以太坊DEX量以及所有以太坊虚拟机（EVM）基于所有基于以太元的DEX的组合。

Solana DEX Volume Surpasses Ethereum & EVM DEXs

Solana Dex卷超过以太坊和EVM DEXS

Image: Franklin Templeton

图片：富兰克林·邓普顿（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设法找到了强大的产品市场贴合，每月交易量高达600亿美元，并获得超过1200亿美元的总价值锁定（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，诸如Lido（LDO），AAVE（AAVE），MAKER（MKR）和UNISWAP（UNI）之类的协议在90天的时间内产生了数百万美元的年度费用。

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

以太坊Defi协议费（90d年度，百万美元）

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.

根据该公司的说法，索拉纳（Solana）的顶级竞争者 - 吉托（JTO），木星（JUP），卡米诺（Kamino）（kmno），腌料（MNDE）和Raydium（Ray）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）（Raydium）均报道了快速增长且令人惊讶的是低估的估值倍数。

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

Solana Defi协议费（90d年度，百万美元）

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.

尽管有这些令人大开眼界的数字，但富兰克林·邓普顿（Franklin Templeton）的数据表明，与可比的以太坊defi项目相比，Solana协议继续以较低的收费估值倍数进行交易。该研究表明，即使考虑到潜在的令牌稀释，这两个生态系统之间也存在明显的评估不对称性。

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.

该报告的重点之一是诸如Solana之类的高通量链的变革效应。许多观察家曾经认为以太坊在Defi中的首要优势是无法克服的，但是Solana和其他高通量连锁店最近的兴起却大大挑战以太坊的市场领先地位以来，这是自以太坊的成立以来的首次挑战。

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.

尽管以太坊继续通过2层区块链（L2S）扩展，但Solana Virtual Machine（SVM）环境的越来越突出表明，Defi可能会进入Franklin Templeton Dubs“ SVM优势时代”。同时，以太坊正在看到“ EVM对齐的模块化基础架构”的增长，这反映了一种旨在将财务活动扩展到L2链和新的，更高的Thoughput Layer-1网络的模块化方法。

At press time, SOL traded at $147.

发稿时，Sol的交易价格为147美元。