Solana（Sol）正在成为分散融资（DEFI）市场中以太坊（ETH）的顶级挑战者

以太坊（ETH）长期以来一直是分散金融（DEFI）的骨干，但在2025年，其统治面临着索拉纳（Solana）（SOL）的不可否认的挑战。

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).

在不断发展的分散融资（DEFI）的不断发展的景观中，以太坊（ETH）长期以来一直被认为是该行业的骨干。但是，随着我们深入研究2025年，对这种现状的不可否认的挑战正在从Solana（Sol）出现。

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.

富兰克林·邓普顿（Franklin Templeton）最近的一份报告阐明了索拉纳（Solana）在迪迪（Defi）的不断增长。尽管指出Solana可能尚未对以太坊的统治构成生存威胁，但该报告强调了Solana的迅速上升是不容易被忽视的事实。

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.

以太坊通常被视为DEFI的行业标准，拥有最高的总价值锁定（TVL），并以分散交易所（DEX）的范围领先。它的生态系统已促进了高达6000亿美元的每月交易量，并获得了超过1,200亿美元的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，以太坊的统治首次遇到持续压力。 Solana的高速，低成本交易吸引了用户和开发人员，从而导致新用户涌入Defi行业。

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集体处理的数量比所有基于以太坊（EVM）的DEX组合的数量更多，这是一个重要的里程碑，突出了用户活动的变化。

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.

尽管以太坊仍然是市场资本化最大的智能合同平台，但Solana的Defi增长叙述迫使分析师重新评估对该行业未来的假设。

The SVM vs. EVM Debate Heats Up

SVM与EVM辩论升温

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.

与以太坊的EVM相比，Solana的出现还重新讨论了其虚拟机（SVM）的优势。在整个历史上，由于其强大的基础架构和网络效应，以太坊一直是大多数Defi应用程序的首选平台。

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市场中的份额不断增加，这表明开发人员和用户对Solana的SVM的偏好逐渐转变。

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.”

富兰克林·邓普顿（Franklin Templeton）的报告表明，“ Defi可能会进入Solana Virtual Machine（SVM）优势，从而摆脱了基于EVM的Defi的历史统治时期。”

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.

尽管意识到增长率明显更高，但Solana的Defi协议也以较低的估值倍数进行交易。该报告进一步表明，考虑到其生长轨迹，这种估值中的不对称性可以解释为被低估了索拉纳的偏差部门。

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.

许多行业专家认为，索拉纳（Solana）尚未在以太坊上排名最佳，但他们承认这正在成为强大的竞争对手。随着Solana的Defi生态系统的成熟，其协议可能会开始紧密地反映其以太坊对应物的估值，从而进一步巩固了Solana作为分散金融领域的主要参与者的地位。