FRANKLIN TEMPLETON: SOLANA VS ETHEREUM DEFI

Summary from the TLDR Crypto newsletter

Solana's DEX volume surpassed all EVM DEX volumes for the first time in January 2025. Despite this achievement and higher growth profiles, Solana DeFi continues to trade at lower valuation multiples compared to Ethereum counterparts, potentially presenting a market asymmetry. This shift, combined with Solana's milestone of one year without outages and the migration of Ethereum activity to Layer 2s, suggests a potential transition from EVM to SVM dominance in DeFi, while also validating Ethereum's modular scaling approach.