Solana DeFi Projects Metaplex and Jupiter Face Valuation Scrutiny Amidst Revenue and User Traction

A recent social media post by crypto analyst "karbon ኙነ" has ignited discussion within the decentralized finance (DeFi) community, alleging that prominent Solana-based projects like Metaplex ($MPLX) and Jupiter ($JUP) are significantly undervalued compared to their Ethereum counterparts, Aave ($AAVE) and Uniswap ($UNI). The analyst specifically highlighted Metaplex, stating it was "trading @ $500m fdv" and criticized the Solana ecosystem's perceived lack of appreciation for its DeFi sector.

Metaplex (MPLX), a foundational protocol for NFTs and tokens on Solana, boasts substantial activity. The platform has facilitated the creation of over 900 million assets and processed more than $10 billion in transaction value, generating over $36 million in cumulative revenue. Recent data indicates its fully diluted valuation (FDV) is approximately $300-315 million, with monthly revenues reported around $1.89 million as of July 2025, translating to an annualized revenue of approximately $22.7 million.

Jupiter (JUP), a leading decentralized exchange (DEX) aggregator on Solana, commands a significant market presence. As of October 2025, Jupiter's fully diluted valuation stands at approximately $1.2 billion, with its annualized revenue estimated to be around $10 million. The platform is a critical liquidity hub within the Solana ecosystem, facilitating a wide array of token swaps and trading activities.

In contrast, Ethereum-based DeFi giants Aave and Uniswap exhibit much higher valuations. Aave (AAVE), a prominent lending protocol, holds an FDV of approximately $1.3 billion, with its annualized revenue reaching around $15 million. Uniswap (UNI), the largest decentralized exchange, has an FDV of roughly $6.5 billion and generates an annualized revenue of approximately $150 million.

The analyst's tweet, which stated, "> $met trading @ $500m fdv I really hate the way solana ecosystem doesn't value defi In awe of it. You've got great projects with good revenue and tremendous user traction like $jup / $met that trade lower than $aave & $uni Guess which ones have higher rev Solana ppl hate DeFi," underscores a perceived disparity. While Metaplex's reported FDV is closer to $300 million, the sentiment highlights a broader concern regarding how Solana's robust DeFi infrastructure and revenue-generating projects are assessed by the market relative to established Ethereum protocols, despite potentially strong underlying metrics.