TLDR:

• Morpho borrowers paid $170M in interest over the past year, reflecting strong borrower demand on the protocol.
  
• At a 10% take rate, Morpho DAO earns roughly $17M annually against a $1.7B valuation, a 1:100 revenue multiple.
  
• Aave generated $140M in annualized revenue against a $1.5B valuation, giving it a far stronger revenue-to-valuation ratio.
  
• Morpho’s modular lending structure limits DAO revenue capture, making its take rate model a key factor for token pricing.

Morpho borrowers have paid approximately $170 million in interest over the past year, new data from Token Terminal shows.

This figure places the lending protocol in direct comparison with Aave, one of the longest-standing decentralized finance platforms.

The numbers have drawn attention from analysts tracking on-chain revenue metrics. Both protocols are now being evaluated side by side, giving investors a clearer picture of where value is being generated in DeFi lending.

Morpho’s Revenue Math at a 10% Take Rate

Token Terminal recently shared data showing Morpho’s borrower interest payments over a 12-month period. Based on a 10% take rate assumption, the Morpho DAO would have generated around $17 million in annualized revenue. That revenue figure sits against a current protocol valuation of approximately $1.7 billion.

Token Terminal posted on X, noting that “borrowers on Morpho have paid ~$170M in interest during the past year.”

The post further stated that at a 10% take rate, the DAO would have generated roughly $17M in annual revenue. That framing gave markets a concrete way to assess the protocol’s earnings relative to its size.

The revenue-to-valuation ratio for Morpho currently stands at roughly 1:100. For context, that means the protocol is valued at about 100 times its estimated annual revenue.

This kind of multiple is common in early-stage crypto protocols but remains a key figure for fundamental investors watching the space.

How Aave Stacks Up Against Morpho

Aave, by contrast, has generated approximately $140 million in annualized revenue. Its current valuation sits at around $1.5 billion, which places it at a revenue-to-valuation ratio closer to 1:11.

That gap between the two protocols is notable for anyone comparing lending platforms on a fundamentals basis.

Token Terminal’s post drew a direct comparison between the two, stating that “Aave has generated ~$140M in annual revenue against a ~$1.5B valuation.”

The contrast makes clear that Aave is generating far more revenue relative to its market cap than Morpho. However, Morpho’s total interest paid by borrowers is higher at $170M, showing strong borrower activity on the platform.

The difference in take rates between the two protocols drives much of the revenue gap. Morpho’s modular lending structure means the DAO captures a smaller portion of total interest paid.

As the protocol matures, its revenue capture model will likely be a key factor in how the market continues to price MORPHO tokens going forward.