Aave

Token

Morpho

DeFi

<h2 id="b-tldr-b">TLDR:</h2><ul><li>Morpho borrowers paid $170M in interest over the past year, reflecting strong borrower demand on the protocol.</li><li>At a 10% take rate, Morpho DAO earns roughly $17M annually against a $1.7B valuation, a 1:100 revenue multiple.</li><li>Aave generated $140M in annualized revenue against a $1.5B valuation, giving it a far stronger revenue-to-valuation ratio.</li><li>Morpho’s modular lending structure limits DAO revenue capture, making its take rate model a key factor for token pricing.</li></ul><a href="https://blockonomi.com/safe-connects-eurcv-stablecoin-to-morpho-lending-vault/" rel="noopener noreferrer nofollow">Morpho</a> 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.<h2 id="b-morpho-s-revenue-math-at-a-10-take-rate-b">Morpho’s Revenue Math at a 10% Take Rate</h2>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.<div class="embed-twitter"><blockquote class="twitter-tweet">Borrowers on Morpho have paid ~$170M in interest during the past year.Assuming a 10% take rate, the Morpho DAO would have generated ~$17M in annual revenue against a ~$1.7B valuation.For comparison: Aave has generated ~$140M in annual revenue against a ~$1.5B valuation. <a href="https://t.co/qSuq2pHK3a" rel="noopener noreferrer nofollow">pic.twitter.com/qSuq2pHK3a</a>— Token Terminal <img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f4ca.png" alt="📊" class="wp-smiley"> (@tokenterminal) <a href="https://twitter.com/tokenterminal/status/2043030132818919736?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 11, 2026</a></blockquote></div>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 <a href="https://parameter.io/defi-technologies-deft-stock-surges-32-on-tripled-annual-revenue/" rel="noopener noreferrer nofollow">annual revenue</a>. This kind of multiple is common in early-stage crypto protocols but remains a key figure for fundamental investors watching the space.<h2 id="b-how-aave-stacks-up-against-morpho-b">How Aave Stacks Up Against Morpho</h2><a href="https://moneycheck.com/aave-battles-execution-strain-as-core-contributor-exits-test-market-leadership/" rel="noopener noreferrer nofollow">Aave,</a> 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.The post <a href="https://blockonomi.com/morpho-borrowers-generate-170m-in-interest-as-defi-lending-competition-with-aave-heats-up/" rel="noopener noreferrer nofollow">Morpho Borrowers Generate $170M in Interest as DeFi Lending Competition With Aave Heats Up</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.

Morpho Borrowers Generate $170M in Interest as DeFi Lending Competition With Aave Heats Up

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