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Morpho borrowers have paid approximately $170 million in interest over the past year, according to new data from Token Terminal. The figure has prompted renewed comparisons between Morpho and Aave, two of the best-known decentralized finance (DeFi) lending platforms, as analysts evaluate on-chain revenue metrics to understand where value is being generated.
Token Terminal shared data on Morpho’s borrower interest payments over a 12-month period. Using a 10% take rate assumption, the Morpho DAO would have generated around $17 million in annualized revenue. Token Terminal also cited a current protocol valuation of approximately $1.7 billion, framing Morpho’s earnings relative to its market size.
In the same dataset, Token Terminal stated that borrowers on Morpho have paid roughly $170 million in interest during the past year. At a 10% take rate, that interest stream would translate into approximately $17 million in annual revenue for the DAO.
Token Terminal’s figures imply a revenue-to-valuation ratio for Morpho of roughly 1:100, meaning the protocol is valued at about 100 times its estimated annual revenue. The post noted that such multiples are common in early-stage crypto protocols, but they remain closely watched by investors focused on fundamentals.
For comparison, Token Terminal reported that Aave has generated approximately $140 million in annualized revenue. Its current valuation is cited at around $1.5 billion, which corresponds to a revenue-to-valuation ratio closer to 1:11.
The difference in these ratios highlights a gap in how much revenue each protocol generates relative to its valuation. While Morpho shows higher total borrower interest paid ($170 million versus Aave’s $140 million), the revenue gap is tied to the take-rate structure: Morpho’s modular lending design means the DAO captures a smaller portion of total interest paid.
The data also suggests that as Morpho matures, its revenue capture model—how much of borrower interest the DAO retains—will likely remain a key factor in how the market prices MORPHO tokens.
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