Revenue & Protocol Economics

What each protocol earned, where it went, and how it compares.

Sector fees 30d

$44.80M+15% MoM

vs $38.84M prior 30d

Sector capture rate

11.9%

Depositors keep 88% · protocol+holders keep the rest

Biggest decliner

Euler-52% MoM

$607.14K this 30d · $1.27M prior

Aave V3

$26.27M30d fees+17% MoM

Rev/TVL 2.21%Cum. $1.49B

Spark

$5.02M30d fees+9% MoM

Rev/TVL 1.34%Cum. $182.41M

Morpho

$8.75M30d fees+30% MoM

Rev/TVL 2.44%Cum. $210.10M

Pass-through design: Morpho routes all fees to depositors and curators. Protocol-level capture is 0% by design.

Fluid

$2.10M30d fees-1% MoM

Rev/TVL 4.87%Cum. $82.90M

Compound

$2.11M30d fees+31% MoM

Rev/TVL 1.98%Cum. $45.03M

Euler

$1.09M30d fees-52% MoM

Rev/TVL 19.85%Cum. $51.80M

Revenue Source Split · 90dBar width = gross fees · split = interest (residual) vs liquidation (est.)

Aave V3

$69.92M0% liq

Morpho

$21.70M0% liq

Spark

$13.99M0% liq

Fluid

$5.79M0% liq

Compound

$5.18M0% liq

Euler

$3.12M0% liq

Interest + other (residual)

Liquidation-driven (est.)

Take Rate · Rev/TVL annualized · 12 months

Euler · 10.87%

Fluid · 4.89%

Morpho · 2.39%

Aave V3 · 2.12%

Compound · 1.90%

Spark · 1.35%

Fees by Protocol

Aave V3

Spark

Morpho

Fluid

Compound

Euler

Cumulative Fees by Protocol

Aave V3

Spark

Morpho

Fluid

Compound

Euler

Revenue by Recipient · per protocol

Aave V3 · Revenue· Supply-side / Protocol / Holders

Supply-side (depositors)

Protocol treasury

Token holders

Aave V3

$69.92Mgross fees, 90d

By recipient

Capture rate14.7%

Est. source split

Liquidation share0.0% est.

Spark

$13.99Mgross fees, 90d

By recipient

Capture rate21.2%

Est. source split

Liquidation share0.0% est.

Morpho

$21.70Mgross fees, 90d

By recipient

Capture rate0.0%

Est. source split

Liquidation share0.0% est.

Fluid

$5.79Mgross fees, 90d

By recipient

Capture rate10.9%

Est. source split

Liquidation share0.0% est.

Compound

$5.18Mgross fees, 90d

By recipient

Capture rate6.6%

Est. source split

Liquidation share0.0% est.

Euler

$3.12Mgross fees, 90d

By recipient

Capture rate2.6%

Est. source split

Liquidation share0.0% est.

MethodologyRevenue by recipient is the authoritative DefiLlama split (supply-side / protocol treasury / holders). Liquidation-source split estimates each protocol's liquidation-driven fees as liquidation debt-volume × weighted liquidation bonus (Aave V3 / Spark / Morpho Blue: 8%; Fluid: 5%). Residual fees = interest + other. Bonus-rate assumptions are averages; true per-reserve values vary 5-15%.

Cite this page

Datum Labs. (2026). Lending Intelligence Terminal: Revenue & Protocol Economics. Retrieved September 10, 2026 from https://lending-intelligence-terminal.vercel.app/revenue.

As of just now · DefiLlama /summary/fees + Liquidator Economy DB · live load