ETH: DeFi Take Rate by Protocol [%]
Shown as its 2019–2022 sample; the latest readings and full history are included with Plus.
The share of its fees each covered DeFi protocol on Ethereum keeps as revenue each day, and the covered protocols' share together.
Why use it. The take rate is a protocol's pricing power: how much of what users pay it keeps rather than passing on to its capital providers. How to read it. Higher means the protocol keeps more of each dollar of fees. Lending take rates follow the reserve factors governance sets; Lido's is its 10% fee; Uniswap's rose from zero when its protocol fee was switched on.
Calculation. Fees are what users pay to use a protocol: interest paid by borrowers, swap fees paid by traders, rewards earned by staked ether. The supply side is the part paid out to whoever supplies the capital (lenders, liquidity providers, stakers); revenue is the rest, what the protocol keeps; the take rate is revenue divided by fees. Take rate = revenue / fees x 100 for each day. The overall line covers the protocols together from 20 October 2026; each protocol's line starts with its own history. Lending (Aave, Spark, Compound v3, Morpho, Sky): each hour's interest accrues on the market state at the end of the hour before, at that state's rates, as each protocol accrues it: borrowers pay debt x ((1 + borrow APY)^(1 hour / 1 year) - 1); lenders on Aave, Spark and Compound earn supplied x the per-second supply rate x 3,600; on Morpho Blue lenders earn the borrowers' interest less the market's fee; Sky's vaults have no lenders, so their stability fees are all revenue. Every reserve and market of these protocols counts, read on CryptoKeyhole's own Ethereum archive node each hour; dollar stablecoins count one dollar, ether and wrapped bitcoin at CryptoKeyhole's hourly prices, other tokens at the protocol's own oracle price that hour; Morpho Blue markets with bad debt and tokens without a price are left out. Interest only: flash-loan and liquidation fees and reward tokens are not included. History begins on 19 October 2026, 15:00 UTC, the first hour after every market's size has been kept. Decentralised exchanges (Uniswap v2, v3 and v4, SushiSwap v2): every trade's fee is its value x its fee rate, the value being the side priced as in the DEX volume charts (dollar stablecoins at face value, ether and wrapped bitcoin at CryptoKeyhole's hourly prices; trades with neither are not counted). Rates: 0.3% on Uniswap v2 and SushiSwap pairs, the pool's fee tier on Uniswap v3, and on Uniswap v4 the rate each Swap event reports. The protocol's part: 1/6 of the 0.3% on SushiSwap since 9 September 2020 and on Uniswap v2 since 27 December 2025 (when each factory's fee recipient was set); on Uniswap v3 the pool's protocol fee setting (1/4 or 1/6 of the fee), read from the pool at the end of each range of about 50 blocks; on Uniswap v4 the part of the swap fee above the pool's liquidity-provider fee (pools whose hook sets the fee show no protocol part). The rest goes to liquidity providers. Lido: each daily oracle report's rewards on the stake (consensus-layer balance change plus withdrawals, less the 32 ether of every validator that appeared, plus the execution-layer rewards it collected), dated to the report's day and valued at CryptoKeyhole's ETH/USD close for the report's hour. Revenue is Lido's 10% fee, the ether value of the stETH it mints to its treasury and node operators; the supply side is the 90% left to stETH holders. Read from Lido's own report events on CryptoKeyhole's own Ethereum node (from 30 April 2021 its PostTotalShares, earlier its Completed reports). Ethereum mainnet deployments only: each protocol's other networks are not counted, so these are lower than the protocols' worldwide totals.