MORPHO: Protocol Fees and Revenue [USD]
Morpho Protocol Fees and Revenue: daily data through 8 Nov 2026.
The fees users paid to Morpho on Ethereum each period, split into the part paid out to lenders (the supply side) and the part Morpho kept (revenue).
Why use it. Fees show how much the protocol is used and paid for; revenue is what it earns for itself, the figure its token's value is usually measured against. A growing gap between them means more of the money goes to lenders. How to read it. The fees line is the total; supply side plus revenue add up to it. Read the trend over weeks rather than single hours: borrowing demand, rates and market sizes move the lending lines.
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. 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. Every Morpho Blue market on Ethereum; Morpho also runs on Base and other networks, not counted. Most markets charge no protocol fee, so nearly all of the interest goes to lenders. Ethereum mainnet deployments only: each protocol's other networks are not counted, so these are lower than the protocols' worldwide totals. Hourly values: each completed UTC hour once its blocks are final on our node, so the latest hour shown ended one to two hours earlier; a day is the sum of its 24 hours, and the open day is a partial through the latest hour.