Protocol revenue on Ethereum
What users paid Ethereum's main DeFi protocols in the last week, and how much of it each protocol kept: lending interest, swap fees and staking rewards, counted by CryptoKeyhole on its own Ethereum node.
- Fees paid, 7 days
- $25.99M1 Nov – 7 Nov 2026
- Kept as revenue
- $2.76M10.6% of fees
- Most paid to
- Lido$11.03M in fees
- Most kept by
- Lido$1.10M in revenue
Where the fees go
Each bar is one protocol's fees over the last seven whole days. The ink is what the protocol kept; the open part was paid out to the people who supplied its capital.
- Lido LDOStaking$11.03Mfees$1.10Mkept10.0%take rate−44%vs week before
- Aave AAVELending$6.54Mfees$852kkept13.0%take rate−4%vs week before
- Uniswap UNITrading$3.73Mfees$612kkept16.4%take rate−72%vs week before
- Morpho MORPHOLending$2.43Mfees$0kept0.0%take rate−11%vs week before
- SparkLending$1.78Mfees$156kkept8.8%take rate−3%vs week before
- Compound COMPLending$461kfees$37kkept7.9%take rate−23%vs week before
- SushiSwapTrading$13kfees$2.1kkept16.7%take rate−94%vs week before
Day by day
The covered protocols together, every whole day of our record: the full column is the fees, the ink part what they kept.
What the tokens are priced at
Each token’s market cap against its protocol’s fees and revenue on Ethereum, scaled to a year. A lower multiple means more fees or revenue for each dollar of token value; Ethereum alone understates every protocol that also earns elsewhere, so these multiples are higher than worldwide ones.
| Token | Market cap | Fees a year | Revenue a year | Price to fees | Price to sales | On free float | Price to TVL | Days used |
|---|---|---|---|---|---|---|---|---|
| Lido LDO | $306M | $691M | $69.12M | 0.4× | 4.4× | 3.8× | 0.015× | 30 |
| Aave AAVE | $2.01B | $340M | $44.32M | 5.9× | 45.3× | 43.7× | 0.15× | 19 |
| Compound COMP | $193M | $28.06M | $2.13M | 6.9× | 90.5× | 90.5× | – | 19 |
| Uniswap UNI | $5.92B | $337M | $52.94M | 17.6× | 112× | 78.8× | – | 23 |
| Morpho MORPHO | $2.00B | $130M | $0 | 15.4× | – | – | 0.57× | 19 |
A year = the last 30 whole days x 365 / 30; while our record is shorter, the whole days it has, at least 7 (the last column). Price to fees is market cap / fees, price to sales market cap / revenue; "on free float" uses the market cap of the supply outside the project’s own disclosed wallets. Price to TVL is market cap / the value locked in the protocol on Ethereum, for Aave, Morpho and Lido, whose Ethereum deployments we read whole. Market caps are today’s, from CryptoKeyhole’s coin supply figures.
What users are paying for
Lending: the protocols kept 9.3% of $11.21M. Staking: Lido kept 10.0% of $11.03M. Trading: the protocols kept 16.4% of $3.75M.
Uniswap’s fee tiers
The last seven days by pool type: what traded, the fees it paid, and the part Uniswap’s fee switch takes for the protocol.
| Pool type and fee | Traded, 7 days | Fees | Protocol's part | Share kept |
|---|---|---|---|---|
| v3, 0.3% | $521M | $1.56M | $260k | 16.7% |
| v3, 0.05% | $1.07B | $533k | $133k | 25.0% |
| v4, 0.3% | $118M | $411k | $58k | 14.2% |
| v4, other fee levels | $2.37B | $333k | $22k | 6.6% |
| v3, 1% | $22.55M | $225k | $38k | 16.6% |
| v4, 1% | $10.34M | $113k | $9.9k | 8.8% |
| v3, 0.01% | $1.04B | $104k | $26k | 25.0% |
| v4, 0.05% | $151M | $94k | $19k | 20.0% |
| v4, fee set by the pool's hook | $1.27B | $83k | $0 | 0.0% |
| v4, 0.01% | $40.24M | $5.0k | $979 | 19.6% |
How it is counted
Lending. For Aave, Spark, Compound v3 and Morpho, our node reads every market's size and rates at the end of each hour. The next hour's interest follows from them as each protocol accrues it: borrowers pay their debt times the hour's share of the borrow rate; lenders earn their supply times the supply rate (on Morpho, the borrowers' interest less the market's fee). Fees are the borrowers' interest, the supply side the lenders', revenue the difference. Dollar stablecoins count one dollar, ether and wrapped bitcoin at our hourly prices, other tokens at each protocol's own oracle price that hour.
Exchanges. Every trade's fee is its value times its pool's fee rate: 0.3% on SushiSwap and Uniswap v2 pairs, the fee tier on Uniswap v3, the rate each Uniswap v4 swap reports. The protocol's part is what its fee switch takes: a sixth of the 0.3% on SushiSwap and, since 27 December 2025, on Uniswap v2; a quarter or a sixth of the fee on Uniswap v3 pools, read from each pool; on Uniswap v4 the part of the fee above the pool's liquidity-provider fee.
Staking. Lido's daily oracle report gives the rewards its stake earned, consensus and execution layer together; its 10% fee is the revenue, the rest goes to stETH holders. Each report counts on its own day.
Not counted. Other networks; flash-loan and liquidation fees; reward tokens paid out as incentives; Sky's income from reserves and allocators. A token with no price that hour is left out rather than guessed.
Covered
Lido, Aave, Uniswap, Morpho, Spark, Compound, SushiSwap, each from 20 Oct 2026; every day since is complete for all of them.
The figures are free to reuse under CC BY 4.0, crediting CryptoKeyhole with a link to this page.
Questions
What are protocol fees?
Everything users pay to use a protocol: the interest borrowers pay a lending market, the swap fee traders pay an exchange pool, the rewards staked ether earns through a staking protocol.
What is protocol revenue?
The part of the fees a protocol keeps after paying the people who supply its capital: lenders, liquidity providers or stakers. It is the figure a protocol's token is usually valued against, as in a price-to-sales ratio.
What is the take rate?
Revenue divided by fees. Lido keeps 10% of its staking rewards; lending markets keep the share their reserve factors set, usually 5% to 20% of the interest; Morpho's markets keep nothing at present, so all their interest goes to lenders.
Why only Ethereum?
Every figure here is read on CryptoKeyhole's own Ethereum node, and we do not run the other networks these protocols use. Aave, Uniswap and Morpho also earn elsewhere, so their worldwide totals are higher than the Ethereum figures on this page.
Why is Sky not in the table?
Our node reads the stability fees of Sky's collateral vaults, which are on its own chart, but not yet the income from its reserves and allocators or the savings rates it pays, so its revenue cannot be shown honestly.
How often does it update?
Four times an hour. Lending and exchange figures cover every completed hour once its blocks are final on our node; Lido's change once a day, with its oracle report at about 12:00 UTC.
Where are the charts?
Each protocol in the table links to its chart in the Studio, with hourly and daily fees, supply side and revenue. The totals and each protocol's own fees and revenue are free; the breakdowns by protocol and market, the take-rate charts and the tokens' price-to-fees and price-to-sales ratios are on Plus, and Lido's income statement on Pro.