Quarterly Revenue Comparison (USD)
Published 5/12/2026, 2:11:49 PM
Since Q1 2024, Aave has maintained a dominant lead in the lending sector, with its quarterly revenue peaking at $296.12 million in Q3 2025. During the same period, newer protocols Morpho and Spark demonstrated significant growth, both overtaking the legacy protocol Compound in quarterly revenue by late 2024.
Quarterly Revenue Comparison (USD)
| Quarter | Aave | Compound | Morpho | Spark |
|---|---|---|---|---|
| 2024 Q1 | $77,597,996 | $10,747,928 | $1,039,063 | - |
| 2024 Q2 | $104,968,755 | $7,117,819 | $17,295,533 | - |
| 2024 Q3 | $100,567,213 | $3,528,764 | $11,339,099 | $22,901,067 |
| 2024 Q4 | $173,338,616 | $3,886,563 | $20,376,617 | $35,031,014 |
| 2025 Q1 | $192,463,446 | $8,816,796 | $28,060,304 | $30,615,089 |
| 2025 Q2 | $138,354,248 | $10,098,837 | $20,091,366 | $30,667,627 |
| 2025 Q3 | $296,116,044 | $15,195,958 | $54,024,560 | $67,317,544 |
| 2025 Q4 | $280,770,565 | $11,385,929 | $59,334,156 | $61,059,542 |
| 2026 Q1 | $197,612,306 | $6,278,438 | $44,723,731 | $39,807,661 |
| 2026 Q2* | $94,428,973 | $2,538,458 | $21,293,156 | $21,052,734 |
*Q2 2026 data is partial (up to May 12, 2026).
Key Data Insights
- Aave's Market Leadership: Aave consistently generates the highest revenue in the group. Its Q3 2025 peak of $296.12 million was approximately 4.4x higher than its nearest competitor, Spark, during that same quarter.
- Growth of Morpho and Spark: Both protocols have seen rapid expansion. Morpho's revenue grew from just $1.04 million in Q1 2024 to a high of $59.33 million in Q4 2025, largely attributed to the adoption of its modular Morpho Blue architecture. Spark entered the dataset in Q3 2024 and peaked at $67.32 million in Q3 2025.
- Compound's Stagnation: As a DeFi pioneer, Compound's revenue has remained relatively flat compared to the aggressive growth of its peers. It was officially overtaken in revenue by both Morpho and Spark starting in Q4 2024.
- Market Cyclicality: All four protocols reached their revenue zeniths in the second half of 2025 (Q3 and Q4), coinciding with peak on-chain borrowing demand and market activity.
- 2026 Outlook: While Q1 2026 figures show a decline from the 2025 highs, they remain significantly elevated compared to early 2024 levels, suggesting a higher baseline of protocol utility.
Protocol Security
Governance tokens for these protocols (AAVE, COMP, MORPHO, and SKY) have undergone security verifications and are currently classified as Low Risk with no detected malicious patterns or honeypot characteristics.
Next Steps:
- Would you like a technical analysis and price prediction for AAVE or MORPHO based on these revenue trends?
- I can perform a deep dive into the Price-to-Sales (P/S) ratios for these four protocols to identify which may be undervalued relative to their revenue.