Lenders can earn on Morpho using Morpho Vaults, noncustodial simple to use lending vaults that optimize yields for depositors. Borrowers can borrow any assets directly from Morpho Markets. Developers and businesses can use different parts of Morpho’s permissionless infrastructure to build any custom use case or application.

Morpho is an open, efficient, and resilient platform that allows anyone to earn yield and borrow assets. At the same time, developers or businesses can create markets, curate vaults, and build a range of applications on its flexible, immutable infrastructure.

MORPHO tokenholders own and govern the protocol. They currently do not take a cut of the interest and third-party token incentives earned by lenders (revenue). Morpho's investors include a16z, Coinbase Ventures, Semantic Ventures, etc.

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Morpho | Data breakdown

# Morpho Average revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) is defined as the daily revenue generated per active user over a fixed 24-hour window. This metric is calculated as total daily protocol revenue divided by active users (daily), and the daily monetization rate of individual users is reflected. For Morpho, where the Morpho Blue, Morpho Optimizers, and Morpho Midnight products are analyzed, ARPU is currently evaluated as zero. This is caused by the absence of an active protocol-level fee switch, as all interest and fees are distributed directly to supply-side participants rather than being retained as protocol revenue.

## 2. Data sources

- **Revenue**: Derived from the Revenue metric
- **Active users (daily)**: Derived from the Active users (daily) metric

## 3. Step-by-step calculation

### Component A: Morpho Blue, Morpho Optimizers, and Morpho Midnight revenue input

- **Purpose**: The daily protocol revenue is established as the numerator for the calculation.
- **Logic**: Protocol revenue is set to a constant value of zero. This is because a protocol-level fee switch has not been activated, and all interest and fees generated across Morpho Blue, Morpho Optimizers, and Morpho Midnight are distributed entirely to supply-side participants.
- **Key fields**: `revenue` (set to zero)

### Component B: Morpho Blue, Morpho Optimizers, and Morpho Midnight active users input

- **Purpose**: The active users (daily) are established as the denominator for the calculation.
- **Logic**: active users (daily) are aggregated across all supported networks.
- **Key fields**: `user_dau` (representing active users (daily))

### Component C: Average revenue per user calculation

- **Purpose**: The final daily ARPU value is calculated.
- **Logic**: Daily protocol revenue is divided by active users (daily). Because the revenue numerator is evaluated as zero, the resulting average revenue per user is calculated as zero.
- **Key fields**: `arpu` (calculated as `revenue / user_dau`)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

MorphoMORPHO

Average revenue per user (ARPU)

Average revenue per user (ARPU)

Competitive landscape