# Morpho Blue Revenue Methodology

## 1. Overview

Revenue is defined as the portion of fees that is retained by a project, as determined by its take rate. This metric is used to show how much is earned by the project from selling its product or service, before cost of revenue, token incentives, and operating expenses are deducted. For Morpho Blue, revenue is currently calculated as zero. The protocol fee switch has not been activated, so all interest accrued within the markets is distributed directly to supply-side participants with no protocol take.

## 2. Data sources

- **None**: This metric is set to a constant value and does not consume blockchain events

## 3. Step-by-step calculation

### Component A: Revenue valuation

- **Purpose**: A zero value is assigned to protocol revenue.
- **Logic**: A constant value of zero is applied to the revenue metric across all active markets and chains. This is done to reflect the inactive state of the protocol fee switch, ensuring that no revenue is recorded for Morpho Blue while all interest remains allocated to the supply side.

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Revenue

Lending

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.

Morpho Blue

Revenue

Revenue

Chain breakdown