Wu said that, according to Token Terminal data, Morpho borrowers have paid approximately $170 million in interest over the past year. Based on a 10% fee share, Morpho DAO’s annualized revenue is about $17 million, corresponding to an implied valuation of about $1.7 billion. Meanwhile, it is reported that Aave’s current annualized revenue is about $140 million, corresponding to an implied valuation of about $1.5 billion.