GM,
Aave is printing ~$100M/year in real revenue and still trades like it’s 2021 DeFi.
I’ve been digging into @aave numbers again, and the market is still underpricing how real this business is.
Let’s be honest with data, not vibes.
– $AAVE is doing ~$100M+ annualized protocol revenue right now.
– That’s net revenue, after paying suppliers.
– Gross fees are already $1B+/year, meaning real demand, real usage.
Over the last 365 days:
– @aave: ~$123.5M revenue, 42.7% market share.
– @sparkdotfi: ~$96.7M, 33.4%.
– Everyone else is fighting for scraps, single-digit share each.
That means Aave alone is doing more revenue than the next 5-6 lending protocols combined.
What I find most interesting:
1️⃣ Revenue quality is strong
Most of it comes from lending interest, not one-off gimmicks.
Stablecoin utilization + $GHO growth are doing the heavy lifting.
GHO alone was already ~$14M annualized by end-2025.
2️⃣ Multi-chain actually works
Ethereum still dominates, but Arbitrum, Base, Avalanche, Polygon all contribute.
This is not Ethereum only revenue anymore, it’s diversified cash flow.
3️⃣ Valuation looks conservative
Aave at ~20x MC / revenue for a protocol with:
– Market leadership.
– $50B+ deposits.
– Buyback program ~$50M/year approved.
4️⃣ Token holder alignment is improving
Safety Module yield + buybacks = real value capture, not just governance cosplay.
Treasury is still sitting on ~$150M, giving Aave long runway.
TBH, I see AAVE as onchain financial infra printing cash. The fundamentals like this usually matter, just later than CT expects.
