Morpho borrowers have paid approximately $170 million in interest over the past year, according to data from Token Terminal. With a 10% take rate, this translates to an estimated $17 million in annualized revenue for Morpho, which is valued at $1.7 billion. In comparison, Aave is generating about $140 million in annualized revenue with a valuation of $1.5 billion, highlighting the competitive landscape in the decentralized finance sector.