Aave’s ability to attract capital is just unreal—its TVL makes up half of the revenue yet it takes home 80%—the lending race has truly become an oligopoly game.

Wu Shuo has learned that, according to data cited by MSB Intel, Aave has generated approximately $43.3 million in Earnings (protocol retained earnings) in the lending sector since the beginning of the year, accounting for about 80.7% of the entire lending sector. The second through fourth ranked protocols are Maple Finance with approximately $5 million, Fluid with about $3.8 million, and Venus with around $3 million. MSB Intel says that Aave accounts for about half of the lending sector’s TVL, but contributes about 80% of the Earnings. This metric is typically used to measure on-chain retained earnings after deducting related costs and token incentives, and is not the same as net profit in traditional financial reports.