$AAVE is now generating significantly more revenue per USD of capital than before.

The main reason is that its revenue has grown much faster than both TVL and active loans throughout the 2023–2026 period.

Even though DeFi activity has slowed in H1 2026, with both deposits and loans pulling back from their peaks, Aave is still producing over $120M in annualized revenue.

Thanks to GHO, SVR, liquidations, and multiple other monetization layers, Aave is no longer just a lending protocol — it has built several revenue engines on the same platform.

If we look at $AAVE as a business:

• Bull market → credit expansion & increased leverage

• Bear market → profits from liquidations & risk management

• Sideways market → optimizing capital efficiency & borrowing demand

This is exactly why many people are now viewing Aave as a real “DeFi business” rather than just a lending protocol.