Stani Kulechov, founder of Aave Protocol, disclosed a multi-year increase in protocol receipts, reporting $5.22 million in 2022, $22.54 million in 2023 and $90.42 million in 2024. These figures imply significant top-line expansion, with 2023 revenue approximately 332% above 2022 and 2024 roughly 301% higher than 2023, underscoring elevated fee generation and monetization within the protocol.
Revenue for 2025 stands at $86.27 million year-to-date, about 95% of 2024’s full-year total, reflecting continued operational traction. Analysts should combine these revenue metrics with on-chain indicators—such as TVL, swap volumes and fee structure—to evaluate the durability of Aave’s revenue model without relying on forward-looking conjecture.