According to OP Labs, chains created by exchanges using the OP Stack produced over $495 million in revenue from applications during the latter half of 2025. This total includes fees paid for processing transactions, income from apps built into exchange platforms, and assets that stayed on the blockchain.
OP Labs announced in a press release that exchanges usually depend on external networks which take a large portion of the profits from things like transaction fees, app costs, and other ways users earn money on the blockchain.
OP Stack Onchain Revenue
As a researcher tracking the growth of optimistic rollups, I’ve observed a significant surge in activity on chains built with OP Stack over the last year. A prime example is Morpho, a lending protocol on Base, which saw its Total Value Locked (TVL) jump from $48 million at the start of 2025 to over $960 million by year’s end – almost a 20x increase! What’s particularly interesting is that this growth wasn’t fueled by typical wallet-based user acquisition. Instead, it was largely driven by lending products being directly integrated into the Coinbase app itself.
Base is now the second most popular network on Morpho, generating 32% of its fees in the second half of 2025. According to OP Labs, this is 13 times more activity than on Arbitrum and 60 times more than on OP Mainnet.
As an analyst, I’ve been watching Kraken’s Ink chain closely, and it’s showing impressive growth – we’ve seen over a million new unique addresses added since December 2024. What’s particularly interesting is that OP Labs data indicates the vast majority – around 99.4% – are completely new to onchain activity. This suggests that chains built by exchanges like Kraken aren’t just moving users around, but are actually bringing *new* people into the broader onchain ecosystem, which is a really positive sign for overall market expansion.
OP Labs reported that Tydro, a customized lending platform built on Ink and launched in October 2025, quickly gained traction, reaching $100 million in total value locked (TVL) within its first day and exceeding $500 million within three months. This is significantly faster than previous similar Aave deployments on other Layer 2 networks, which typically took between 142 and 721 days to achieve the same results.
According to Kyle Jenke, Optimism Foundation’s Chief Business Officer, the latest data indicates a change in how value is created. Previously, exchanges profited from trading itself, but the benefits then flowed to outside networks. Now, that’s changing.
Exchanges are now in control of how trades are finalized, how assets are delivered, and the technology their users interact with. They’re building everything on a common standard to avoid becoming disconnected from one another.
Ecosystem Record High
Looking at the broader picture, OP Stack chains really took off in the second half of 2025. We saw a record $16.33 billion in total value locked, with $6.8 billion specifically in DeFi. What’s even more impressive is the sheer volume of activity – 3.6 billion transactions processed across more than 50 live chains. This covers a really diverse range of applications, from exchanges to everyday consumer apps, plus the underlying financial tools and platforms developers are building on.
More and more established companies are also adopting OP Stack for their blockchain projects. For example, Bitpanda’s Vision Chain is using it to build financial services that comply with European regulations like MiCA and MiFID II. Similarly, Mitsui & Co. Digital Commodities in Japan recently launched Zipangcoin, a digital currency backed by precious metals, on the OP Mainnet, ensuring it also operates within regulatory guidelines.
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2026-05-28 16:09