Change-Owned OP Stack Chains Made Practically $500M in Onchain Income, OP Labs Says

Main platforms together with Coinbase and Kraken have raked in app revenues of greater than $495 million via their exchange-owned OP Stack chains.

OP Labs mentioned exchange-owned chains constructed on the OP Stack generated greater than $495 million in utility income within the second half of 2025. The determine contains sequencer charges from transactions, income generated via functions embedded immediately into trade platforms, and property that remained onchain.

Based on the official press launch shared with CryptoPotatoOP Labs mentioned exchanges traditionally relied on third-party networks that captured a lot of the worth generated from settlement exercise, utility charges, and broader onchain monetization linked to person exercise.

OP Stack Onchain Income

Over the previous 12 months, nevertheless, functions operating throughout exchange-owned chains constructed on the OP Stack have expanded quickly. OP Labs highlighted that Morpho’s complete worth locked (TVL) on Coinbase-backed Base rose from $48 million in the beginning of 2025 to greater than $960 million by the top of the 12 months, representing practically 20x development. The corporate mentioned the rise was pushed primarily by lending merchandise built-in immediately into the Coinbase app reasonably than via wallet-based person acquisition.

Base has now develop into Morpho’s second-largest chain globally and accounted for 32% of Morpho’s utility charges in H2 2025, which OP Labs mentioned was 13 instances that of Arbitrum and 60 instances that of OP Mainnet.

In the meantime, Kraken’s Ink chain added multiple million distinctive addresses since December 2024. OP Labs mentioned fewer than 0.6% of these addresses had any prior onchain historical past with Kraken, whereas the remaining 99.4% represented net-new onchain wallets, which it described as proof that exchange-owned chains are increasing the general onchain market reasonably than merely shifting present customers between networks.

OP Labs additional famous that Tydro, the Aave V3 white-label lending protocol launched on Ink in October 2025, reached $100 million in TVL inside its first 24 hours and surpassed $500 million inside 90 days. The corporate mentioned comparable Aave deployments on impartial Layer 2 networks beforehand took between 142 and 721 days to succeed in related milestones.

Optimism Basis’s Chief Enterprise Officer Kyle Jenke mentioned the H2 figures confirmed a shift from the outdated system, the place exchanges made cash from buying and selling whereas exterior networks captured the worth generated afterwards. He added

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“Exchanges now personal the settlement, distribution, and utility layers their customers transact on. They’re doing it on a shared normal exactly so they do not fragment from one another within the course of.”

Ecosystem File Excessive

Throughout the broader ecosystem, OP Stack chains secured $16.33 billion in complete worth, held $6.8 billion in DeFi TVL, and processed 3.6 billion transactions throughout H2 2025. This was an all-time excessive throughout greater than 50 dwell chains overlaying exchanges, shopper functions, monetary infrastructure, and developer platforms.

Moreover, regulated corporations are additionally selecting the OP Stack for institutional blockchain initiatives. Bitpanda’s Imaginative and prescient Chain makes use of the OP Stack for institutional finance aligned with Europe’s MiCA and MiFID II laws, whereas Japan’s Mitsui & Co. Digital Commodities launched the regulated precious-metals-backed Zipangcoin on OP Mainnet.