OP Labs stated exchange-owned chains constructed on the OP Stack generated greater than $495 million in software income within the second half of 2025. The determine contains sequencer charges from transactions, income generated via purposes embedded immediately into alternate platforms, and belongings that remained onchain.
In keeping with the official press launch shared with CryptoPotato, OP Labs stated exchanges traditionally relied on third-party networks that captured a lot of the worth generated from settlement exercise, software charges, and broader onchain monetization linked to person exercise.
OP Stack Onchain Income
Over the previous yr, nonetheless, purposes operating throughout exchange-owned chains constructed on the OP Stack have expanded quickly. OP Labs highlighted that Morpho’s whole 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 yr, representing practically 20x progress. The corporate stated 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 change into Morpho’s second-largest chain globally and accounted for 32% of Morpho’s software charges in H2 2025, which OP Labs stated 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 stated 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 current 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 stated comparable Aave deployments on impartial Layer 2 networks beforehand took between 142 and 721 days to achieve related milestones.
Optimism Basis’s Chief Enterprise Officer Kyle Jenke stated the H2 figures confirmed a shift from the previous system, the place exchanges made cash from buying and selling whereas exterior networks captured the worth generated thereafter. He added
“Exchanges now personal the settlement, distribution, and software layers their customers transact on. They’re doing it on a shared customary exactly so that they don’t fragment from one another within the course of.”
Ecosystem Report Excessive
Throughout the broader ecosystem, OP Stack chains secured $16.33 billion in whole 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 stay chains protecting exchanges, client purposes, monetary infrastructure, and developer platforms.
Moreover, regulated corporations are additionally selecting the OP Stack for institutional blockchain tasks. Bitpanda’s Imaginative and prescient Chain makes use of the OP Stack for institutional finance aligned with Europe’s MiCA and MiFID II rules, whereas Japan’s Mitsui & Co. Digital Commodities launched the regulated precious-metals-backed Zipangcoin on OP Mainnet.
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