Exchange-owned blockchain networks built on the OP Stack generated over $495 million in application revenue in the second half of 2025, according to a report from OP Labs. The revenue, driven by platforms like Coinbase‘s Base and Kraken‘s Ink, includes sequencer fees, embedded app revenue, and onchain assets, signaling a shift where exchanges capture more value from user activity.
Major platforms including Coinbase and Kraken have accumulated app revenues exceeding $495 million through their exchange-owned OP Stack chains. OP Labs stated this figure includes sequencer fees from transactions, revenue from apps embedded in exchange platforms, and assets that remained onchain.
Historically, exchanges relied on third-party networks that captured much of the value from settlement and user activity. Over the past year, applications on exchange-owned OP Stack chains have expanded rapidly, changing this dynamic.
Morpho’s total value locked on Coinbase-backed Base grew from $48 million to over $960 million in 2025. This nearly 20x growth was driven mainly by lending products integrated directly into the Coinbase app.
Base became Morpho’s second-largest chain globally and accounted for 32% of its application fees in H2 2025. This was reported as 13 times that of Arbitrum and 60 times that of OP Mainnet.
Meanwhile, Kraken’s Ink chain added over one million unique addresses since December 2024. Fewer than 0.6% of those addresses had prior onchain history with Kraken, indicating net-new user acquisition.
The Aave V3 white-label protocol Tydro, launched on Ink, reached $100 million in TVL within 24 hours. It surpassed $500 million within 90 days, a milestone that took much longer on other networks.
Optimism Foundation’s Chief Business Officer Kyle Jenke said the figures show a shift from the old system. “Exchanges now own the settlement, distribution, and application layers their users transact on,” he stated.
Across the wider ecosystem, OP Stack chains secured $16.33 billion in total value and processed 3.6 billion transactions in H2 2025. This marked an all-time high across more than 50 live chains.
Regulated companies are also choosing the OP Stack for institutional projects. Examples include Bitpanda’s Vision Chain and Japan’s Mitsui & Co. Digital Commodities launching Zipangcoin on OP Mainnet.
