Overview: A watershed moment for onchain monetization
In a late-2025 briefing, OP Labs disclosed that exchange-owned stack chains made on the OP Stack generated roughly $495 million in onchain revenue during the second half of 2025. The figure captures a mix of sequencer fees from transactions, revenue from applications embedded within exchange platforms, and assets that remained on-chain. The disclosure marks a notable shift in how value is captured within the ecosystem, as exchanges move from relying on third-party networks to internalize more revenue streams tied to user activity.
OP Labs framed the development as a structural change in crypto monetization. A spokesperson for OP Labs said the data underscore a broader trend: exchanges are increasingly building and funding onchain apps directly, rather than funneling activity through external networks. "This shift unlocks more value on the chain and expands the overall market," the spokesperson stated, signaling a new era of onchain revenue generation tied to exchange-owned deployments.
The implication for investors and developers is clear: exchange-owned stack chains made a material contribution to the bottom line of the OP Stack and its ecosystem, and the revenue is increasingly coming from in-house solutions that keep users engaged on-chain longer and more deeply integrated into platform ecosystems.
Key metrics and evidence from 2H 2025
- Total onchain revenue from exchange-owned chains: approximately $495 million in the second half of 2025.
- Morpho on Coinbase-backed Base: TVL rose from about $48 million at the start of 2025 to more than $960 million by year-end, a nearly 20x expansion.
- Base's share of Morpho fees: Base accounted for 32% of Morpho’s application fees in H2 2025, a factor OP Labs notes is 13x larger than Arbitrum’s share and 60x larger than OP Mainnet.
- Ink chain activity (Kraken): Ink added more than one million unique addresses since December 2024. OP Labs said fewer than 0.6% of those addresses had prior onchain history with Kraken; 99.4% were net-new wallets, suggesting expansion of the overall onchain market rather than a simple user shift between networks.
- Tydro deployment (Aave V3): The white-label lending protocol launched on Ink in October 2025 hit $100 million in TVL within the first 24 hours and surpassed $500 million within 90 days.
Together, these data points illustrate that exchange-owned stack chains made not only a sizable near-term contribution but also indicative growth across multiple hubs on the OP Stack, with high adoption across Base, Ink, and other deployments.
What this means for the ecosystem
The numbers shed light on a broader rebalancing of incentives across the crypto stack. By capturing more value from onchain activity, exchanges are incentivizing developers to build directly on the OP Stack’s in-house rails. Analysts say the approach could accelerate the pace at which DeFi lending, liquidity provisioning, and other apps reach scale inside exchange ecosystems.
OP Labs highlighted that historically, much of the value tied to settlement activity, app fees, and onchain monetization accrued to third-party networks rather than the platforms themselves. The second-half surge in revenue implies a different allocation of that value—one that sits within the control of the exchanges and the projects they back.
Statements from OP Labs and market interpretation
OP Labs stressed that the shift is not a one-off anomaly but part of a multi-quarter trend. "The exchange-owned model is enabling a deeper, more durable monetization loop on-chain,“ the firm said in its late-2025 release. Experts say the trend aligns with market demand for more integrated financial products directly within exchange apps, helping to lock users into the ecosystem and reduce churn.
Market observers are watching for how this revenue pattern influences funding, governance, and the pace of innovation across OP Stack deployments. If exchange-owned stack chains made sustain their trajectory into 2026, there could be a broader reallocation of engineering talent and capital toward in-house layers that support native apps, lending protocols, and onchain analytics tools.
Regional and platform highlights shaping 2026 outlook
Base, as a Coinbase-backed chain, has emerged as a leading force within Morpho’s onchain footprint. The data show Base as a key revenue engine, with a strong emphasis on integrated lending products that keep users within the Coinbase app rather than moving to separate wallets or external platforms. This interconnected approach appears to be a catalyst for Morpho’s business model, elevating Base to become Morpho’s second-largest chain globally and marking a notable shift in where most application fees accrue.
Ink’s rapid address growth on Kraken’s network underscores a different facet of the trend: new, net-new onchain wallets entering the ecosystem. The fact that almost all new entrants lacked prior Kraken activity challenges the idea of mere user migration; it suggests an expansion of the addressable market. For investors, it hints at a broader expansion phase for onchain finance, rather than a static transfer of users among existing networks.
Tydro’s performance on Ink demonstrates the speed at which liquidity and lending activity can scale when wrapped in a white-label deployment tied to a major exchange’s ecosystem. The rapid TVL ascent—$100 million in the first day and over $500 million in 90 days—serves as a blueprint for similar integrations across other chains on the OP Stack.
What to watch as 2026 unfolds
Analysts expect the trend of exchange-owned stack chains made to influence funding models, product roadmaps, and competitive dynamics across crypto markets. If the 2025 H2 momentum continues, more exchanges could pursue deeper onchain monetization strategies, adding embedded financial services, and expanding in-house app ecosystems. That shift would likely draw more developers toward exchange-backed rails and more users toward platforms that offer integrated, onchain products without leaving the app.
Regulatory scrutiny remains a key variable. As exchanges push more revenue through onchain products, the balance of risk and compliance costs will shape how aggressively platforms can scale these monetization schemes. A measured approach could balance growth with safeguards that enhance user trust and market integrity while maintaining innovation in the OP Stack ecosystem.
Bottom line: A new revenue paradigm for the OP Stack
The latest data paint a clear picture: exchange-owned stack chains made a substantial, tangible contribution to onchain revenue in 2H 2025. The figures point to a broader industry shift toward in-house monetization that keeps value generation and user engagement anchored within exchange ecosystems. As the market moves into 2026, investors and developers will be watching closely how these dynamics evolve, and whether the trend translates into broader, sustained growth for the OP Stack and its key deployments.
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