Exchange-Owned OP Stack Chains Made Nearly $500M in Onchain Revenue, OP Labs Says

OP Labs said exchange-owned chains built on the OP Stack generated more than $495 million in application revenue in the second half of 2025. The figure includes sequencer fees from transactions, revenue generated through applications embedded directly into exchange platforms, and assets that remained onchain.

According to the official press release shared with CryptoPotato, OP Labs said exchanges historically relied on third-party networks that captured much of the value generated from settlement activity, application fees, and broader onchain monetization linked to user activity.