2026-01-05 14:23:45

OP Stack's market dominance cannot be underestimated. Currently, this technology stack supports 50% of the activity across the entire L2 network, meaning that mainstream L2s like Base, Unichain, and Kraken's Ink are all operating on its architecture.

Base's performance is particularly impressive—monthly revenue reaching $7 million, with $175k paid to Optimism, accounting for only 2.5%. A phenomenon worth pondering here is that this portion of revenue does not flow to OP token holders, reflecting a disconnect between the infrastructure layer and the token economy.

Looking at Arbitrum's data is even more interesting. Arbitrum's TVL is 57 times that of Optimism, and its annualized revenue is ten times higher, yet its market cap is only half of Optimism's. Behind this valuation gap lies the market's different expectations of value for the two L2s—one is control over the technical infrastructure, and the other is the monetization potential of ecosystem scale.

Who controls the infrastructure, who controls the lifeblood of the entire ecosystem.

OP14,09%

ARB6,75%

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GateUser-beba108d

· 01-08 09:22

This Base's earning capability is truly amazing. How can Optimism get only a few crumbs? OP holders are really unlucky; they harvest traffic but can't share in the dividends. Arbitrum's data is shocking. How come its market cap is being beaten down... The market is really a tangled mess. Wow, so infrastructure is the true lifeline. Does OP still have a chance with this card? It feels like one is making money while the other is just riding the hype. Is this the current state of Web3?

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TerraNeverForget

· 01-07 18:13

Really, the monopoly power of OP's infrastructure is a bit scary. Base earns 7 million per month but only gives 175k to Optimism, this fee rate... it feels like OP token holders are taking a huge loss. Arb's TVL is 57 times that of OP? Then the market cap difference is really outrageous. Controlling infrastructure means controlling the lifeline, there's no doubt about that. OP Stack is built so extensively, but the token economy seems to be lagging behind. Wait, Base makes so much money, why only give 2.5% to OP? No matter how big the ecosystem gets, without infrastructure it's all pointless. This time, OP has really seized the key.

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Rugpull幸存者

· 01-06 22:33

Infrastructure is the ultimate goal, OP's move in this game is truly brilliant. OP token holders are suffering heavy losses, while Base is taking the meat and OP is drinking the soup? Arbitrum's data is so strong but its market cap is still low, indicating the story isn't worth much. Base's monthly revenue is 7 million, but only 175k is returned to OP, the ratio is outrageous. Controlling infrastructure = controlling the printing press, got it. OP Stack really won big this time, the era of the stack being king has arrived. Wait, if OP holders don't get dividends, what's the point of the token? Arbitrum is underestimated, or is the market still not reacting? What are the L2 ecosystems fighting over? The key is to do a good job at the foundational layer. In short, infrastructure players are set to dominate the application layer.

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0xLostKey

· 01-05 14:53

OP Stack 50% activity level and all that sounds really impressive... but Base's monthly revenue of $7 million only gives Optimism 2.5%? That's quite a disconnect. Ecosystem is ecosystem, token value is token value, they are really not the same thing. Arbitrum's 57x TVL and market cap are only half, is the arbitrage opportunity here? Infrastructure is indeed important, but the premise is that you can actually make real money.

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WinterWarmthCat

· 01-05 14:34

Oh wow, OP's infrastructure is indeed quite impressive, but Base only gives Optimism a 2.5% share? That's almost like free riding. OP's market cap is higher than ARB? That's hilarious. The ecosystem size differs by 57 times, and it can still be like this? Looks like the market just loves to hype concepts. Infrastructure is the lifeline... but the problem is token holders basically have no rights. To put it simply, it's still the developers who call the shots. Wait, this logic doesn't seem quite right. Is OP relying solely on brand premium? In the end, the Stack ecosystem still depends on the ecosystem applications themselves, right? Otherwise, no matter how strong the infrastructure is, it will still fade away. I'm optimistic about OP's technology, but I'm a bit worried that the token economy might become a long-term hidden risk.

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GigaBrainAnon

· 01-05 14:32

Infrastructure = Discourse Power, this logic makes sense. But OP's tokenomics design is really disappointing; the fees don't even go into the OP holders' pockets, no wonder the market isn't buying it.

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GasGasGasBro

· 01-05 14:27

Base earns 7 million per month but only gives op 175k? The difference is just too outrageous, feels like op is still being exploited on their own turf. ARB's TVL is 57 times that of op, but its market cap is actually half. This broken valuation logic is really incredible. Who controls the infrastructure indeed holds the key, but the crucial point is whether someone is willing to pay. op stack has now become standard, but it has turned into a red ocean, which might be the real problem. Base's success is quite ironic, using op's technology to achieve what op itself couldn't. It sounds like the token value and actual returns are completely decoupled. This is not infrastructure control; it's a contradiction.

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