Author: Xiyou, ChainCatcher

Editor: Nianqing, ChainCatcher

While the crypto community is celebrating the launch of the Layer2 new network Unichain by DeFi leader Uniswap, it is Optimism, the silent supporter providing key underlying technology, that emerges as the real winner behind the scenes.

On October 15, during the Unichain developer funding event announced by Uniswap, it was stated that Unichain is a new Layer2 network built on OP Stack technology. As a part of the Superchain, Unichain developers can also receive additional rewards from the Optimism Collective Grants. This announcement undoubtedly serves as a public endorsement of OP Stack technology, clearly expressing Uniswap's preference for OP Stack among various L2 Stacks development solutions (such as Arbitrum, zkSync, etc.).

The collaboration between the two not only indicates Uniswap's deep recognition of the strength of OP Stack technology but also introduces a strong ally to Optimism's Superchain ecosystem. As of October 17, the number of L2 or L3 chains built on OP Stack has risen to 39, bringing over $40 million in revenue to Optimism.

Uniswap's participation is undoubtedly a boon for Optimism. As a long-standing backbone in the DEX market, Uniswap's large user base and trading volume are likely to inject new vitality into Optimism's SuperChain ecosystem, opening up new avenues for revenue growth.

OP Stack Revenue Surpasses $40 Million, Trading Share in Layer2 Market Approximately 60%

OP Stack, as an open-source modular toolkit launched by Optimism for Layer2 networks, allows developers to assemble or customize any Layer2 network according to their needs, thereby sharing the security and resources of the Ethereum network.

Since the Bedrock upgrade in June last year, Optimism has introduced the concept of Superchain for L2 networks built on OP Stack and renamed its previous Layer2 mainnet to OP Mainnet, merging with several other Layer2 networks built on OP Stack into a unified OP chain network known as Superchain.

Within the SuperChain ecosystem, all chains share a standardized underlying architecture, and resources and information can be shared through the Optimism Bridge. Users and developers can view all chains within the ecosystem as a single entity, the "Superchain," allowing developers to focus on creating applications aimed at the overall superchain, while users do not need to consider cross-chain activities.

After Optimism and Base reached a revenue-sharing model in August last year, Base pays Optimism Collective 2.5% of the total revenue from network sorters or 15% of profits, whichever is higher; the Optimism Foundation will provide Base with 118 million OP tokens as incentives over the next six years. This model not only promotes a win-win situation for Optimism and Base but also sets a precedent for other Layer2 networks built on OP Stack.

Since then, every OP chain in the Optimism superchain has adopted a standardized revenue-sharing model, requiring each chain to pay 15% of the total revenue from on-chain sorters or pure profits (specifically, total revenue minus fees submitted to L1), based on the higher amount, to Optimism Collective.

As of October 16, the governance organization Optimism Collective has earned 15,673 ETH through Superchain, with a value exceeding $40 million.

Currently, the Superchain ecosystem has 39 block networks based on OP Stack, including Coinbase's Layer2 network Base, Uniswap's new Layer2 Unichain, Sony's Soneium, Synthetix's application chain SNAXchain, Mode, the L2 Cyber developed by social application CyberConnect, Worldcoin chain, and more.

According to the latest data from Superchain Eco on October 13, OP Stack chains account for approximately 59.5% of all transactions in the Layer2 market. Last week, Superchain averaged 6.1 million transactions per day, accounting for 37% of all Layer2 market transactions, with over 5,300 developers deploying applications in the ecosystem.

Among these 39 OP Stack chains, the revenue from the OP Mainnet will be entirely managed by Optimism Collective, while the remaining 38 networks are required to submit 15% of the total revenue from on-chain sorters or pure profits at the higher standard. Every month, Optimism Collective will compile the revenue situation of each OP chain.

In terms of revenue, according to statistics from Superchain, as of October 17, Optimism Collective has earned 15,700 ETH (approximately $40.82 million), with the OP Mainnet contributing the most revenue at 12,775.25 ETH (about $33.21 million), accounting for 81.5% of the total revenue. The Base network contributed 2,759.27 ETH (approximately $717,000), accounting for 17.6%, followed by networks like Zora, Mode, and the RaaS platform Conduit.

With the rise of Base and the increase in trading volume of OP chain networks like Mint and Orderly, the revenue share contributed to Optimism Collective is also growing. In the latest October revenue of 244.9 ETH received by Optimism Collective, Base alone contributed 44.8% of the revenue, while other chains collectively contributed 13.8%.

Is Optimism the Winner in Layer2?

Through a standardized and open-source OP Stack toolkit, Optimism has successfully built the Superchain ecosystem, providing developers with efficient access to Ethereum's underlying tools and technical support, while unlocking various complex application scenarios, including gaming and social applications. This open and vibrant ecosystem has attracted a large number of developers and projects, creating a strong network effect. As the number of projects built on OP Stack continues to grow, the ecosystem enters a virtuous cycle, and the revenue generated by the Superchain ecosystem also rises significantly.

Moreover, through Superchain, Optimism has established its unique business model, currently possessing two clear revenue paths: one is the direct on-chain revenue from its Layer2 mainnet OP Mainnet; the other is the on-chain revenue sharing from the Superchain ecosystem composed of OP chains.

These two paths together form Optimism's unique competitive advantage in the L2 market, creating a distinct business model compared to competitors like Arbitrum, StarkNet, and zkSync, with revenue performance standing out.

According to data from the Token Terminal data platform, in the past six months, Base has maintained the top position in the Layer2 market with $23.51 million in revenue, while Optimism's OP Mainnet follows closely in second place with $10.24 million in revenue. Although Arbitrum has long held the top position in TVL in the Layer2 market, its revenue is only $9.49 million, less than that of OP Mainnet. zkSync and StarkNet have even more limited revenues, at $1.84 million and $170,000, respectively.

Additionally, aside from the revenue from the OP Mainnet, 2.5% of Base's revenue or 15% of profits will belong to Optimism. If calculated based on the 2.5% revenue, Optimism's income would be: OP Mainnet + 2.5% of Base chain revenue, which means that over the past six months, Optimism would need to pay $587,000.

Furthermore, every transaction occurring on OP Stack chains in the future will ultimately funnel a portion into Optimism's pockets, continuously generating revenue for it. With heavyweight projects like Uniswap continuously joining, it is foreseeable that the revenue brought by OP Stack is expected to keep growing.

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