#op stack

➤ Exchange-owned chains built on the OP Stack generated over $495 million in application revenue in H2 2025, driven by sequencer fees and embedded applications. ➤ This trend signifies a shift where exchanges are becoming vertically integrated on-chain infrastructure operators, capturing revenue streams previously outsourced. ➤ The OP Stack ecosystem is seeing broad adoption, including from regulated institutions, indicating a move beyond DeFi-native use cases into traditional financial services.

➤ Upbit, through its parent company Dunamu, has launched GIWA Chain, a self-managed blockchain built on the Optimism OP Stack, granting it full operational control. ➤ This sovereign infrastructure aims to meet South Korean regulatory demands for institutional adoption and will serve as the settlement backbone for various Web3 services, including tokenized RWAs and stablecoin payments. ➤ The initiative is part of Dunamu's broader strategy to become a global fintech conglomerate, potentially merging with Naver Financial, and sets a new standard for exchange-owned blockchain infrastructure.