Base’s Move Away From Optimism’s OP‑Stack Puts the Superchain Revenue Model Under Scrutiny
Feb 19 2026 – Coinbase’s Layer‑2 network Base announced that it will transition from Optimism’s OP‑Stack to a proprietary, unified software stack over the coming months. The shift has triggered a 26 % dip in the price of OP, Optimism’s native token, and prompted analysts to question whether the Superchain’s shared‑revenue framework can survive without its largest contributor.
The backdrop
Optimism’s OP‑Mainnet, built on the OP‑Stack, is the third‑largest Ethereum roll‑up by total value locked (TVL), holding roughly $1.84 billion according to L2BEAT. Base, launched by Coinbase in 2023, currently sits at $3.8 billion in TVL, making it the most heavily trafficked OP‑Stack deployment.
The Superchain model requires participating chains to remit a portion of their earnings to the Optimism Collective – the higher of 2.5 % of chain revenue or 15 % of on‑chain profits after costs. In return, the collective can use these funds for ecosystem grants, development, and token‑buyback programs.
Why Base matters
Base processes about four times more transactions than Optimism and generates roughly 144 × the DEX volume and 80 × the gas fees of the OP‑Mainnet, according to on‑chain analytics from Nansen. As a result, Base was estimated to contribute around 97 % of the Superchain’s fee revenue.
“Given the scale of Base’s contribution, the ‘Superchain tax’ quickly becomes hard to justify from its perspective,” said Shresth Agrawal, CEO of Pod Network.
When Base announced its departure in a Feb 18 blog post, OP’s market price slipped to $0.14, down 26 % in a single day, a move analysts interpret as a market‑wide repricing of the Superchain thesis.
Licensing and business‑model concerns
Agrawal highlighted an underlying tension between open‑source licensing and long‑term monetisation. The OP‑Stack’s permissive licence allows any entity to fork or internalise the code without ongoing royalty payments, a factor that can erode the revenue‑sharing incentive for large players.
“Business‑style licences, like those Arbitrum employed early on, may be less attractive initially but could prove more sustainable for commercial roll‑ups,” he added.
Impact on Optimism’s token‑buyback plan
Optimism’s governance body recently proposed a buy‑back program that would allocate 50 % of incoming Superchain revenue to repurchase OP tokens, aiming to align token value with ecosystem growth. The timing of Base’s exit could diminish the pool of funds available for this scheme, potentially weakening its efficacy.
Oxytocin, head of ecosystem at Umia and former Optimism governance delegate, noted that roll‑up partnerships such as Base are “integral to Optimism’s long‑term revenue narrative” and that the development may affect the upcoming buy‑back’s impact.
Optimism’s response
OP Labs CEO Jing Wang acknowledged the short‑term hit to on‑chain revenue but framed the change as an inevitable evolution of the business model. In an X post, Wang called the OP‑Stack “the most performant” solution and confirmed that Optimism will continue supporting Base as an OP Enterprise customer while the latter builds its own infrastructure.
Optimism also pointed to a steady decline in TVL on the Optimism Bridge, which fell from a 2024 peak of ~$5 billion to $498 million according to DeFiLlama, underscoring the broader revenue pressure beyond Base’s departure.
New partnerships offsetting the loss?
Even as Base steps away, Optimism has secured fresh roll‑up partnerships. Decentralised finance firm EtherFi announced plans to migrate its cash accounts and card programme from Scroll to OP‑Mainnet, bringing an estimated $160 million in TVL and over 70,000 active cards to the network. Both parties described the move as a long‑term collaboration, hinting that Optimism can still attract sizable liquidity inflows.
Key Takeaways
| Takeaway | Details |
|---|---|
| Base’s exit reduces Superchain revenue | Base contributed ~97 % of fee income; its departure cuts the shared pool dramatically. |
| OP token price reacts sharply | OP fell 26 % to $0.14 following the announcement, reflecting market concerns over the revenue model. |
| Licensing model under pressure | Permissive open‑source licences enable forking, weakening long‑term fee‑sharing incentives for large roll‑ups. |
| Buy‑back program may be underfunded | Reduced Superchain revenue could limit the amount earmarked for OP repurchases, affecting token‑price support. |
| Optimism remains operationally strong | OP‑Stack continues to handle the highest traffic among roll‑ups; OP Labs maintains enterprise support for Base. |
| New inflows could offset losses | EtherFi’s migration promises $160 M TVL and tens of thousands of active cards, offering a modest counterbalance. |
| Future of the Superchain unclear | The move raises questions about whether other chains will stay under the revenue‑sharing arrangement or pursue independent stacks. |
The departure of Base marks a pivotal moment for Optimism’s Superchain vision. While the OP‑Stack retains technical merit and attracts new partners, the economic sustainability of its shared‑revenue model will now hinge on the willingness of other roll‑ups to remain within the collective framework.
Source: https://thedefiant.io/news/blockchains/base-s-shift-away-from-optimism-raises-questions-about-superchain-s-future
