Analysis of Base's Exit from OP Stack: Verification of Claims of a 94% Drop in OP Revenue

Execution Summary

Based on multi-source data collected between February 18th and 19th, 2026, Base did indeed announce its departure from Optimism's OP Stack architecture, switching to a self-developed unified technology stack. The OP token price fell 5-7% on the day of the announcement, but the claim of a "94% drop in OP revenue in a single day" lacks any supporting evidence . Available protocol revenue data shows that OP Mainnet revenue remained stable before the event (between $1.6k and $89k), without any abnormal plunge. The data freshness is limited (latest data is as of February 17th), but news and social media did not mention a significant drop in revenue, suggesting that this claim is a misinterpretation based on price action.

Verification of the authenticity of the event

Base's exit from the OP Stack has been confirmed . Multiple authoritative sources report that Base released an official blog post on February 18, 2026, announcing its transition from the OP Stack to the "unified Base stack." Key changes include:

• Technical independence : The codebase was migrated from the OP Stack to Base's own GitHub repository (base/base), reducing external dependencies (such as Flashbots and Paradigm).
• Upgrade acceleration : The frequency of hard forks has been increased from 3 times per year to 6 times per year, aiming to enhance development autonomy and iteration speed.
• Compatibility Maintenance : In the short term, it will remain compatible with the OP Stack specification and will transition through the OP Enterprise Program in partnership with Optimism. (Source: [Original Source])

This decision stems from Base's need for control and efficiency as the largest OP Stack chain (TVL $3.85 billion), but it does not completely sever ties with Optimism.

OP price reaction analysis

Following the announcement, OP tokens experienced a short-term decline, consistent with market expectations of a separation from the ecosystem.

• Price drop range : 5.5%-7% (data from different platforms).
• Direct catalyst : Base contributed the majority of transaction volume in the OP Stack hyperchain ecosystem, and its exit has raised concerns among investors about the weakening of the Optimism network effect.
• Technical background : The decline occurred in an environment of intensified competition in the broader L2, but there were no signs of panic selling.

The price response did not extend to the income level, and there is no direct causal relationship between the two.

Income data review: The claim of a 94% plunge is unfounded.

OP Mainnet Revenue Trend (February 12, 2026 to February 17, 2026)

*Note: The revenue peak of $89,000 on February 15th may have been a single-day anomaly (such as large-scale contract activity), and the decline on the 16th was a normal correction, not a trend-driven plunge. Revenue on the 17th had recovered to the $1,600 level, on par with the levels of February 12th-14th.

Base income comparison (same period)

Base revenue has remained stable at over $100,000 and was unaffected by the announcement.

• February 17, 2026 Income: 175,021 USD Source
• This reflects that the activity level of the Base ecosystem itself is unrelated to the decision to separate the OP Stack.

Data Limitations

• Freshness gap : The latest revenue data for the agreement is as of 00:00 UTC on February 17, 2026. Data for the event day (February 18) has not yet been entered (the industry standard is a delay of 1-2 days). However, revenue on February 17 showed signs of stabilization, with no signs of a sharp drop.
• News/Social Verification : A comprehensive search of 10+ news sources and Twitter (minimum 10+ likes) yielded no reports mentioning "94% revenue decline." Discussions focused on price volatility and technological impacts, rather than revenue metrics. Source

Conclusions and Impact Assessment

1. The claim that "income plummeted by 94%" is a misrepresentation .
   Among the available data, OP revenue did not show a single-day drop of 94%. The 98.5% month-on-month decrease on February 16 was a correction relative to the abnormal peak on the 15th, not a trend collapse. Data after the event is currently unavailable, but historical patterns and market discussions do not support this claim.

2. The actual impact is primarily emotional :

   • Short term : OP price is under pressure (-7%), but the Base transition period maintains compatibility, buffering the technical impact.
   • In the medium term : Optimism may lose its ecosystem contributions from Base, but new collaborations (such as the migration of Ether.fi to the OP Mainnet) partially offset this risk. (Source )
   • The impact on revenue remains to be seen : Revenue depends on network activity and is not directly driven by changes in the technology stack.

3. Investor advice :

   • Be wary of price fluctuations, but don't overinterpret misinformation about income.
   • Monitor Q1 revenue data (after March) to verify the long-term effects of the separation.
   • If the Base standalone stack succeeds, it may inspire other L2-like initiatives and intensify competition within the OP Stack ecosystem.

Data updated : 2026-02-19 01:48 UTC (based on revenue data prior to 2026-02-17).