OP Mainnet records ‘largest TVL event’ in its history as crypto card provider Etherfi goes live

Major crypto payments card provider Ether.fi has completed its migration to OP Mainnet, bringing 70,000 active cards, 300,000 accounts, and $200 million in TVL to the Ethereum scaling solution. 

The move represents “the largest single TVL event in OP Mainnet history,” a representative for the firm told The Block, and will likely catalyze OP’s transaction volume value given Etherfi’s millions of dollars worth of daily real-world payments.

According to Etherfi, the full migration wrapped up in just three days with zero downtime for cards or users. The Optimism Foundation collaborated by providing bridge engineering, oracles, asset metadata, and other technical support. 

Etherfi first signaled it was looking to migrate to Optimism’s canonical solution in February. The app was first launched on the Scroll network, and accounted for a significant portion of that blockchain’s TVL and transaction volume. 

Earlier this year, OP tokenholders voted to use protocol rewards to pay for token buybacks.

With the move, OP Mainnet is set to become a significant player in the crypto card space, which has seen the collective daily transaction count surge to 100,000 transactions today from 60,000 in mid-January, The Block Research previously found. 

Etherfi accounts for roughly one-third of all crypto card transactions, equating to about one-tenth of the total U.S. dollar transaction value, according to The Block’s data. That said, the card sector is increasingly competitive, with offerings from Gnosis, Metamask, and Solayer, among others. Etherfi’s transaction volume share stood at about one-half at the beginning of the year. 

Optimistic shift

Etherfi said it switched to the OP optimistic rollup from the ZK-powered Scroll because the OP Mainnet offered lower median fees of $0.00001, sub-250 millisecond finality, and ever-improving throughput metrics. “OP is scaling from 20Mgas/sec to 100Mgas/sec,” a rep said. For reference, the entire OP Stack processed 3.6 billion transactions in the second half of 2025, representing 13% of all crypto transactions during that period.

“For a payment product that settles real money every day, those are the conditions the product needs to grow,” Etherfi wrote in a blog. “Optimism is committed to scaling OP Mainnet cheaply as the protocols on it get bigger. The infrastructure gets better as ether.fi’s product gets bigger.”

The team plans to release a Gold Vault and a Euro card. 

The team was also attracted by OP’s “Superchain” thesis, or the network of networks that enables OP tech stack chains to more readily share liquidity, security, and other features. This also helps boost Etherfi’s integrations into DeFi apps and in yield strategies — which could potentially generate “richer cashback economics” for the card provider. 

“Every dollar that arrives on OP Mainnet makes the next dollar cheaper to move, easier to pair, and faster to put to work. That is the flywheel. Etherfi’s $200 million deepens every liquidity pool already here, and it changes the calculation for the next protocol weighing the same decision,” Etherfi wrote. 

A vast majority of the OP ecosystem’s historical usage was driven by Coinbase’s Base network, which is transitioning away from heavy reliance on Optimism in favor of its own unified, Base-operated stack. 

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