Metaplex Protocol Sees Record-Breaking Protocol Fees in November
Metaplex Protocol Fees Reach All-Time High of $3.5 Million
[PRESS RELEASE – Cayman Islands, Cayman Islands, December 4th, 2024]
Metaplex, the blockchain protocol used to create virtually every token, memecoin, and NFT on Solana, saw record-breaking protocol fees in November, fueled by a surge in digital asset creation on Solana.
As the protocol behind virtually all token creation on Solana, Metaplex has emerged as a primary beneficiary of the extraordinary surge in digital asset creation on the Solana network.
This exponential level of activity, encompassing everything from memecoins to AI tokens and NFTs, directly contributes to Metaplex’s protocol fees. This increased protocol fee generation has in turn funded record-breaking $MPLX token purchases for the Metaplex DAO.
Since June 2024, 50% of the prior month’s protocol fees and a portion of the historical fees have been allocated to funding $MPLX token purchases for contribution to the DAO.
In November 2024, this culminated in 12k SOL worth of $MPLX purchases — equivalent to approximately $3 million at current prices, marking a substantial 58% increase month-over-month and signifying the largest monthly $MPLX token purchases to date.
Building on this momentum, Metaplex’s November protocol fees hit an all-time high of $3.5 million, setting the stage for even larger allocations for $MPLX purchases in December.
November’s Protocol Activity Sets New Records
November’s protocol activity shattered previous records across multiple metrics:
- Metaplex saw extraordinary growth in fungible token creation, with 1.4M new tokens minted — marking a 56% increase month-over-month compared to the previous all-time high in October 2024 and a new monthly record. This represented 94% of all Token Metadata assets created, driven primarily by memecoin activity on platforms such as Pump.fun.
- Metaplex Core, the next generation NFT standard, demonstrated significant adoption with a new all-time high of 354k assets created, driven by expanded use cases made possible due to the standard’s flexible design.
- User engagement metrics surged as the number of unique wallets interacting with the Metaplex protocol reached 879k — a 34% increase from October and a new all-time high. The protocol’s total collector base expanded to nearly 60 million unique wallets, growing by over 860k in November alone.
About the Metaplex Protocol
Metaplex is the leading decentralized protocol on Solana and SVM, providing tools and programs for developers and creators to build decentralized applications that use digital assets. With a growing user base and a commitment to innovation, Metaplex is empowering the next wave of decentralized finance and commerce.
About the Metaplex Foundation
The Metaplex Foundation is a Cayman Islands non-profit organization dedicated to supporting the development and growth of the Metaplex Protocol. By providing open-source tools and resources, the Foundation empowers developers, creators, and users worldwide to participate in a decentralized and inclusive digital economy.
Conclusion
In conclusion, Metaplex’s record-breaking protocol fees in November are a testament to the protocol’s growing popularity and the increasing adoption of digital assets on the Solana network. As the protocol continues to innovate and expand its capabilities, it is poised to play a significant role in shaping the future of decentralized finance and commerce.
FAQs
Q: What is Metaplex?
A: Metaplex is a decentralized protocol on Solana and SVM that provides tools and programs for developers and creators to build decentralized applications that use digital assets.
Q: What is the Metaplex Foundation?
A: The Metaplex Foundation is a Cayman Islands non-profit organization dedicated to supporting the development and growth of the Metaplex Protocol.
Q: What is the purpose of the Metaplex DAO?
A: The Metaplex DAO is a decentralized autonomous organization that is funded by a portion of the protocol fees and is responsible for making strategic decisions regarding the development and growth of the Metaplex Protocol.
Q: What is the $MPLX token?
A: The $MPLX token is the native token of the Metaplex Protocol and is used to fund the Metaplex DAO and to incentivize the development and growth of the protocol.
