Metaplex the blockchain protocol used to create virtually every token, memecoin and NFT on Solana aw record-breaking protocol fees in November 2024, fueled by a surge in digital asset creation on Solana.
Rise in Solana token creation drives record protocol growth
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 12,000 SOL worth of MPLX purchases quivalent to approximately $3 million at current prices arking 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 ATH (all-time high) of $3.5 million, setting the stage for even larger allocations for MPLX purchases in December.
Record-breaking Metaplex Protocol metrics in November
November’s protocol activity shattered previous records across multiple metrics.
- Metaplex saw extraordinary growth in fungible token creation, with 1.4 million new tokens minted marking a 56% increase month-over-month compared to the previous ATH 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 ATH of 354,000 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 879,000 34% increase from October and a new ATH. The protocol’s total collector base expanded to nearly 60 million unique wallets, growing by over 860,000 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 DApps (decentralized applications) that use digital assets.
With a growing user base and a commitment to innovation, Metaplex is empowering the next wave of DeFi (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.
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