Metaplex's November protocol revenue reached a record high of $3.5 million, with significant growth in user engagement
As the core protocol for the creation of almost all tokens on the Solana network, Metaplex has become the biggest beneficiary of the surge in digital asset creation.Author: Metaplex
Compiled by: Deep Tide TechFlow
Metaplex is a blockchain protocol for creating almost all Tokens, Memecoins, and NFTs on Solana. With the surge in digital asset creation on the Solana network, the protocol fees in November reached an all-time high.
Surge in Solana Token Creation Drives Record Growth of the Protocol
As the core protocol for nearly all Token creation on the Solana network, Metaplex has become the biggest beneficiary of the surge in digital asset creation.
This explosive growth in activity, including a wide range of creations from Memecoins to AI Tokens and NFTs, directly drove the increase in Metaplex protocol fees. This increase in protocol fees, in turn, provided funding for the purchase of the $MPLX Token for the Metaplex DAO.
Since June 2024, 50% of the monthly protocol fees and part of the historical fees have been used to purchase $MPLX Tokens to support the DAO.
In November 2024, Metaplex used funds worth 12,000 SOL to purchase $MPLX Tokens, amounting to approximately 3 million dollars at current prices. This marks a 58% month-over-month growth, making it the largest single-month purchase of $MPLX Tokens to date.
On this basis, Metaplex's protocol revenue in November reached a record 3.5 million dollars, providing ample funding for $MPLX purchases in December.
Record Performance of the Metaplex Protocol in November
The protocol activity in November set historical records in several aspects:
Metaplex excelled in the creation of fungible Tokens, minting 1.4 million new Tokens------a 56% month-over-month increase compared to the previous historical high in October 2024, setting a new monthly record. This represents 94% of all created Token metadata assets, primarily driven by Memecoin activities on platforms like Pump.fun.
Metaplex Core, as the next-generation NFT standard, achieved significant adoption, creating a new historical high of 354,000 assets, thanks to the flexible design of the standard that allows for more use cases.
User engagement metrics saw a significant increase, with the number of unique wallets interacting with the Metaplex protocol reaching 879,000------a 34% increase from October, setting a new record. The total collector base of the protocol expanded to nearly 60 million unique wallets, with over 860,000 added in November alone.
About the Metaplex Protocol:
Metaplex is a leading decentralized protocol on Solana and SVM, providing developers and creators with tools and programs to build decentralized applications using digital assets. With a continuously expanding user base and ongoing investment in innovation, Metaplex is driving the next wave of decentralized finance and commerce.
About the Metaplex Foundation:
The Metaplex Foundation is a non-profit organization based in the Cayman Islands, dedicated to supporting the development and growth of the Metaplex protocol. By providing open-source tools and resources, the foundation enables developers, creators, and users worldwide to participate in a decentralized and inclusive digital economy.
