The Metaplex protocol achieved its all-time high protocol fee in November 2024.
Metaplex is the underlying blockchain protocol for nearly all tokens, memecoins, and NFTs on the Solana network, setting a historic protocol fee record in November 2024 thanks to the significant growth in digital asset creation on the Solana network.
Growth in Solana Token Creation Drives Record Protocol Development
As the protocol behind the creation of nearly all tokens on Solana, Metaplex emerged as the primary beneficiary of the digital asset creation wave.
This exponential activity spanned across all areas from memecoins to AI tokens and NFTs, directly driving the growth of Metaplex's protocol fees. This fee increase, in turn, provided funding for the purchase of $MPLX tokens by the Metaplex DAO.
Starting from June 2024, 50% of the monthly protocol fees and a portion of historical fees have been used to purchase $MPLX tokens and contribute to the DAO.
By November 2024, the total amount spent on purchasing $MPLX tokens reached 12,000 SOL, approximately $3 million, marking a 58% increase from the previous month and setting a new record for monthly purchases.
Riding this momentum, Metaplex's protocol fees in November reached a historical high of $3.5 million, laying a solid foundation for the December $MPLX purchase allocation.
Key Records Set by the Metaplex Protocol in November
November saw new highs in protocol activity across various areas:
Significant growth in the creation of fungible tokens, with the addition of 1.4 million new tokens, a 56% increase from the previous month, and a new monthly record. Memecoin activities, particularly on platforms like Pump.fun, were the primary drivers of this growth, with these tokens accounting for 94% of all Token Metadata assets.
Metaplex Core, as the next-generation NFT standard, saw widespread adoption, with the addition of 354,000 new assets, marking a historic high. This was facilitated by the standard's flexible design that expanded its use cases.
There was a substantial increase in user engagement, with the number of interactions from independent wallets reaching 879,000, a 34% increase from October and a record high. The protocol's total user base also expanded to nearly 60 million, with 860,000 new independent wallet users added in November alone.
About the Metaplex Protocol
Metaplex is a leading decentralized protocol on Solana and the Solana Virtual Machine (SVM), providing tools and programs for developers and creators to build decentralized applications using digital assets. With a growing user base, Metaplex is committed to innovation, driving a new wave of decentralized finance and commerce.
About the Metaplex Foundation
The Metaplex Foundation is a non-profit organization established in the Cayman Islands, focusing on supporting the development of the Metaplex protocol. The foundation empowers global developers, creators, and users to participate in a decentralized, inclusive digital economy by providing open-source tools and resources.
Official Website: https://www.metaplex.com/
Discord: https://discord.com/invite/6FaDSP2zms
Contact Information
Marketing Department
Dan Forgd
dan@forgd.com
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