Metaplex Protocol Achieves Record-Breaking Protocol Fees in November 2024

December 5, 2024 – Cayman Islands, Cayman Islands

Metaplex – the blockchain protocol used to create virtually every token, memecoin and NFT on Solana – saw 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 – 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 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 – a 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,…