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.
Rise in Solana Token Creation Drives Record Protocol GrowthAs 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.
Record-Breaking Metaplex Protocol Metrics in NovemberNovember’s protocol activity shattered previous records across multiple metrics:
Website: https://www.metaplex.com/
X: https://x.com/metaplex
Discord: https://discord.com/invite/6FaDSP2zms
ContactMarketingDanForgd[email protected]
This article was originally published on Chainwire
To read the full article, Click Here