Metaplex Sees Record-Breaking Protocol Fees in November
Metaplex, the go-to blockchain protocol for minting a wide array of tokens, meme coins, and NFTs on Solana, experienced unprecedented protocol fees in November, driven by an explosive increase in digital asset creation on the Solana network.
Surge in Solana Token Generation Fuels Unprecedented Protocol Expansion
Metaplex stands at the forefront of token creation in Solana, capitalizing on the ecosystems remarkable explosion of digital asset development.
The surge in activity, spanning from meme coins to AI tokens and NFTs, plays a pivotal role in driving Metaplexs protocol fees. The surge in protocol fee generation has subsequently fueled unprecedented $MPLX token acquisitions for the Metaplex DAO.
Starting from June 2024, half of the previous months protocol fees and a segment of the historical fees will be directed towards acquiring $MPLX tokens to support the DAO.
In November 2024, this resulted in 12k SOL allocated towards $MPLX acquisitionstranslating to around $3 million at present valuations. This highlights a significant 58% growth month over month and represents the highest monthly $MPLX token acquisitions recorded thus far.
Riding the wave of success, Metaplexs protocol fees for November soared to an unprecedented $3.5 million, paving the way for even more substantial allocations for $MPLX acquisitions in December.
Record-Breaking Metaplex Protocol Metrics in November
Novembers protocol activity shattered previous records across multiple metrics:
- Metaplex saw extraordinary growth in fungible token creation, with 1.4M new tokens minted marking a 56% increase month-over-month compared to the previous all-time high 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 all-time high of 354k assets created, driven by expanded use cases made possible due to the standards flexible design.
- User engagement metrics surged as the number of unique wallets interacting with the Metaplex protocol reached 879k a 34% increase from October and a new all-time high. The protocols total collector base expanded to nearly 60 million unique wallets, growing by over 860k in November alone.
Read more: https://zycrypto.com/metaplex-sees-record-breaking-protocol-fees-in-november/
Text source: ZyCrypto
