Metaplex Protocol Achieves Record-Breaking Protocol Fees in November 2024
, 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. 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 fundingpurchases — equivalent to approximately $3 million at current prices, marking a substantial 58% increase month-over-month and signifying the largest monthlyBuilding 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.
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