The Good Tech Companies - Metaplex Protocol Achieves Record-Breaking Protocol Fees In November 2024

Episode Date: December 5, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/metaplex-protocol-achieves-record-breaking-protocol-fees-in-november-2024. As the protocol behind virtually all token creation on Solana, Metaplex has emerged as a primary beneficiary of the extraordinary surge in digital asset creatio Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #metaplex, #chainwire, #press-release, #memecoins, #blockchain-development, #crypto-exchange, #good-company, and more. This story was written by: @chainwire. Learn more about this writer by checking @chainwire's about page, and for more stories, please visit hackernoon.com. Metaplex, the protocol used to create virtually every token, memecoin, and NFT on Solana, saw record-breaking protocol fees in November. Rise in Solana Token Creation Drives Record Protocol Growth.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Metaplex Protocol achieves record-breaking protocol fees in November 2024. By Chainwire, Cayman Islands, Cayman Islands, December 4, 2024, Chainwire, 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 GROWTHA's 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 itokens and NFTs, directly contributes to Metaplex's protocol fees. This increased protocol fee generation has in turn funded record-breaking $MPLX token tour chases 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 dollar MPLX token for chases 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 dollar MPLX purchases in December. Record-breaking META PLEX protocol metrics in November November's 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 standard's 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 protocol's total collector base expanded to nearly 60 million unique wallets, growing by over 860k in November alone. About the META PLEX protocol Metaplex is the leading decentralized protocol on Solana and SVM, providing tools and programs for developers and creators to build decentralized applications that use digital assets. With a growing user base and a commitment to innovation, Metaplex is empowering the next

wave of decentralized finance and commerce. About the METAPLEX Foundation, the Metaplex Foundation is a Cayman Islands non-profit organization dedicated to supporting the development and growth of the Metaplex protocol. By providing open-source tools and resources, the foundation empowers developers, creators, and users worldwide to participate in a decentralized and inclusive digital economy. discord colon https colon slash slash discord.com slash invite slash six fadspeed two zoms contact marketing danford din at forg.com colon colon colon tip this story was distributed as a release by chainwire under hackernoon's business blogging program learn more about the program here thank you for listening to this hackernoon story read by artificial intelligence visit hackernoon.com

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