Not just Non-Fungible Tokens, every token born on Solana has 1 fee flowing to Metaplex
Written by: Alex Liu, Foresight News
Solana's chain was bustling in June, with platforms like Pump.Fun, LetsBonk.Fun, Jupiter Studio, Raydium LaunchLabs, and Believe competing fiercely for LaunchPad market share, with over 1 million new tokens bursting like fireworks, causing an explosive growth in on-chain asset issuance.
While everyone's attention was focused on overnight meme tokens, Metaplex, the infrastructure layer supporting 99% of asset creation on Solana, was quietly becoming the hidden winner - Metaplex protocol generated $1.7 million in revenue this month, of which $1.1 million was used to repurchase its native token MPLX, with monthly repurchase volume accounting for nearly 1% of the token's total circulation.
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Protocol Fees and Continuous Token Buyback, Data Source
In July, MPLX completed its launch on Binance Alpha and Bitget Onchain, and is advancing integration with more centralized platforms. Early this morning, the largest listed exchange in the United States, Coinbase, announced that MPLX will be included in its token listing roadmap. With increasing exposure and recognition, Metaplex is gradually transitioning from a "developer community asset" to a globally recognized base asset.
Compared to other projects without protocol revenue on Solana, Metaplex's revenue generation and token support capabilities make it more scarce. With an annual protocol revenue of $20 million and a market value of less than $200 million, it could even be considered severely undervalued compared to some asset issuance platforms that were once "overvalued", making it a "hidden gem" in the Solana ecosystem. Recently, MPLX has been under price pressure due to the conclusion of the Binance Alpha trading competition on July 20 and the upcoming token rewards, but from a long-term perspective, this can also be seen as an opportunity to increase exposure.
Outlook: Genesis is the Beginning of a New Wave of On-Chain Entrepreneurship
If 2021 was the year of Non-Fungible Token, and 2023-2024 are narrative shifts for DePIN and AI, the keyword for 2025 will likely be "Onchain Capital Formation".
And Genesis is one of the fundamental infrastructures supporting this narrative. It is not a Launchpad, but a protocol that allows everyone to "create their own Launchpad".
In the future, whether it's a meme coin creator, an indie game studio, an AI application development team, or a global brand, they can complete asset creation, issuance, distribution, and liquidity building through Metaplex in an integrated closed loop.
This is not a vague idealism, but a reality already in operation. With Genesis's support, the next wave of crypto entrepreneurship may not be born in San Francisco, London, or Shanghai, but launched directly on-chain.
The key to the internet capital market has been inserted, and Metaplex has ignited the engine.
