Metaplex has developed nearly every major innovation for digital assets on Solana, including compressed NFTs, on-chain copyright enforcement, core plugins, and Aura.
Written by: Messari, Matt Kreiser, Tehsin Amlani
Compiled by: 1912212.eth, Foresight News
Key Points
Metaplex is a digital asset protocol for Solana and the Solana Virtual Machine (SVM). It provides tools and standards for creating, managing, and scaling digital assets, including NFTs, fungible tokens, RWAs, game assets, DePIN assets, and more. Over 800 million assets have been minted through Metaplex across 9 million wallets.
The digital asset standard of Metaplex has become the foundation of the Solana ecosystem, providing a standardized architecture and behavior that ensures interoperability and liquidity across applications.
Last December, Metaplex launched public Beta access for the Metaplex Aura network, a data network designed for Solana and the Solana Virtual Machine (SVM).
Metaplex has developed nearly every major innovation for digital assets on Solana, including compressed NFTs, on-chain copyright enforcement, core plugins (programmable assets), and Aura—the first data network optimized for digital assets. Integration with major Solana applications (such as Phantom, Magic Eden, Tensor, and Pump.fun) and emerging applications has driven the adoption and functional expansion of digital assets within the network ecosystem.
Introduction
The rapid rise of digital assets has driven the demand for more efficient and scalable solutions. This demand has brought significant challenges, particularly regarding the high costs associated with on-chain storage and transaction processing across various networks. At this time, Metaplex emerged to support all types of assets on Solana and the Solana Virtual Machine (SVM). With its range of innovative solutions and developer experience, it has become the recognized digital asset protocol and critical infrastructure on Solana and SVM. Metaplex provides standards for tokens and NFTs on Solana, similar to ERC-20 or ERC-721, accounting for over 99% of NFT issuance on Solana and the vast majority of fungible token issuance on the network.
As a fully vertically integrated digital asset protocol, Metaplex is one of the most widely used protocols on Solana. Its on-chain program library drives a significant amount of on-chain activity, and its developer tools enable developers and applications to read data related to digital assets. Additionally, Metaplex's Aura is the first data network optimized for digital assets on Solana and SVM, granting new capabilities to Metaplex's on-chain programs, such as allowing asset data to flow in and out of Solana account space as needed, thereby supporting composability or security.
These solutions collectively provide an end-to-end developer experience that competitors like Ethereum lack. On Ethereum, different projects dominate NFT issuance and management, blockchain indexing, and data availability, while Metaplex offers a comprehensive suite covering all these functions.
Aura also brings new features to the Metaplex token MPLX, as running Aura nodes and paying for data access requires MPLX tokens. New features and innovations like Aura will continue to be added as the protocol aims to maintain and further expand its dominance in digital asset issuance and management on Solana and SVM, while launching new services such as indexing and data availability.
The Metaplex protocol is governed by the Metaplex DAO, which consists of MPLX token holders and is managed by the Metaplex Foundation, a nonprofit organization dedicated to supporting and developing the Metaplex ecosystem.
Background
Metaplex was founded in June 2021 by Solana Labs and co-founded by Stephen Hess, the former product lead at Solana Labs. In August 2021, it was donated to the Metaplex Foundation, a nonprofit organization dedicated to the long-term development of the Metaplex ecosystem.
In June 2021, Metaplex was established within Solana Labs, co-founded by former Solana Labs product lead Stephen Hess. In August 2021, Metaplex was transferred to the Metaplex Foundation, a nonprofit organization dedicated to the long-term development of the Metaplex ecosystem. Other significant events in the protocol's history include:
January 2022: Metaplex raised $46 million in strategic funding from investors including Multicoin Capital, Solana Ventures, Animoca Brands, Cultur3 Capital, and Blue Pool Capital.
July 2022: Metaplex launched its Digital Asset Standard (DAS) and DAS API for interacting with digital assets on Solana.
September 2022: The MPLX token was launched, with an airdrop claim period for eligible community members and early protocol builders.
November 2022: The Metaplex Foundation launched the compressed NFT program (Bubblegum).
January 2023: Programmable NFTs with copyright enforcement were launched.
April 2024: The latest NFT standard, Core, was launched. Core adopts a single account design, reducing minting costs and improving Solana network load. Additionally, several well-known crypto funds, including Pantera Capital and ParaFi Capital, acquired MPLX tokens originally held by the FTX estate.
September 2024: Metaplex launched Aura, a data network that extends Solana and the Solana Virtual Machine (SVM).
The Metaplex protocol is governed by the Metaplex DAO, which consists of MPLX token holders and is managed by the Metaplex Foundation. Half of all protocol fees are used to repurchase MPLX tokens, which are then contributed to the DAO's treasury. The DAO can decide at its discretion how to allocate the tokens in the treasury for ecosystem development incentives.
Technology
The Metaplex protocol consists of five main components:
Digital Asset Standard (DAS)
Metaplex Program Library (MPL)
Metaplex Developer Platform
Metaplex Aura Network
MPLX Token
Digital Asset Standard (DAS)
Just as the Ethereum ecosystem relies on ERC-20, ERC-721, and ERC-1155 standards, the Solana ecosystem relies on the Metaplex Digital Asset Standard (DAS). Therefore, nearly all digital assets on Solana are Metaplex digital assets.
DAS is a standardized framework that ensures consistency and interoperability between different digital assets and applications on Solana. DAS establishes the necessary architecture, behavior, and system design for various types of digital assets. These asset types include, but are not limited to, NFTs, compressed NFTs, fungible tokens (including meme coins), RWAs, DePIN assets, game assets, digital art, and token extensions.
Metaplex's DAS provides a significant competitive advantage compared to competing ecosystems by offering a dedicated protocol and community focused on continuous innovation at the standard layer. This ensures ongoing improvement and support for developers, creators, and collectors.
Key Features of DAS
DAS provides a structured and composable framework for defining components of digital assets, such as images, configurable copyright percentages, and collections, facilitating their integration and interoperability within the Solana ecosystem. The flexible digital asset behaviors of DAS, such as metadata mutability, transfer semantics, and permission management, ensure that assets can be easily updated, transferred, or restructured as needed.
DAS supports both on-chain and off-chain storage options, providing diversity in unit economics and scalability. On-chain storage ensures immutability and security, while off-chain storage offers a cost-effective and scalable solution for large amounts of metadata. Off-chain indexing and query standards established through reference implementations make data retrieval more efficient and performance-advantageous, enhancing the user experience.
Additionally, DAS maintains compatibility with Ethereum standards through bi-directional bridging via the Wormhole network, ensuring interoperability between Metaplex digital assets and Ethereum assets. This compatibility allows digital assets to achieve broader coverage and higher liquidity, benefiting the entire Solana ecosystem.
Metaplex Program Library (MPL)
The Metaplex Program Library (MPL) is the second component of the Metaplex protocol. It provides on-chain implementations of DAS on Solana, enabling applications to create and manage digital assets.
MPL offers developers on-chain tools aimed at building decentralized applications that leverage digital assets, such as marketplaces and launch platforms, DeFi applications, games, DePIN, RWA platforms, on-chain subscriptions, ticketing solutions, and more. It includes products covering the entire digital asset supply chain, from creation and initial sales to utility. All components of MPL are open-source and available on GitHub. Here are some key Solana programs within MPL:
Metaplex Core
Metaplex Core is the latest standard launched by Metaplex for Solana NFTs. Metaplex Core introduces clearer and more efficient digital asset specifications than previous standards, enhancing cost efficiency and network performance. The computational unit (CU) used by Core operations is minimal, allowing more transactions to be included in each block. Specifically, minting an NFT with Core requires 17k CUs, while other standards require 205k CUs. Core offers several key features:
Single Account Design
A key feature of Metaplex Core is its single account design. Unlike traditional fungible token standards (such as Solana Program Library (SPL) tokens or token extensions) that rely on multiple accounts, Metaplex Core focuses on the needs of NFTs. This single account design not only tracks ownership but also encapsulates all necessary data within a single Solana account without relying on token programs. This architecture significantly reduces minting costs and improves the overall load on the Solana network. For example, the estimated cost to mint an NFT using Metaplex Core is 0.0029 SOL, while using the token metadata standard requires 0.022 SOL.
Metaplex Core employs a hybrid data storage approach, combining on-chain and off-chain data. Core asset and collection accounts contain necessary on-chain data while also including URI attributes pointing to off-chain JSON files. This off-chain file provides additional information without incurring the high costs of storing large amounts of on-chain data.
Flexible Plugin System
Metaplex Core includes a plugin system that makes Core assets more dynamic, efficient, and flexible for developers. This flexible plugin system allows developers to customize the behavior and functionality of digital assets by hooking into any asset lifecycle event (such as creation, transfer, and destruction). Plugins can provide a wide range of utilities, from built-in staking and asset-based point systems to advanced features like delegation permissions and on-chain attributes, which are automatically indexed by the Metaplex DAS API. Developers can also write their own external plugins to extend Core by adding behaviors to assets using external data or controls. Unlike standard plugins that only use asset data, external plugins can interact with data from other accounts or programs, making Core assets more customizable.
Enhanced Collection Management
Metaplex Core allows assets to be grouped and managed at the collection level. This feature enables collection-level operations, such as freezing all assets in a collection within a transaction or changing royalty fee details. Additionally, Core collections can have unique attributes and plugins that override default settings, providing a higher level of customization and control. For example, developers can add royalty plugins to a collection, allowing all assets to share the same copyright settings or override these settings for individual assets as needed.
Native Metaplex DAS API Support
Core assets are automatically indexed and made available to application developers through the Metaplex DAS API, a public interface for all Solana NFTs. Furthermore, all plugins are also automatically indexed, including those that allow the use of generic on-chain data, such as attribute plugins or AppData plugins. A notable historical example is that users of Phantom and Backpack wallets were able to view their Core assets before the developers of these applications completed full integration with Core.
Bubblegum
Metaplex's Bubblegum program supports compressed NFTs (cNFTs) on Solana. The scalability of NFTs has been limited by the linear growth of on-chain leasing costs on Solana (0.012 SOL per Token Metadata NFT and 0.0014 SOL per Core asset). Bubblegum addresses this challenge by significantly reducing the costs of on-chain storage for NFTs, enabling broader adoption of the technology.
For instance, the cost to mint 1 billion NFTs would reach 12 million SOL, making large-scale NFT applications economically unfeasible. In contrast, the cost to mint 1 billion cNFTs through direct transactions is only 5,000 SOL. This cost can be further reduced by 99% through batch minting supported by Aura (Metaplex's data network), which is currently in development.
Bubblegum achieves scalability and cost-effectiveness through the use of Merkle trees. This method ensures that data remains verifiable while not occupying excessive storage space, thereby lowering costs. Through these strategies, Bubblegum makes large-scale NFT applications more feasible and practical than traditional methods.
The Bubblegum program strategically segments on-chain and off-chain data storage to achieve the efficiency of Merkle trees. The core idea is to store only the necessary data on-chain while keeping most data off-chain, yet still allowing verification of this off-chain data through the Merkle root.
Only the Merkle root and necessary metadata are stored on-chain. This on-chain data provides the necessary integrity checks, ensuring that any off-chain data can be verified through the immutable Merkle root stored on-chain.
Detailed data and metadata for NFTs are stored off-chain, allowing for greater scalability. This data remains secure and verifiable, as any changes to the off-chain data will result in a change to the Merkle root, which is stored on-chain. This association between on-chain and off-chain data ensures that off-chain data remains tamper-proof while staying consistent with the on-chain state.
Although Bubblegum does not store NFT data directly in accounts, it still supports various cNFT operations:
Minting: cNFTs can be minted without being associated with a collection or can be associated with a collection.
Transferring: cNFTs can be transferred between accounts.
Updating: The metadata of cNFTs can be updated.
Destroying: cNFTs can be destroyed and removed from the Merkle tree.
Unpacking: cNFTs can be unpacked into regular NFTs, allowing interoperability with existing smart contracts, but will be subject to on-chain account leasing fees.
Delegating: Ownership and management rights of cNFTs can be delegated.
Verifying: The collection and creator of cNFTs can be verified or unverified.
Practical Applications and Efficiency
Minting cNFTs involves creating collections and setting Merkle tree parameters. Metaplex's Bubblegum SDK and Umi tools simplify this process, enabling developers to mint and manage NFTs at scale. Once minted, NFTs are stored in a compressed format, significantly reducing storage costs while maintaining the same metadata schema as uncompressed NFTs.
Bubblegum strikes a delicate balance between cost-effectiveness and security through state compression and parallel data management of Merkle trees. By keeping most data off-chain and storing only the necessary proofs on-chain, the system significantly reduces storage costs. At the same time, cryptographic hashes ensure that data remains secure and verifiable. This combination makes NFT management both scalable and cost-effective, providing an attractive solution for developers and creators.
Token Metadata
The token metadata program is a foundational program built on the Solana token program, used to attach additional data to fungible and non-fungible tokens. Metaplex's token metadata program achieves this by deriving from the mint account's address using program-derived addresses (PDAs). On Solana, the mint account is responsible for storing global information about the token, while the token account stores the relationship between the wallet and the mint account.
Although mint accounts on Solana contain some data attributes (such as current supply), they do not provide the ability to inject standardized data that can be understood by applications. Therefore, the token metadata program provides a metadata account that is attached to the mint account via PDA. Each metadata account contains a "URI" attribute that points to an off-chain JSON file, providing additional data that is not subject to on-chain storage fees. Notably, this JSON file can be configured to be immutable after initial setup, which is particularly appealing to NFT developers. Thus, for NFTs, the metadata account provides the data for the NFT, making it a useful digital asset (i.e., describing its unique characteristics).
Another account specifically provided for NFTs is the master edition account, which is another PDA derived from the mint account. When this account is created, the token metadata program transfers minting and freezing permissions to this account instead of invalidating them. Therefore, the master edition account serves as proof of the non-fungibility of the mint account. Notably, the master edition account can also enable the minting of one or more NFT copies. The fungibility status of a token is tracked in the token standard attribute within the metadata account.
Before 2024, NFTs were the largest use case for the token metadata (TM) program. However, since then, the primary usage of the TM program has come from fungible tokens. Semi-fungible tokens (also known as "fungible assets") can also be implemented through the TM program. Semi-fungible tokens have a supply greater than 1 and possess typical NFT attributes, such as images and an array of attributes in JSON metadata.
Additionally, it is worth noting that since the token metadata program is built on the Solana token program, it cannot enforce any rules related to the tokens it is attached to. Therefore, programmable use cases such as secondary market sales or transfer restrictions cannot be enforced. However, Metaplex has developed programmable NFTs as a solution to this issue. Programmable NFTs are a new optional token standard that always keeps the underlying token account in a frozen state, so that any operations (such as transfers, locking, or destruction) cannot be completed without authorization from the token metadata program. This allows creators to define operation-specific authorization rules (rule sets) and create and update these rule sets through Metaplex's Token Auth Rules meta-programming tool.
Candy Machine (V3) and Core Candy Machine
Candy Machine (V3) is a program by Metaplex for fairly minting and distributing NFT collections on Solana, while Core Candy Machine provides the same functionality for the issuance of Core assets.
Candy Machine supports fair distribution of NFTs by allowing creators to configure various launch parameters, such as verification processes, minting limits, start and end dates. It helps creators efficiently handle large-scale NFT releases by supporting sequential or random minting of NFTs. Additionally, the program offers extensive customization options to define NFT attributes and metadata management, ensuring that each NFT release can be tailored to specific needs.
The lifecycle of Candy Machine involves several stages. First, creators configure the Candy Machine, setting parameters including seller fee basis points, the symbol for minting NFTs, maximum edition supply, variability options, and a list of creators along with their respective royalty shares. Then, projects are loaded into the Candy Machine, with each project defining a name and a URI pointing to off-chain JSON metadata. Once configured and all prerequisites are met, users can begin minting NFTs. Certain users may need to complete additional verification steps, such as solving captchas or providing Merkle proofs, before they can start minting. After all NFTs are minted, the Candy Machine can be deleted to free up on-chain storage space and recover leasing fees.
Since its launch, Candy Machine has been an integral part of the Solana NFT ecosystem. Not only have most top collections (such as DeGods, Claynosaurz, SMB Gen3, etc.) been released through Candy Machine V3, but most launch platforms on Solana also use Candy Machine or its derivative versions (for example, Magic Eden uses a derivative version). Programs like Candy Machine and its derivatives simplify the asset creation process and drive transaction volume through Metaplex standards (such as Token Metadata and Core). Furthermore, Metaplex's decision to offer its utilities (like Candy Machine) for free is a key value proposition for developers choosing Metaplex over competitors.
Metaplex Developer Platform
The Metaplex Developer Platform is a core component for effectively utilizing DAS and MPL, aimed at facilitating the development of Solana-based applications by providing a comprehensive set of tools, software development kits (SDKs), and reference interfaces. Existing Metaplex programs and developer tools offer customers a convenient way to integrate new Metaplex features. One example is the Aura network, which can be accessed via an SDK compatible with all the same frameworks and tools in the Metaplex developer ecosystem. The Metaplex Developer Platform includes the following key tools:
Umi
Umi is a modular framework for building and using JavaScript clients for Solana programs. It features a zero-dependency library that defines core interfaces along with default implementations and bundles for developers to use.
Sugar
Sugar is a command-line tool for interacting with and managing the entire lifecycle of Candy Machine. Its main advantages include configuration files that contain all settings for Candy Machine and a multi-threaded system that accelerates the computation process for uploading media/metadata files and deploying Candy Machine.
DAS API
The DAS API provides a unified interface for interacting with digital assets on Solana, supporting standards (Token Metadata), compression (Bubblegum), and Core assets. The DAS API defines methods for implementing asset data provision, with the vast majority of data indexed through the Metaplex digital asset RPC infrastructure. This approach aims to balance scalability and cost-effectiveness, making it easier for developers to manage and interact with a large number of digital assets. However, reliance on off-chain data storage means depending on external RPC providers, which may affect reliability and consistency.
Metaplex Aura Network
Aura is a data network optimized by Metaplex for Solana and the Solana Virtual Machine (SVM), secured through the MPLX token. Aura provides developers with efficient on-chain data access, including optimized indexing and querying of digital asset data, which is crucial for building decentralized applications that can compete with centralized alternatives. With the launch of Aura, Metaplex offers developers a complete framework for building applications on Solana: using the Metaplex Program Library (MPL) to write data on-chain, paying fees in SOL, while through Metaplex Aura, developers can read this data in a decentralized and high-performance manner using MPLX.
Aura was first launched on the Solana mainnet and devnet in September 2024, followed by Beta access for developers via a Google Forms application in November 2024, and a public Beta release in December 2024. The Aura Eclipse Ethereum Layer-2 was also launched in Beta in November 2024, followed by public testing in December 2024.
The Aura network is run by Aura nodes, which index both compressed and uncompressed states while providing key data availability for the compressed state. Aura has three main features:
Reading Solana and SVM data: Aura provides developers with decentralized on-chain data reading access, with fees paid in MPLX.
Managing compressed and uncompressed states: Aura implements the Digital Asset Standard (DAS) API, providing indexing capabilities for any digital asset on Solana and the Solana Virtual Machine (SVM). Additionally, in the future, developers and applications will be able to transition assets between SVM account space and different levels of state compression as needed.
Batch minting of NFTs: Batch minting is generated through offline JSON objects/files, with transactions indexed by Aura nodes. This feature is currently under development.
Aura introduces the term "elastic state" to describe the network's ability to transition assets between SVM account space and different levels of state compression based on demand. Elastic state management supports Rollup minting transactions, allowing for the creation of millions of assets into compressed states with 99% fewer transactions, with Aura nodes providing data availability (DA) to manage state transitions.
Aura is currently accessible directly through public gateways and has been integrated into the Metaplex SDK and developer tools, providing developers with a complete solution for digital asset creation and management. Alternatively, project teams can choose to run nodes directly to access the network.
The Metaplex Foundation's Aura repository is open-source, allowing the global developer community to contribute code. Additionally, over 25 projects, including top NFT marketplaces, infrastructure providers, game developers, and SVM L2s, participated in the Aura launch and provided feedback to improve and optimize the network.
MPLX Token Economics and Governance
MPLX Token
The MPLX token was launched in September 2022 as the governance token for the Metaplex protocol, rewarding community members and early protocol builders through airdrop incentives for protocol activities. The launch of the Aura network in November 2024 provided additional utility for MPLX, as the MPLX token is not only necessary for operating Aura nodes but can also be used as a payment method for accessing the Aura network. Furthermore, half of the fees from the Metaplex protocol are used to repurchase MPLX tokens, which are then contributed to the Metaplex DAO treasury.
Governance Rights
Holders of MPLX tokens have voting rights and can participate in key decision-making processes regarding:
Protocol development and roadmap: Deciding the future direction and improvements of the protocol, as well as the utility of MPLX.
Treasury fund allocation: Voting to determine how funds in the treasury are allocated.
Protocol ownership, upgrades, and deployments: Decisions regarding the ownership, upgrades, and new deployments of the protocol.
Responding to emergencies and unforeseen issues: Providing solutions to address sudden technical or compliance issues.
MPLX Funding Proposals
The Metaplex DAO treasury contains MPLX tokens that can be used to incentivize the growth of the Metaplex ecosystem. Contributors to the Metaplex ecosystem can submit funding proposals to the DAO, requesting MPLX or other available assets to promote the adoption of the Metaplex protocol and further integrate MPLX functionalities. Notably, all MPLX tokens funded through the DAO will be locked for one year. The funding proposal process is as follows:
Proposal: Anyone holding at least 200 MPLX can submit a funding proposal, and proposers must also complete KYC verification.
Preliminary Review: The Metaplex Foundation conducts a preliminary review of the proposal, requesting additional information and filtering out "spam proposals" or those that violate relevant laws and regulations.
Community Feedback and Voting Period: Proposals that pass the foundation's preliminary review will be published on the Metaplex Foundation's GitHub and initiate voting. Each MPLX token equals one vote. Proposals must receive at least 66% support, and the total number of votes must exceed the effective voting threshold (i.e., 1 million votes, which is 0.10% of the total token supply).
Execution: If approved, the DAO committee will release MPLX to the funding beneficiaries through direct transfer or smart contract.
Metaplex Improvement Proposals (MIP)
MIPs are the proposal process for changes to the protocol (i.e., the Metaplex Program Library). The MIP process is as follows:
Proposal: Anyone holding at least 1,000 MPLX and paying a 10 USDC spam proposal waiver fee can submit a MIP. It is worth noting that the Metaplex Foundation will refund USDC for "good faith submitted proposals."
Community Feedback and Preliminary Review: The community provides feedback on the Metaplex Foundation's MIP discussion forum. During this period, the Metaplex Foundation has the right to filter out spam proposals, proposals lacking necessary details, and those that violate hard requirements, such as compromising backward compatibility, security, or not complying with relevant laws and regulations.
Implementation Assignment: If the proposal is approved, the Metaplex Foundation decides whether the proposal will be implemented by the foundation or the community.
Voting Period: If the foundation chooses to conduct a vote, the MIP voting period will be initiated. Each MPLX token equals one vote. The proposal must receive at least 66% support, and the total number of votes must exceed the voting threshold set by the foundation.
MIP Implementation: If approved, the Metaplex Foundation will publish a development timeline indicating when the approved proposal will be implemented by the foundation. If implemented by the community, the Metaplex Foundation will request bids and select a winner.
Additionally, the Metaplex Foundation can make changes to the Metaplex Program Library on its own, as long as these changes do not violate the hard requirements of the Metaplex Program Library. Finally, the Metaplex Foundation can decide to terminate the MIP process at any time if the proposal conflicts with relevant laws or regulations.
Aura
On the Aura network, the MPLX token has two main uses:
Node Operation: As of now, the Metaplex Foundation has released limited documentation explaining how MPLX is used to operate nodes on the Aura network. Metaplex's developer documentation and the initial announcement blog post for Aura both mention that "Aura nodes are secured by MPLX tokens."
Payment: For API testing and early project development, Metaplex offers a free tier, but to access the Aura network on a larger scale, MPLX tokens are still required for payment. Under a pay-as-you-go model, each request has a designated price, and there are also two unlimited plans available at 500 MPLX and 1,500 MPLX per month, respectively.
Buyback Mechanism
Half of the fees from the Metaplex protocol are used to buy back MPLX tokens and contribute them to the Metaplex DAO treasury. Specifically, each month, "50% of the fees from the previous month of the Metaplex protocol and historical fees" are used to buy back MPLX. For example, in December 2024, Metaplex used 12,000 SOL to buy back MPLX, with 50% coming from the November protocol fees (7,816 SOL) and the remainder from historical fees (4,184 SOL). The DAO can also choose to distribute tokens from the treasury to incentivize the growth of the Metaplex ecosystem. From June to October 2024, Metaplex used 10,000 SOL for buybacks each month, while in November and December 2024, and January 2025, it used 12,000 SOL each month. To date, the total buyback amount is approximately 44.47 million MPLX (4.45% of the total supply), with the largest buyback occurring in January 2025, reaching 9.2 million MPLX (0.92% of the total supply).
Earning Rewards
With the approval of the Metaplex DAO, MPLX tokens are used to reward community members and incentivize activities. In December 2024, the Metaplex DAO approved Metaplex Earn Season 1, allocating 1 million MPLX (approximately 0.10% of the total supply) to reward liquidity providers who provide MPLX liquidity on major DEXs in Solana. The program started in January 2025, and any unused MPLX tokens will be returned to the DAO treasury after the program ends. Since the program's launch, on-chain liquidity for MPLX has grown to $7.7 million, tripling in size.
MPLX Token Distribution
The total supply of MPLX tokens is 1 billion, fully unlocked as of September 19, 2024, with the distribution as follows:
(Here, specific distribution details can continue, such as the allocation ratios for the team, investors, community, ecosystem, etc.)
Creators and Early Supporters — 219 million MPLX (21.90%)
These tokens are allocated to key early supporters and contributors who purchased tokens in the initial funding round and played an important role in the ecosystem's development.
Each participant received 50% of their tokens one year after the initial airdrop (September 19, 2022), with the remaining 50% distributed monthly over 12 months.
Metaplex Foundation — 203 million MPLX (20.31%)
The Metaplex Foundation is a non-profit organization aimed at promoting research, development, and advocacy for the Metaplex ecosystem.
These tokens are allocated to the Metaplex Foundation to reward and support the Metaplex community, driving the development, security, governance, and management of the Metaplex protocol and DAO.
These tokens are not subject to lock-up restrictions and can be used immediately.
Metaplex DAO — 160 million MPLX (16.00%)
These tokens are used by the Metaplex DAO for protocol changes, ecosystem funding, and strategic planning.
Tokens held by the DAO are governed by Metaplex governance and can be gradually allocated through community proposals.
These tokens are not subject to lock-up restrictions.
Strategic Round — 102 million MPLX (10.20%)
This allocation was announced in January 2022 and is distributed to strategic capital providers and well-known figures in popular culture, entertainment, and sports, promoting the role of Metaplex and NFTs.
The unlocking schedule is the same as that for creators and early supporters, with a one-year cliff period followed by monthly distributions over the next year.
Everstake — 100 million MPLX (10.00%)
Everstake is a development company and Solana staking service provider, one of the founding development teams of the Metaplex Foundation.
These tokens have a two-year cliff period, after which they are distributed linearly over one year.
Metaplex Studios — 97.5 million MPLX (9.75%)
Metaplex Studios is the core development team serving the Metaplex Foundation, focusing on the development of MPL and DAS, including protocol development, developer tools, business partnerships, community support, and application development.
These tokens have a one-year cliff period, after which they are distributed linearly over two years.
Community Airdrop — 54 million MPLX (5.40%)
On April 29, 2022, the Metaplex Foundation provided Genesis Developer NFTs to developers who contributed to the Metaplex protocol and allocated 800,000 MPLX tokens to Genesis Developer NFT holders (developer airdrop).
Additionally, the creator airdrop allocated 13.2 million tokens to creators who launched NFT projects using the Metaplex Program Library.
Furthermore, heavy minters or early adopters of NFTs in Metaplex (collector airdrop) received 40 million MPLX tokens.
Airdropped tokens are not subject to lock-up restrictions and can be used immediately.
Founding Advisors — 33.4 million MPLX (3.34%)
Founding advisors have contributed to promoting Metaplex among creators and developers in the Web3 space.
These tokens have a one-year cliff lock-up period, followed by linear distribution over one year, with a one-year lock-up period after the initial airdrop.
Founding Partners — 31 million MPLX (3.10%)
Founding partners are early supporters and partners of the Metaplex protocol who launched some of the earliest NFT stores and continue to provide feedback on new features for the program library, NFT standards, and developer tools.
These tokens have a one-year cliff lock-up period, followed by linear distribution over one year, with a one-year lock-up period after the initial airdrop.
Protocol Activity
In 2024, the weekly minting volume from the Token Metadata program increased by 58% year-on-year, rising from 300,000 to 473,000, setting a new high for the past 52 weeks. Similarly, the weekly minting volume from the Core program launched in March 2024 also saw a significant increase in September 2024, growing from 50,000 to 200,000 mints per week to 50,000 to 120,000 mints per week, peaking at 121,000 mints in the week of November 11, 2024. The weekly minting volume from the Bubblegum program launched in 2023 also reached a historical high of 10.35 million in 2024, more than 20 times higher than the previous record in 2023.
The weekly minting volume of fungible tokens through the Token Metadata program increased sixfold year-on-year, rising from 78,000 to 450,000, reflecting the ongoing trend of rising activity in memecoins and AI tokens. Token launch platforms like Pump.fun and Meteora, as well as AI toolkits like Griffain and SendAI, leverage the Token Metadata program to create fungible tokens. AI toolkits and other agent platforms, such as ElizaOS, also use Token Metadata and Core programs to create and manage NFTs as part of comprehensive access to the Metaplex Program Library (MPL).
In March 2024, fungible tokens surpassed non-fungible tokens to become the majority of tokens minted weekly through the Token Metadata program. This trend continued to strengthen from April 2024, with over 95% of tokens minted by the Token Metadata program being fungible tokens in the week of January 20, 2025. The dominance of fungible assets through the Token Metadata program can be attributed to the surge in memecoin and AI activity on Solana, which has driven the creation of additional assets in these categories.
The fungible tokens minted through the Token Metadata program not only grew sixfold in absolute numbers (year-on-year), but also reached approximately 90% in relative proportion (i.e., the majority of tokens minted by Token Metadata are fungible tokens), and exhibited stronger dominance compared to the minting of tokens on Ethereum and its Layer 2 solutions. In 2024, over 7.4 million fungible tokens were minted through the Token Metadata program, seven times the 1.06 million tokens minted on Ethereum and its Layer 2 solutions. Furthermore, in the fourth quarter of 2024, the number of fungible tokens minted by the Token Metadata program was 12 times that of Ethereum and its Layer 2 solutions, indicating an upward trend. Ultimately, the dominance of the Metaplex Token Metadata program in fungible token minting reflects Solana's leading position in on-chain trading activity, as well as Metaplex's status as the creation protocol for nearly all tokens on the network.
Year-on-year, the weekly fees from the Metaplex protocol in SOL terms grew by 76%, reaching nearly 5,000 SOL, while in USD terms, it increased by 350%, exceeding $1.2 million. Although the highest revenue week for Metaplex in December 2023 (11,343 SOL) generated fees of $840,000 at that time, with the rise in SOL prices, Metaplex set a historical high of over $1.2 million in fee revenue (4,864 SOL) on January 20, 2025. These exceptional weeks are crucial for calculating total fees. In comparison, Metaplex's average weekly fees in 2023 were 1,768 SOL, with a median of 895 SOL, while in 2024, the average weekly fees were 2,306 SOL, with a median of 2,050 SOL. The median weekly fees in 2024 increased by 130% compared to 2023, while the average weekly fees only grew by 30% compared to 2023.
Half of all Metaplex protocol fees are used to buy back MPLX and subsequently contribute to the Metaplex DAO treasury. This is in stark contrast to many other protocols, which require a significant portion of fees to be paid to third parties, such as liquidity providers, lenders, or validators, and therefore cannot afford to allocate such a high percentage of fees for token buybacks.
From June to October 2024, Metaplex used 10,000 SOL in fees for MPLX buybacks each month, while in November, December 2024, and January 2025, it used 12,000 SOL for buybacks. To date, this has resulted in approximately 44.47 million MPLX (about 4.45% of the total supply) being bought back, with around 9.2 million MPLX (0.92%) being bought back in January 2025, marking the largest monthly buyback to date.
The number of unique signers per week (referring to wallets that sign on-chain transactions through Metaplex) increased by 62% year-on-year, rising from 219,000 to a record 354,000. Additionally, the average number of unique signers for Metaplex in 2024 reached 196,000, a 160% increase from the average of 76,000 in 2023. Like other metrics, this growth is largely attributed to the increase in memecoin activity. Another contributing factor is the rise in Core minting, as each Core mint requires a signing wallet. Since August 2024, the monthly number of Core mints has increased from 57,000 to over 400,000 in December.
In 2024, Metaplex's total transaction volume exceeded 705 million, more than three times the previous 233 million transactions since June 2021. Furthermore, on December 23, 2024, Metaplex's daily transaction volume set a new record of over 23 million transactions, marking the sixth consecutive day of new highs following the previous historical peak on February 3, 2024. This surge in transaction volume was almost entirely driven by Bubblegum, which exceeded 103 million transactions in the week of December 23, 2024.
Ecosystem
Metaplex is a key infrastructure protocol for building digital asset applications on Solana and SVM, with nearly all projects utilizing it, including marketplaces, on-chain communities, collectibles platforms, games, RWA projects, DePIN, wallets, RPC providers, blockchain explorers, and more.
Metaplex has driven $9.2 billion in economic activity on Solana, involving 980 million transactions. Additionally, Metaplex accounts for over 99% of NFT minting on Solana and over 90% of fungible token minting.
With the proliferation of SVM, Metaplex is poised to expand its role as a key infrastructure layer supporting these new networks. SVM L2s like Eclipse, SonicSVM, and SOON (Solana Optimistic Network) have already integrated the Metaplex Protocol, enabling developers and creators to interact with digital assets on these networks.
Fungible Tokens
The Token Metadata program of Metaplex has driven the memecoin economy on Solana. While the protocol is primarily known for NFTs, Token Metadata also manages the metadata of fungible tokens, ensuring their interoperability across different applications. The popularity of memecoins on Solana has led to increased usage of Token Metadata, with platforms like pump.fun leveraging it to mint new memecoins. Over 11 million fungible tokens have been launched on Solana through Token Metadata, which accounted for approximately 90% of all fungible token minting on Solana in the most recent quarter. Recent notable token releases include the official memecoin of President Trump and the ME token from Magic Eden.
Profile Picture (PFP) NFTs
Almost all of the prominent NFT collections on Solana, including well-known PFP communities like Mad Lads, DeGods, and Solana Monkey Business, were created using Metaplex. Many of these projects utilize the Token Metadata program, and the recent adoption of Core has led to over 2 million Core assets being minted on Solana. Core's features, such as lower minting costs, executable royalties, and a plugin library, have driven its adoption in dynamic asset design.
Digital Collectibles
Platforms like DRiP and dReader are innovating in the fields of digital art, music, and comics using Metaplex. DRiP utilizes Metaplex's compressed NFTs (cNFTs) for scalable asset distribution, while dReader brings comics on-chain, providing users with a new way to discover, read, and collect digital comics.
Marketplaces
NFT marketplaces like Magic Eden, Tensor, and SolSniper use Metaplex's infrastructure to handle the creation, listing, and trading of NFTs. These platforms rely on Metaplex's Token Metadata, Core, and Bubblegum programs to securely store NFT metadata and facilitate seamless trading of digital art, collectibles, and gaming items. Metaplex enables developers and creators to launch native minting and supports secondary trading economies, solidifying its role in the NFT marketplace.
Artificial Intelligence (AI)
Artificial intelligence agents have become an important trend in the cryptocurrency space, with Metaplex supporting automated experiences through its program library, such as asset minting. Platforms like SendAI and Griffain use Metaplex's tools to create autonomous workflows, from asset minting to collection management and market sales.
Gaming
Metaplex supports game developers on Solana, helping to create and manage digital assets such as characters, items, and in-game collectibles. Games like Star Atlas and Aurory use Metaplex's Bubblegum program to mint compressed NFTs, thereby reducing the costs associated with large-scale collections. Developers also utilize Token Metadata to create fungible tokens needed for in-game economies and leverage Core to create dynamic NFTs with external data integration.
RWAs
Metaplex has driven the tokenization of real-world assets on Solana, such as artworks, real estate, and luxury goods. Projects like Baxus use Metaplex to tokenize bottles of spirits, providing verifiable authenticity and ownership records. Similarly, SkyTrade uses Metaplex to tokenize air rights, connecting RWAs with DePIN.
DePIN
Metaplex is a key component of the growing DePIN space on Solana, helping developers tokenize physical infrastructure. Helium Mobile is one of the leading projects in this area, transforming mobile networks by creating a community-owned decentralized wireless phone network. Helium Mobile uses Metaplex's Bubblegum program to mint cNFTs that represent on-chain tokens of their physical infrastructure, including hotspot devices that provide mobile coverage. Solana is rapidly becoming the preferred chain for DePIN projects, with others like Hivemapper, Render, and DAWN also choosing Solana.
Wallets
All major Solana wallets, including Phantom, Solflare, and Backpack, support viewing, receiving, and sending Metaplex digital assets. Notably, in December, Backpack integrated the Core Attribute Plugin upgrade, allowing users to view the attributes of on-chain assets directly within the Backpack wallet. This integration is crucial for enhancing the on-chain gaming experience, as it allows players to view important asset characteristics, such as level, health points, and strength, directly in their wallets.
RPC Providers
RPC (Remote Procedure Call) serves as the communication interface between applications and the blockchain, utilizing the Metaplex DAS API to query blockchain data, index transactions and metadata, and provide this data to their clients. RPCs that support DAS include Extrnode, Helius, Hello Moon, QuickNode, Shyft, and Triton.
Blockchain Explorers
Blockchain explorers allow users and developers to track transactions, view wallet balances, and access on-chain data. These explorers use the Metaplex DAS API to retrieve and present data that supports Metaplex digital assets.
Summary
Metaplex has developed nearly all significant digital asset innovations on Solana, including compressed NFTs, on-chain copyright protection, and Aura (the first data layer optimized for digital assets). Additionally, Metaplex's integration with major Solana-based applications such as Phantom, Magic Eden, Tensor, and Pump.fun, along with collaborations with emerging applications, further drives the adoption and functional expansion of digital assets across the network ecosystem.
With metrics such as minting, unique signers, transactions, and protocol fees reaching new daily, weekly, and monthly historical highs, Metaplex is expected to continue as the dominant digital asset protocol on Solana and gain further adoption from emerging Solana Virtual Machine (SVM) networks. New features and innovations like Aura will continue to be added to help the protocol maintain or even expand its dominance in digital asset issuance and management on Solana and SVM, while also launching new services such as indexing and data availability.
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