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What is Metaplex?
Founded in 2021, Metaplex (MPLX) powers one of the largest blockchain developer ecosystems in the world by providing the onchain infrastructure used to create nearly every token and NFT on Solana and the Solana Virtual Machine (SVM). Used by leading launchpads, marketplaces, games, wallets, and other apps, Metaplex has generated over $36mm in revenue through the creation of over 900 million assets.
Key Insights
In the first half of 2025, Metaplex generated $13.7 million in revenue, driven primarily by new assets created through the protocol, with apps such as Pump.Fun, Launchcoin (Believe), Raydium, Bonk, Jupiter, Boop, Meteora, and others all using Metaplex standards to create new tokens. Metaplex earns a protocol fee with almost every new token and NFT that is created on Solana and the SVM, 50% of which are used to buyback $MPLX for the Metaplex DAO.
Despite the broader market volatility, tokenization on Solana continues to accelerate, powered by Metaplex. While Solana DEX trading volumes have fallen to levels not seen since summer 2024, new tokens created through Metaplex have doubled since that period, demonstrating that the creation of digital assets is and will continue to be one of the main use cases for blockchains.
Onchain activity remains strong with the number of unique addresses that have directly interacted with the protocol since its inception reaching 11.4 million, an increase of 3.2 million new wallets during the January-June period or an average of 17,643 new wallets per day.
This led to $2.9 billion in Metaplex transaction value across 121 million signed transactions ($24 per tx) during the first half of 2025, an increase of 29% year-over-year.
Metaplex generated $13.7 million in protocol fees during the January-June period, with weekly revenue averaging ~$522k, demonstrating consistent monetization despite broader market fluctuations. 
The protocol’s robust fee generation supported continued $MPLX buybacks totaling 38.5 million tokens between January - June 2025, equivalent to 3.9% of the total supply with no future token unlocks remaining.
Metaplex DAO Treasury Growth
Since beginning its buyback program, the Metaplex DAO has bought back 73.8 million $MPLX, representing 7.4% of the total $MPLX supply. This, combined with the DAO’s initial token allocation of 160 million $MPLX, brings its total holdings to 231 million $MPLX, making it the largest token holder. As protocol revenue increases, so does the DAO’s $MPLX holdings.
Strategic Partnerships and Integrations
Metaplex protocol adoption accelerated during the first half of 2025:
Pump.fun – Each of the 11.7 million tokens launched on the viral memecoin platform is created using Metaplex.
Believe / LaunchCoin – Twitter-native launchpad leveraging the Metaplex protocol for instant token creation.
Raydium LaunchLab & letsBONK - Raydium’s all-in-one token launchpad, including letsBONK and other projects, also uses Metaplex to create new tokens, totaling over 258,220 new assets since its April launch.
Jup Studio: Jupiter recently launched its own self-service token launchpad, Jup Studio, joining the competition alongside platforms such as letsBONK, Raydium, Believe, and Pump.Fun that all use Metaplex to create new assets.
$TRUMP Coin – After launching with Metaplex, Metaplex Foundation then built an onchain, time-weighted leaderboard to select invitees for the first “Holders Dinner with President Trump,” and executed the airdrop of the very first Trump NFTs on Solana to commemorate the event.
Magic Eden – Leading NFT marketplace added additional support for new Metaplex standards, letting creators list and trade next-gen Metaplex NFTs instantly.
Ledger – Issues a soul-bound Metaplex NFT with every device, giving buyers verifiable ownership and gated perks.
Sonic SVM – Gaming-focused SVM chain launched with the full Metaplex stack , so developers can mint NFTs, tokens, and hybrid assets out-of-the-box and build low-latency onchain game economies from day one.
Claynosaurz – The award winning 3D dino Solana NFT collection minted with Metaplex is ready to bring its animated IP to the masses with its newly announced TV series.
Binance Alpha
Binance recently announced that $MPLX will be featured on Binance Alpha. Starting July 6th, eligible Binance Alpha users will have 24 hours to claim $MPLX. This will be followed by a two-week $MPLX trading competition open to all Binance Alpha users, with $1 million worth of $MPLX rewards available for participants.
You can find more information about the Binance Alpha partnership here: https://www.binance.com/en/support/announcement/detail/97c3328b28b94b71968f9baf420bdf27
Closing Summary
1H 2025 demonstrated Metaplex's dominance as the digital asset standard for Solana and the SVM, with the protocol generating $13.7 million in revenue through the creation of 115 million digital assets during the period. Next up, Metaplex will continue its momentum and growth by bringing to market Genesis, a new product suite for Onchain Token Offerings (OTOs).
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