December 10th, 2025
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Genesis - Genesis powered the Beamable Network sale, accounting for 10% of the total monthly revenue
Protocol Revenue - Protocol revenue reached $1.1M
$MPLX Buyback - $1.0M of October's protocol revenue was used to buy back 7.6M $MPLX for the DAO (0.8% of the total supply / 1.3% of outstanding supply)
As mentioned in the October newsletter, on November 7th, Pump.Fun disclosed in its developer documentation that it would begin minting tokens using its new Mayhem Mode through SPL Token-22 rather than Metaplex’s Token Metadata. This change went into effect on November 12th and since then the percentage of total tokens launched daily by Pump.Fun that use Metaplex’s Token Metadata has declined to less than 10% at time of writing. Tokens created through Token Metadata on Pump.Fun contributed $382k of Metaplex protocol revenue in November.
Metaplex’s pro forma revenue in 2025 excluding Pump.Fun associated revenue is shown below, reflecting increased revenue diversification and new growth tailwinds from Genesis token launches.
With more than three years of operating runway despite the loss of Pump.Fun associated revenue, the Metaplex Foundation remains well funded to support the Metaplex ecosystem and its expansion from asset standards to a broader platform for permissionless asset creation and the launching, discovering, and trading of new assets on Solana.
In November, Metaplex generated $1.1M in protocol revenue including $858k from Token Metadata (81%), $110K from Genesis (10%), and $76K from Core (7%).
Combined, token creation (TM tokens) and token launches (Genesis) accounted for 86% of revenue while 14% was driven by the creation of NFTs (TM NFTs, Core, BG v2).
In November, 557K Token Metadata assets were created, including 519K fungible tokens (93%).
Core adoption continued to climb in November, with 346k mints, a 45% MoM increase.
In November, approximately 366K unique wallets signed transactions with Metaplex.
Over 200K new wallets collected a Token Metadata asset and over 800K new wallets collected a Bubblegum NFT in the month of November.
Genesis
November marked continued momentum for Genesis, with teams across DePIN, gaming, and emerging consumer applications preparing onchain launches through the protocol.
Beamable Network ($BMB) launched its sale and subsequent TGE on Genesis in early November. The sale attracted 2,155 backers and sold $1.3M (8,050 SOL) worth of tokens. Beamable is building the DePIN layer for onchain gaming infrastructure, turning compute into a tradable asset class through its $BMB token.
Tashi announced the upcoming $TASHI TGE, introducing its token as the currency for its coordination layer for intelligent systems. The team has now announced that they will launch early Q1 2026.
The Genesis pipeline continued to expand throughout the month. Details will be shared closer to their announcement dates, but new launches are slated to go live using the Genesis Protocol in the new year.
Genesis remains in alpha. Learn more at genesis.metaplex.com
Core
A new Core plugin was introduced, Freeze Execute, designed to give builders greater control over execution-heavy asset designs. The Freeze Execute plugin allows developers to pause an asset’s ability to run execute instructions and delegate who can unfreeze it, adding an additional layer of safety for backed assets, staking periods, rentals, collateral flows, and similar use cases.
The plugin works across both assets and collections, supports delegated authority, and integrates directly with the execute lifecycle, enabling teams to implement execution controls without modifying contract logic or ownership. Read more about the new Freeze Execute plugin.
Metaplex CLI
The Metaplex CLI introduced a new upgrade with the full integration of the Core Candy Machine. Creators and developers can now configure and deploy Core Candy Machines end-to-end, including assets, guards, phases, uploads, and inserts, directly from a single guided command.
$1.0M of October's protocol revenue was used to buy back 7.6M $MPLX for the DAO (0.8% of the total supply / 1.3% of outstanding supply). Each month, 50% of the prior month’s protocol fees are allocated to buying back $MPLX for the DAO.
Protocol fees reached $1.1M USD (6,888 SOL), 50% of these fees will be used to buy back $MPLX for the DAO throughout December.
With cumulative protocol fees surpassing $46 million (~309,000 SOL) to-date, Metaplex continues to scale as core infrastructure for onchain assets, while the DAO remains a key driver of governance, development, and ecosystem growth.
MTP-004 Update: Extended Claim Period with SOL-MPLX Liquidity Provisioning
In November, a portion of the DAO's SOL-MPLX liquidity was deployed into a Raydium liquidity pool using a Kamino vault, which can be found here.
It currently includes 70% of the MTP-004 Token Metadata optimization funds, with the remainder currently set aside for the resize claim pool.
The DAO wallet holding the LP token is HPpxv47rkA25ydJQbqcQEUeuY1nK8eLMHNaSmRgoLmg6 and the token account associated with the LP token is HjH1XGtJZKANMj9VvQaDjNiJcqMBUUd3Kn2Mu8bYBw7a.
Metaplex Earn Campaign
Season 3 of Metaplex Earn continued throughout November, with liquidity incentives running across both the MPLX-jitoSOL and MPLX-USDC vaults on Kamino.
The campaign remains focused on deepening $MPLX liquidity and expanding its presence across Solana DeFi, supporting healthy market structure as ecosystem participation grows.
Metaplex DAO Grants
November featured two grant proposals in the Metaplex DAO.
The first proposal, submitted by Supercoolkayy, requested 72,567 MPLX (with a 1-year lockup) to build CoreLint, a lightweight validator designed to help teams catch Core JSON metadata issues and wallet render incompatibilities before minting with Core Candy Machine. The proposal aimed to reduce launch risk through pre-mint validation tools integrated into Umi, the Metaplex CLI, and a minimal web interface. This proposal did not pass.
The second proposal, submitted by Solana Australia (Solana ANZ), requested 100,000 MPLX (with a 1-year lockup) to expand community, developer, and event support across the Australia and New Zealand region. The initiative outlines plans for meetups, educational workshops, hackathons, and localized Metaplex documentation to grow regional builder activity. This proposal is currently under DAO vote.
Genesis Partner Network
The Genesis Partner Network expanded in November, adding new liquidity and infrastructure partners to support teams launching directly onchain through Genesis.
Saros joined the network to offer liquidity support for select Genesis projects. Through the Saros Liquidity Grant Program, teams can access up to $1 million in $SAROS to establish instant, zero-cost liquidity pools, alongside potential revenue sharing and wallet marketing support through C98.
Titan Exchange announced its collaboration with Metaplex, providing day-one liquidity for all Genesis-powered tokens. Through metaaggregation and deep Solana integrations, Titan enables efficient routing and competitive execution for users across Internet Capital Markets.
Moonbird
Moonbirds launched a collaborative campaign with Metaplex offering a free Soulbound Token (SBT) to eligible community members. $MPLX holders and Update Authorities of Token Metadata assets, alongside holders of Moonbirds, Mythics, and Oddities, were invited to claim a custom Moonbirds x Metaplex SBT. The campaign runs through December 13.
Breakpoint
Metaplex will attend Breakpoint in Abu Dhabi during December, meeting with founders, developers, and ecosystem partners. Metaplex founder and Metaplex Foundation director, Stephen Hess, will also be delivering a product keynote, “Going Public on Internet Capital Markets”, on the Absolute Cinema stage at 12:20pm local time / 8:20am UTC.
Podcasts & Spaces
Metaplex continued to advance the Internet Capital Markets narrative across community podcasts and live discussions throughout November.
Metaplex Foundation’s Marketing Lead, SolNFTs, joined a podcast breaking down the growth of the Metaplex protocol, including insights into revenue generation, the role of Genesis in fair onchain token launches, and the mechanics behind the $MPLX buyback model.
Clay Helms, Head of BD & Partnerships at the Metaplex Foundation, participated in an AMA hosted by EnsoFi DAO alongside ecosystem builders and partners. The discussion covered acceleration strategies, developer support, and the broader growth of Solana’s builder ecosystem.
November saw continued growth across applications, creator platforms, and developer communities building with Metaplex. From AI-driven asset creation to large-scale commerce platforms launching on Solana, momentum continued across the broader ecosystem.
Magic Eden continued to scale its Collector Crypt–powered packs, surpassing 115,000 packs opened and generating more than $13M in volume.
La Familia hosted a Spanish-language bootcamp focused on Metaplex programs and tooling, providing developers with structured education on building and launching projects on Solana using Core and Token Metadata.
Drip launched on Solana in beta, bringing its live commerce platform of 2M+ collectors and 3K creators onchain. The debut included Instant Packs with verifiable ownership and provably fair mechanics powered by Metaplex standards.
Portals introduced browser-native trading tools that make every token on Solana tradable directly within custom creator-built experiences. Creators can launch multiplayer trading environments, earn a 1% fee on volume, and benefit from a new $PORTALS buyback program directing revenue into a Creator Fund supporting future games and experiences.
BR1: INFINITE launched its Early Access program, moving into a curated, invite-only testing phase that gives certified players access to new builds, experimental features, and private sessions as the team continues expanding its real-money gaming ecosystem on Solana.
Umin introduced intent-driven SPL token minting through Vibe AI, enabling users and autonomous agents to create onchain assets directly from natural-language prompts, powered by Metaplex.
Udder Chaos began its upgrade to the Metaplex Core standard, adding built-in staking, enforced royalties, and improved extensibility to support future utility and onchain functionality.
Follow @metaplex on X for ongoing community updates. You can also subscribe to receive these monthly updates directly to your email here. To contribute to the Metaplex protocol, engage with us on GitHub or submit a Metaplex Improvement Proposal (MIP) at mip.metaplex.com.
Last, thanks to TopLedger for their data support on this month’s round-up. They provide real-time monitoring of Metaplex activity and usage to the ecosystem. For additional Metaplex onchain metrics, please refer to the following link.
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A monthly overview of ecosystem activity and community contributions to the Metaplex protocol.
A monthly overview of ecosystem activity and community contributions to the Metaplex Protocol.
A monthly overview of ecosystem activity and community contributions to the Metaplex Protocol.