Metaplex October Recap: Memecoin Minting Drives Protocol Revenue to New Heights, Official $MPLX Buyback Supports DAO Growth

Source: metaplex

In October, Metaplex set multiple new records, especially in the significant growth of protocol revenue, largely driven by the creation of new memecoins and the minting of Core assets. The rapid development of the protocol not only showcases the potential of blockchain technology but also breaks people's traditional perception of Metaplex being solely related to NFTs.

50% of Revenue Used for $MPLX Buyback to Support DAO Development

In October, Metaplex's protocol revenue reached 10,944 SOL, a 96% month-over-month increase, marking one of the highest monthly records in the protocol's history. This fee growth primarily came from the minting of memecoins and Core assets. Additionally, over the past five months, Metaplex has been using 10,000 SOL monthly to buy back $MPLX, totaling 3.25 million $MPLX, which was contributed to the DAO treasury. This pattern ensures that half of the protocol's revenue is used for the continuous development and governance of the DAO.

Memecoin Minting Drives Significant Revenue Growth

Another surprising point is that, in addition to excelling in the NFT space, memecoins have also become a significant source of protocol revenue. In October, 907k new fungible tokens were minted through Metaplex, setting a new all-time high record with a 154% month-over-month increase. The extensive minting and trading of memecoins not only drove revenue growth but also further solidified its diversified influence in the decentralized finance sector.

Other Key Data

Furthermore, in October, Metaplex's Core asset minting volume also reached a new high of 346k, a 54% month-over-month increase. Meanwhile, the interaction between independent wallets and Metaplex saw a significant boost, with 657k independent wallets directly signing transactions, a 57% month-over-month increase. These data indicate that Metaplex's protocol is continuously expanding, attracting more users and developers.

In October, Metaplex also released several developer-focused tools, including guides for bulk cNFT creation and Solana transaction troubleshooting. Additionally, the MIP-10 proposal was approved, giving developers more control over the deterministic cNFT asset ID.

Through continuous experimentation and development, Metaplex is gradually transitioning from a platform solely focused on NFTs to a more diverse ecosystem, with the rise of memecoins being a key indicator of this transformation.

For the full report, please visit: Metaplex October Round-up