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Metaplex: The Invisible Winner of the Solana Launchpad Battle
Written by: Alex Liu, Foresight News
June has been exceptionally lively on the Solana chain, with platforms like Pump.Fun, LetsBonk.Fun, Jupiter Studio, Raydium LaunchLabs, and Believe going all out to compete for market share in the LaunchPad space, resulting in over 1 million new Tokens blooming like fireworks, leading to explosive growth in on-chain asset issuance.
As everyone's attention focuses on those meme coins that have exploded in popularity overnight, Metaplex, the infrastructure layer supporting 99% of the assets created in the Solana ecosystem, is quietly emerging as a hidden winner — the Metaplex protocol generated $1.7 million in revenue this month, of which $1.1 million was used to repurchase its native Token MPLX, accounting for nearly 1% of the total circulating supply of the Token in a single month.
Metalpex Protocol Fees
Metaplex is not just a synonym for NFT. Today, it is evolving from a standard setter into the infrastructure of the "internet capital market" as the Solana asset issuance protocol. Its latest launched protocol, Genesis, further allows Metaplex to advance from "asset creation" to the "full process of token issuance," returning the power of the Launchpad to developers and users.
From NFT Protocol to Asset Issuance Infrastructure: The Evolution of Metaplex
Metaplex became widely known because it defined and promoted the NFT standard on Solana. As early as 2021, it launched Candy Machine—the earliest and most widely used NFT minting program on Solana. It allows project teams to conduct NFT sales in an on-chain deterministic manner, supporting parameters such as price, time, and whitelist settings, and has almost become the "default interface for Solana NFT minting."
Metaplex has also promoted the compression standard for NFTs (Compressed NFTs), as well as protocols like Bubblegum and Token Metadata, enabling its protocol stack to span creation, indexing, and proof of ownership.
As of June this year, the Metaplex protocol has created over 920 million digital assets, with a cumulative transaction volume exceeding 10 billion US dollars, and more than 11.5 million independent signature wallets. In just the month of June, over 1.1 million new tokens were created through Metaplex's Token Metadata standard, excluding NFTs, 96% of the tokens are regular fungible tokens, with asset issuance platforms including Pump.Fun, Bonk, Raydium, Jupiter, Believe, Meteora, TimeDotFun, and others.
Number of fungible tokens created by Metaplex each month
The birth of every Token is a call to the Metaplex protocol. Each call brings revenue to the protocol. The repurchase in June is not an isolated case. According to official data, Metaplex currently has an average monthly revenue of about 2 million USD, with 50% used for MPLX repurchase. This sustainable Token economic mechanism has created one of the few "non-air" projects in the Web3 protocol that possesses "real income + deflationary pressure."
MPLX Monthly Token Buyback Percentage of Total Token Supply
Solana Launchpad War: Metaplex's "Invisible Victory"
Speaking of the Launchpad war on Solana. In this "brawl," most retail investors and traders only noticed the rise of LetsBonk.Fun, the continuous loss of momentum by Pump.Fun, the gradual silence of Believe, and the struggles of Jupiter Studio, but few have paid attention to:
The underlying asset creation of these platforms is almost entirely driven by the Metaplex standard.
Structurally, what Metaplex provides is not a single product, but a complete set of standards and toolchains similar to "infrastructure SDK"—Token Metadata, Compressed NFTs, Core NFTs, MPL-404, etc., becoming the unified asset issuance layer of the entire Solana Launchpad ecosystem.
If you believe that the trend of asset creation on Solana will continue (whether for speculation, gaming, governance, identity, or points), then it can almost be asserted: Metaplex will be one of the core infrastructures.
It does not define the narrative, but whatever the narrative, it ultimately falls back on its protocol.
Genesis: The Key to Unlocking the "On-Chain Capital Market"
In July 2025, Metaplex announced the launch of a new protocol called Genesis, which is a key step in extending its product system upward—from "asset creation" to "complete issuance process," providing developers, project parties, and Launchpads on Solana with a complete set of open and composable Token issuance protocols (Onchain Token Offering Protocol, OTO).
Genesis aims to address a series of core issues faced by the traditional TGE (Token Generation Event) process: front-running attacks caused by oracle delays, lack of transparency in manually deployed contracts, loss of trust due to inconsistent contract logic, and chaotic asset distribution methods.
Its core capabilities include:
Metaplex Genesis First Batch TGE Project
The powerful features have attracted 7 projects, including DeFiTuna, Pipe Network, Portals, and Play Solana, to become the first pioneers to adopt Genesis for their TGE. On July 22, the DeFiTuna project token TUNA, which is the first to use the Genesis platform for TGE, completed the entire token sale in just 4 minutes, with the whitelist phase filling up in 3 minutes and the public round in 1 minute, involving a total of 628 wallets. Supported by Metaplex technology, the entire process was smooth and error-free.
Genesis will also provide developer support for the planned integration of its Apps and Launchpad, with the first projects connected including leading projects in the Solana ecosystem such as Raydium, Jupiter, Kamino, Drift, Meteora, AXIOM, etc.
Metaplex Genesis Launch Integrated Partners
Genesis is not just a set of contracts or UI tools, but a new narrative foundation: anyone with an idea and an internet connection can launch a public and transparent on-chain financing.
As Stephen Hess, a member of the Metaplex Foundation, said: "The ultimate legacy of the crypto economy is to bring the promise of Silicon Valley to every person with an internet connection."
Token Economics + Infrastructure: The Value Reassessment of MPLX
In the increasingly decoupled crypto market between valuation and fundamentals, Metaplex is one of the few protocols that still has "cash flow."
It is worth mentioning that Metaplex DAO has become the largest holder of MPLX, holding a total of 231 million coins, accounting for 23% of the total token supply. Among them: 160 million coins were obtained during the initial allocation (TGE); 74 million coins were accumulated through protocol buybacks; approximately 3 million coins were allocated for ecosystem incentives and development.
Protocol fees and ongoing token buybacks, data source
In July, MPLX completed the launch on Binance Alpha and Bitget Onchain, and is advancing the integration of more centralized platforms. Early this morning, the largest listed exchange in the United States, Coinbase, announced that it will include MPLX in its listing roadmap. As exposure and recognition deepen, Metaplex is gradually moving from "developer community assets" to being recognized as a fundamental asset in the global trading market.
Compared to other projects on Solana with no protocol revenue, Metaplex's revenue capability and token support characteristics make it more scarce. With an annualized protocol revenue of $20 million paired with a market cap of less than $200 million, it can even be considered severely undervalued compared to some asset issuance platforms that once had "overvalued" assessments, making it a "hidden gem" in the Solana ecosystem. Recently, MPLX faced price pressure due to the Binance Alpha trading competition ending on July 20, which will soon distribute token rewards, but from a long-term perspective, this moment 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 is the year of NFT, then 2023 and 2024 are the narrative rotations of DePIN and AI, and the keyword for 2025 is likely to be "Onchain Capital Formation".
Genesis is one of the infrastructures that supports this narrative. It is not a Launchpad, but a protocol that allows everyone to "create their own Launchpad."
In the future, whether it is a memecoin creator, an indie game studio, an AI application development team, or a global brand, they can complete the integrated loop of asset creation, issuance, distribution, and liquidity building through Metaplex.
This is not a delusional idealism, but a reality that is already in operation. Supported by Genesis, the next wave of crypto entrepreneurship may not emerge in San Francisco, London, or Shanghai, but could be launched directly on the chain.
The key to the internet capital market has been inserted, and Metaplex has ignited.