high body count sigma

network spirituality

[frisk @friskk]

for the longest time,
i always thought Metaplex was just a dApp that handled NFT data storage

well turns out i was DEAD wrong and @metaplex is actually kind of the heart and soul of Solana; every time a new token is created on Letsbonk, Pump, Believe, Jup etc - metaplex makes revenue on ALL of it. they're responsible for over 18 MILLION fungible tokens on Solana

I’m really stoked to be partnered with Metaplex not only for this reason but bc they’re also building something right now that’s flying a bit under the radar called “Genesis”

It’s a protocol for launching tokens but it’s not a launchpad - it’s a tool that helps serious projects do their token launches. I’m not talking the next daily runner, these are REAL projects which open up so many possibilities for presales, vesting, customizable LP’s whitelists and airdrops

for those of you who missed it, we saw @defituna sell out their presale on genesis within FOUR minutes!!! they’re the first of a bunch of projects lined up to also have their launch powered by Genesis - with a few coming up being @_portals_ , @pipenetwork , @playsolana , @Collector_Crypt , @goatedcom , @playonshaga && more

now the REAL question - why should you care? well besides just being educated on what’s happening on solana, 50% of all revenue from Metaplex protocols go to $MPLX buybacks for the DAO. just last month, Metaplex generated $1.7M USD in fees and 1.1M went towards buybacks, meaning nearly 1% of the total supply was REPURCHASED 🤯🤯

this is kind of crazy and makes me feel like Metaplex is flying way under the radar. I’m gonna be talking about Metaplex for a while and covering all of their updates but man they are REALLY on fire right now

[Mack 🦾 @DegenMack]

July Metaplex revenue of $1.6mm on the verge of surpassing last month with still 1 week to go

50% of revenue goes towards buying back $MPLX for the DAO

Accelerate

[Ralph @rpahlmeyer]

.@Metaplex is one of the most compelling infrastructure protocols on Solana and its token, $MPLX, is my highest conviction way to gain exposure to the Solana ecosystem. The protocol holds a dominant position in token creation on @Solana , powering over 90% of fungible token creation and more than 99% of non-fungible token (NFT) creation. Metaplex earns a fee every time a token is issued using its standards or platform.

While I've tracked Metaplex for several years, I refrained from investing due to two core concerns:

1) Overreliance on Memecoins and NFTs:
I believed memecoins and NFT speculation were unsustainable trends and viewed Metaplex’s growth as overly dependent on them.

2) Unfavorable Token Distribution:
A large portion of MPLX supply was held by short-term investors and distressed funds, including Alameda Ventures (FTX), which owned 7.3% of the total supply and needed to liquidate.

My view has since shifted due to multiple fundamental changes:

- Monopoly on token creation on Solana
Metaplex is the default infrastructure for token creation across Solana’s most prominent launchpads, including @pumpdotfun, @bonkfun, @RaydiumProtocol, - , and others. Virtually all new token launches—over 99%—leverage Metaplex’ infrastructure.

- Healthy, Stabilized Minting Volumes
While minting volumes declined from their Q4 2024 memecoin-driven peak, they have stabilized at well over 1 million digital assets minted monthly, underscoring enduring demand.

- Attractive Entry Price Following Forced Selling
FTX sold its holdings OTC in two tranches at $0.275 and $0.22 in 2024 as well as 5.5 million tokens tokens on various exchanges.
Blockchain data confirms distressed selling from several funds at a loss.
Today, MPLX trades at a ~50% discount to those OTC rounds.

- Strong Revenue Base and Valuation Dislocation
Metaplex currently generates $1.89M in monthly revenue (~$22.7M annualized).
The protocol trades at just 6x Revenue / Fully Diluted Valuation (FDV), a steep discount relative to infrastructure peers.

- Launch of Genesis: A Next-Gen Token Platform
Genesis addresses longstanding challenges in token launches—such as front-running, transparency, and trust. Genesis introduces configurable presales, auctions, on-chain vesting, and liquidity tools—creating a new revenue vertical for Metaplex.

- Significant Buyback Program
50% of protocol revenue is allocated to MPLX token buybacks (~$875K/month).
In 2025, the protocol has been repurchasing over 0.64% of the total MPLX supply monthly.

- Conclusion
@Metaplex has emerged from the meme coin frenzy with a resilient revenue base (north of $22M annualized) and dominant market position. Forced selling has created a rare entry point—trading at just 6x revenue with accelerating token buybacks and new product catalysts. I believe the market is mispricing Metaplex due to a legacy token overhang. As that overhang clears and liquidity expands via incoming new exchange listing on Coinbase and the recent listing on Binance Alpha, the token is well-positioned for a rerating.

I am a buyer at these current levels.

[James Ho @jamesjho_]

A follow up to our initial Metaplex thesis from ~2 years ago

The roads have been choppy and the journey been long

With this week's Coinbase listing, reaching $30M annual protocol fees, ~10% annual buyback yield, rise of entrants like Bonk to challenge Pumpfun, and new products like Genesis to bring back ICOs - we think Metaplex's path ahead is incredibly bright

Solana unlocked and accelerated asset issuance. We believe Metaplex will benefit from this secular tailwind and compound for longer

We believe the best is yet ahead

Internet capital markets

[high body count sigma @highbodyctsigma]

@game_for_one $MPLX, arms dealer that takes a fee off every Pumpfun, Bonk, Believe launch ($20M+ annual rev) and 50% goes into buyback, been obscure but seeing team making moves, new product out that should drive more attn

[high body count sigma @highbodyctsigma]

@DegenMack

[high body count sigma @highbodyctsigma]

Users are fickle, winning launchpad today may not be so dominant in a few mos. You can win no matter what by betting on the arms dealer $MPLX earning a fee on every coin launched from Pump, Bonk, Launch, Jup, etc. $10M+ in annual rev and half flows into buyback.

[high body count sigma @highbodyctsigma]

@SolNFTs @metaplex 🔥🔥

[high body count sigma @highbodyctsigma]

Absolute heat

[NFToly @SolNFTs]

In June, the Metaplex protocol generated $1.7M in fees and used $1.1M to buy back nearly 1% of the total $MPLX supply for the Metaplex DAO treasury.

In this time, Metaplex powered the creation of over 1M tokens across pump, letsbonk, raydium, jup, believe, timedotfun & others.

[high body count sigma @highbodyctsigma]

$170M now but just getting started. Hidden gem that people are waking up on. Their new Genesis product will drive more attention which is the main issue they've had. Amazing fundamentals, team is stepping up on marketing.

[high body count sigma @highbodyctsigma]

$MPLX breaking out of major downtrend, insanely undervalued at $130M with $10M+ annualized revenue and 10% of tokens bought back per year, sells the shovels to all the launchpads (Pump, Bonk, Launch, etc). Can easily get to $500M+

[Overbuilt7815 @Overbuilt7815]

Bullish thesis for @metaplex (MPLX)
- All tokens & nfts created on @solana uses them, and pay a one time fees. Monthly revenue of 2M+, with 50% used for buybacks
- There is no competition cause no project would bother creating a new standard as its too technical and non-rewarding

[CJ_Blockchain, CFA @nbblock]

《metaplex：于无声处惊雷，launchpad war 幕后的赢家》

还在找下一个 $GP 、 $bonk 吗？ $mplx 就静静地躺在那里等待你的发现

TL;DR
1⃣launchpad war竞争激烈，bonk仅用两个月就在份额上超越了pump，很难说未来鹿死谁手，但不论谁赢谁输都得向metaplex付费

2⃣metaplex过去2年收入约36m，50%的收入用于回购代币 $mplx ，6月份收入1.6m，其中1.1m用于回购代币 $mplx（占总流通的1%）

3⃣近期推出了自己的打新平台，有别于无许可的launchpad，首批推出了7个solana生态的defi、基建类项目，有望形成价格催化剂

😆投资亮点：

价格相对底部，PE仅为10，很像是bonk崛起之前的 GP，一旦有注意力捕获价格反馈会非常迅速

launchpad竞争激烈，但都需要向metaplex付费，而metaplex没有竞争对手

真实收入，符合当前主流投资价值观，50%收入用于回购

打新平台功能上线，有可能在短期获得注意力

🥲投资缺点：

基建类标的难以捕获注意力

收入链条传导较长，难以被散户理解

正文

metaplex是solana生态最重要的底层基础设施之一，每一个token、nft的创建都需要给metaplex支付一笔metadata费用。

是的你没看错，你在pump、pump上炒的每一个币都会向metaplex支付一笔费用。仅过去一个月就有超过100万个代币被创造，为metaplex带来了1.6m的收入

具体来说，Metaplex 通过对数字资产相关交易收取微小费用来获取收入。

例如，每次通过其协议创建新代币时，会收取以下费用：

代币元数据铸造（Token Metadata Minting）：每个新代币收取 0.01 SOL 的费用。

Core 铸造：每个 Core 标准 NFT 铸造收取 0.0015 SOL 的费用。

别小看这每个代币0.01sol的费用。

过去两年metaplex总收入为36m，50%的收入用于回购代币 $mplx ，6月份收入1.6m，其中1.1m用于回购代币 $mplx（占总流通的1%），对应当前124m的 market cap，其PE仅为10左右。

相较于pump和bonk互相竞争蚕食对方的市场份额导致收入并不稳定，metaplex在solana上没有任何竞争对手，不论最终是pump胜出还是bonk胜出，又或者是有新的第三方出现，只要还有token被创造，那metaplex收入就越多。

甚至竞争越激烈，metaplex的收入越多，因为如果有多家launchpad那么一个同名meme可以发很多次，再算上大小写，你懂的。

近期，metaplex还推出了自己独有的launchpad，首批吸引了solana生态的7家defi、基建类项目方上线。推文同时被toly和solana官方转发，随着打新的开始极大概率能为metaplex带来极为可观的注意力捕获。

整体来说，当前这个价格的mplx盈亏比极高，我研究完的第一反应就是很像 $gp , 无人问津的时候价格就一直在地上趴着，一旦被大家发现价格有了反馈，就会有极强的传播效应。

[mtn drew @mtndrew]

swapped KMNO for MPLX

1) the new genesis product is interesting
2) token creation [and trading] is solana's MO. ancillary defi, not as much.
3) both tokens have the protocol revenue story tailwind
4) Though both are sector leaders, Metaplex feels like more of a monopoly operating in a league of its own. now its coming after the prevailing "narrative" (i guess you could say) in the solana ecosystem - the pump story, fair token launches (but safer and with more customizability)

the genesis launch was obviously front run by people with insider info but idc b/c the price is still good

i've owned mplx before. it's one of the sleepiest tokens i've ever seen. i got tired of it doing nothing for so long for reasons i was not aware of.

i'm hoping this finally wakes it up a bit.

[high body count sigma @highbodyctsigma]

@crypticd22 Check out $MPLX its infra that sits under pumpfun and takes a fee from every coin they launch, as well as every other launchpad, and puts half into buyback

https://t.co/PGkHti03Yc

[high body count sigma @highbodyctsigma]

$MPLX breaking out of major downtrend, insanely undervalued at $130M with $10M+ annualized revenue and 10% of tokens bought back per year, sells the shovels to all the launchpads (Pump, Bonk, Launch, etc). Can easily get to $500M+

[high body count sigma @highbodyctsigma]

@izebel_eth Check out $MPLX its infra that sits under pumpfun and takes a fee from every coin they launch, as well as every other launchpad, and puts half into buyback

https://t.co/PGkHti03Yc

[high body count sigma @highbodyctsigma]

$MPLX breaking out of major downtrend, insanely undervalued at $130M with $10M+ annualized revenue and 10% of tokens bought back per year, sells the shovels to all the launchpads (Pump, Bonk, Launch, etc). Can easily get to $500M+

[high body count sigma @highbodyctsigma]

@miragemunny Check out $MPLX, underrated gem, takes a fee on every Pumpfun coin and puts half into buyback

https://t.co/PGkHthZw8E

[high body count sigma @highbodyctsigma]

$MPLX breaking out of major downtrend, insanely undervalued at $130M with $10M+ annualized revenue and 10% of tokens bought back per year, sells the shovels to all the launchpads (Pump, Bonk, Launch, etc). Can easily get to $500M+

[high body count sigma @highbodyctsigma]

@Web3Quant Check our $MPLX, super underrated gem, takes a fee on every pumpfun coin and then 50% of rev goes to buyback

https://t.co/PGkHti03Yc

[high body count sigma @highbodyctsigma]

$MPLX breaking out of major downtrend, insanely undervalued at $130M with $10M+ annualized revenue and 10% of tokens bought back per year, sells the shovels to all the launchpads (Pump, Bonk, Launch, etc). Can easily get to $500M+

[high body count sigma @highbodyctsigma]

@0xelonmoney Check out $MPLX, underrated beta that takes fees off every pumpfun launch (and every other launchpad)

https://t.co/PGkHthZw8E

[high body count sigma @highbodyctsigma]

$MPLX breaking out of major downtrend, insanely undervalued at $130M with $10M+ annualized revenue and 10% of tokens bought back per year, sells the shovels to all the launchpads (Pump, Bonk, Launch, etc). Can easily get to $500M+

[high body count sigma @highbodyctsigma]

@krybharat Check out $MPLX, underrated gem that is Pump Fun beta

https://t.co/PGkHti03Yc

[high body count sigma @highbodyctsigma]

$MPLX breaking out of major downtrend, insanely undervalued at $130M with $10M+ annualized revenue and 10% of tokens bought back per year, sells the shovels to all the launchpads (Pump, Bonk, Launch, etc). Can easily get to $500M+

[NFToly @SolNFTs]

powers every token launched on pump, letsbonk, launchlabs, jup studio, moonshot, believe etc

all of these platforms drive fees which drive $MPLX buybacks

oh and new product soon