On April 25th Metaplex is on track to make ~50-55k SOL due to the resize deadline. I won’t get into specifics but the tl;dr is that Metaplex has a new NFT standard that costs significantly less SOL. Users can resize their accounts using https://x.com/solincinerator and get some SOL back (if you have a lot of NFTs it can be material).

For Metaplex this will be a nice ~$6M or so bonus “revenue” for the DAO, which is equal to about 3-4 months of revenue. Metaplex revenue has been trending up lately before the market pullback and they were making 10k+ SOL a month.

This revenue is used to buyback MPLX tokens off the market, effectively lowering the circulating supply. TO date, Metaplex has repurchased ~6% of supply.

Metaplex, while originally an NFT standard protocol, is responsible for fungible tokens too. Memecoins on pump, AI agents, RWAs, etc. all use Metaplex in the back-end. It is questionable if Metaplex should even exist as a for-profit protocol but that’s an argument for another day.

As it stands now, they are buying back -0.5%-1.0% of their supply a month, which puts it at anywhere from a 8-16 P/E at a $150m market cap, kind of unheard of in crypto. It’s core infrastructure for Solana and other SVM chains like Eclipse, SonicSVM, and more that will launch.

The token, however, has not really done well, especially recently. Even during the most bullish period (Nov-Dec Q4) while protocol usage went through the roof, price sold off steadily. I am not totally sure why and it is a bit odd to me, but a combo of unlocks, potentially a liquid fund selling to chase higher-beta assets, and lack of CEXs may all play a role.

Only recently did MPLX get better onchain liquidity, and it doesn’t have any tier 1 CEX listings. For one of the few cash flowing & legit projects/tokens in the industry the only explanation I can come up with here is that exchanges have been hesitant due to it potentially being a security. With the new regulatory body, maybe that changes.

Overall Metaplex is a protocol I have been keeping a closer eye on over the past few months, and it’s on a shortlist of strong & sustainable fundamental tokens if the market decides to shift to these,

Disclosure: I have a position in MPLX

Metaplex Proposal to Send 90% of Resized SOL to Users