Metaplex operates a structured buyback program for its native token, MPLX. The program is designed to use a significant portion of protocol-generated fees to regularly purchase MPLX from the open market and subsequently allocate these tokens to the Metaplex DAO treasury.
Key Details
- Fee Allocation: 50% of all protocol fees generated by Metaplex are used to purchase MPLX tokens each month. This amount is calculated from the prior month’s protocol fees, with historical fees supplementing the buyback when necessary1.
- Buyback Execution: From June 2024 to January 2025, Metaplex consistently used between 10,000 and 12,000 SOL per month in collected fees to buy back MPLX. For instance, in January 2025, approximately 12,000 SOL was spent, resulting in nearly 9.2 million MPLX acquired, marking the biggest monthly buyback to date21.
- Impact and Scope: As of early 2025, this program resulted in over 52.5 million MPLX (about 5.25% of the total MPLX supply) being bought back since inception. Monthly buybacks fluctuate based on protocol revenue, but Metaplex aims to maintain a consistent allocation as long as protocol revenue allows231.
- Token Utilization: All bought-back MPLX is deposited into the Metaplex DAO wallet, strengthening community governance and potential treasury initiatives rather than being burned or permanently removed from circulation3.
Significance
This buyback program is unique among crypto protocols:
- It allocates a much higher percentage of protocol revenue to buybacks than many peer platforms, which often need to pay significant portions to validators, lenders, or LPs.
- The transparent, recurring purchase of MPLX helps support the token’s market and aligns long-term incentives within the Metaplex ecosystem231.
In summary, Metaplex’s buyback program uses half of all protocol fees to regularly purchase MPLX, distributing these to the DAO treasury—enhancing MPLX’s utility, governance, and ecosystem value
231.