Metaplex Launches Genesis Protocol to Revolutionize Onchain Token Offerings on Solana, Building on $10 Billion Ecosystem

Metaplex, a leading tokenization protocol on the Solana blockchain, has officially unveiled its new Genesis protocol, designed to enhance onchain token offerings (OTOs). Announced by Solana on social media, the protocol aims to establish a more transparent and secure framework for token launches within the burgeoning internet capital markets. Solana stated in a recent tweet, > "Meet Genesis -- Metaplex's new protocol for token offerings, powered by Solana 🦾 internet capital markets."

Genesis is an audited smart contract framework that addresses common issues like front-running and trust in high-profile token launches. It offers configurable launch mechanics, including fixed-price presales, launch pools, and auctions, ensuring fair launches by eliminating sniping through time-based mechanisms. The protocol also provides transparent token economics and vesting schedules, along with seamless airdrop and claim functionalities.

This new protocol is positioned to serve established teams seeking robust and composable solutions for token generation events, differentiating itself from more generalized memecoin launchpads. Metaplex, which currently powers 99% of token and NFT issuance on Solana, has facilitated over $10 billion in transaction value across 920 million assets. The introduction of Genesis is expected to further solidify Metaplex's role as critical infrastructure for capital formation on the Solana network, potentially bolstering its $MPLX token buyback program, which allocates 50% of protocol revenue.

Stephen Hess, a director at the Metaplex Foundation, emphasized the broader impact of the initiative, stating, > "Crypto’s greatest legacy will be exporting the promise of Silicon Valley to anyone with an internet connection, and Genesis is the ignition key." Early adopters of Genesis include projects such as DeFiTuna, Pipe Network, Portals, Play Solana, Collector Crypt, Shaga, and Goated, with DeFiTuna’s $TUNA token sale scheduled as one of the first launches on July 22. Moty Povolotski, co-founder of DeFiTuna, highlighted Metaplex's strong reputation and expertise, noting, > "You always want partners who can bring ideas from 0 to 100, and Metaplex is definitely one of them."