"Metaplex: Thunder Strikes in Silence, the Winners Behind the Launchpad War" Still looking for the next $GP or $bonk? $mplx is just quietly lying there waiting for your discovery. TL;DR 1⃣ The launchpad war is fierce; bonk surpassed pump in market share in just two months. It's hard to say who will win in the future, but regardless of who wins or loses, they all have to pay Metaplex. 2⃣ Metaplex's revenue over the past two years is about $36 million, with 50% of the revenue used to buy back the token $mplx. In June, the revenue was $1.6 million, of which $1.1 million was used to buy back $mplx (accounting for 1% of the total circulation). 3⃣ Recently launched its own IPO platform, different from the permissionless launchpad, initially introducing seven DeFi and infrastructure projects from the Solana ecosystem, which is expected to form a price catalyst. 😆 Investment Highlights: The price is relatively low, with a PE of only 10, very similar to GP before the rise of bonk. Once attention is captured, the price feedback will be very rapid. The competition for launchpads is fierce, but they all need to pay Metaplex, and Metaplex has no competitors. Real income aligns with current mainstream investment values, with 50% of revenue used for buybacks. The IPO platform feature is online, which may attract attention in the short term. 🥲 Investment Drawbacks: Infrastructure projects are hard to capture attention. The income chain is long, making it difficult for retail investors to understand. Body Metaplex is one of the most important underlying infrastructures in the Solana ecosystem. Every token and NFT creation requires a metadata fee to be paid to Metaplex. Yes, you read that right; every coin you trade on pump and pump pays a fee to Metaplex. In just the past month, over 1 million tokens have been created, bringing in $1.6 million in revenue for Metaplex. Specifically, Metaplex generates income by charging small fees on transactions related to digital assets. For example, each time a new token is created through its protocol, the following fees are charged: Token Metadata Minting: A fee of 0.01 SOL is charged for each new token. Core Minting: A fee of 0.0015 SOL is charged for each Core standard NFT minted. Don't underestimate the 0.01 SOL fee for each token. Over the past two years, Metaplex's total revenue has been $36 million, with 50% of the revenue used to buy back the token $mplx. In June, the revenue was $1.6 million, of which $1.1 million was used to buy back $mplx (accounting for 1% of the total circulation), corresponding to the current market cap of $124 million, with a PE of around 10. Compared to pump and bonk competing for each other's market share, leading to unstable income, Metaplex has no competitors on Solana. Regardless of whether pump or bonk ultimately prevails, or if a new third party emerges, as long as tokens are still being created, Metaplex's income will continue to grow. In fact, the more intense the competition, the more income Metaplex generates, because if there are multiple launchpads, then a meme with the same name can be issued many times, not to mention the case sensitivity; you get the idea. Recently, Metaplex also launched its unique launchpad, attracting seven DeFi and infrastructure projects from the Solana ecosystem to go live. The tweets were also retweeted by Toly and Solana's official account, and with the start of the IPO, it is highly likely to bring considerable attention to Metaplex. Overall, at the current price, the risk-reward ratio of $mplx is extremely high. My first reaction after researching was that it is very similar to $gp; when no one pays attention, the price just stays low, but once discovered, the price will respond, leading to a strong viral effect.