Metaplex Unveils Onchain Token Offering Stack - When’s the First Launch?

Metaplex, the infrastructure provider powering 99% of Solana’s onchain assets, has unveiled Genesis, a stack enabling builders to bring tokens to market on their own terms.

Offering a variety of token launch mechanics, Genesis is already set to power the TGE for seven Solana teams with established projects.

How is Metaplex Genesis different from memecoin launchpads, and what could it mean for $MPLX buybacks?

What is Metaplex Genesis?

Genesis is a smart contract framework that powers various TGE mechanics, giving SVM teams greater flexibility when launching tokens. Because the crypto space loves an acronym, Metaplex is calling Genesis launch events OTOs, or Onchain Token Offerings. Metaplex’s versatile new stack aims to combat concerns surrounding token sniping and transparency that often sour onchain launches. 

However, Metaplex’s Genesis is not to be confused with viral memecoin launchpads like pump.fun and letsBONK. While the aforementioned platforms enable anyone to create a token instantly on a bonding curve, Genesis is designed for established teams seeking more composable solutions.

The Genesis framework launch comes at a time when Solana is establishing itself as a global leader in capital formation. In pump.fun’s July 12 ICO, over 75% of the $600M token sale was processed natively on the Solana network. Metaplex Foundation Director Stephen Hess argues that Solana is democratizing capital on a global scale, with Metaplex slated to become the ‘picks and shovels’ of an onchain gold rush.

"Crypto’s greatest legacy will be exporting the promise of Silicon Valley to anyone with an internet connection, and Genesis is the ignition key." - Stephen Hess, Metaplex Foundation Director.

Metaplex’s new Onchain Token Offering framework provides teams with three primary launch mechanisms: 

• Launch Pool - Uncapped sale where participants receive a pro-rata allocation of tokens based on their share of contributions

• Auction - Investors bid on size and price, with winners receiving tokens at the lowest clearing price that fills the sale supply.

• Presale - A classic ICO, with FCFS tokens available at a set price.

Metaplex Genesis also enables teams to transparently outline their tokenomics and vesting schedules, while supporting airdrop and token claiming infrastructure.

Expected Launches

Drawing on its reputation as one of Solana’s pioneering infra providers, seven teams have already committed to launching tokens through the Genesis framework. 

The first of these upcoming Onchain Tokening Offerings is set to go live on July 22, with DeFiTuna selling 5% of the $TUNA supply, raising $2.5M. DeFiTuna co-founder Moty Povolotski cited Metaplex’s strong reputation and expertise as a key reason why the emerging DeFi app opted to leverage the Genesis stack.

“We first worked with Metaplex in 2021. Stephen is a good friend, and Metaplex has become a household name. Whether you’re a token issuer or a trader, chances are you’ve interacted with something built on Metaplex. Today, we are honoured to work side by side with Metaplex and to receive their hands‑on support for much of the smart‑contract heavy lifting revolving around the [$TUNA] pre-sale. You always want partners who can bring ideas from 0 to 100, and Metaplex is definitely one of them.” - Moty Povolotski, DeFiTuna Co-Founder

Other teams who’ve already opted to leverage Genesis for their upcoming launches include Pipe Network, Portals, Play Solana, Collector Crypt, Shaga, and Goated.

Bolstering $MPLX Buybacks

Genesis is expected to further reinforce $MPLX buybacks, which consistently rank as one of Solana’s most efficient programs. Metaplex allocates 50% of protocol revenue towards buying $MPLX off the open market. 

In June 2025, Metaplex’s buyback program purchased 8.64M $MPLX valued at $1.27M, representing 1.14% of the token’s circulating supply. SolanaFloor engaged Metaplex for comment on how much Genesis was expected to supplement $MPLX buybacks. At press time, Metaplex has so far declined to comment.

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