The Metaplex Foundation is excited to introduce MPL-404, a framework and on-chain protocol focused on the intersection of fungible and non-fungible assets known as “hybrid DeFi”. As part of this initiative, “SPL-404”, the leading hybrid DeFi standard on Solana pioneered and fully developed by Mutant Labs, will be contributed to the Metaplex Program Library.

Hybrid DeFi is designed to bring the liquidity of fungible tokens to non-fungible assets by providing collectors the ability to swap between fungible and non-fungible versions of the same asset. And Solana is the ideal chain for this new primitive to flourish due to its low cost, high performance design. With Mutant Labs’ help, the Metaplex Foundation aims to push the boundaries of innovation by enabling new mechanics and tooling that add additional gamification and expand this functionality even further.

Whether it’s a token community looking to elevate its on-chain identity through its own NFT collection, NFT projects searching for a more dynamic approach to trait re-rolling, or a web3 game that’s interested in introducing loot-box style mechanics, MPL-404 will offer developers, creators, and collectors a new toolkit for facilitating unique, dynamic digital experiences powered by Metaplex.

As part of this collaboration, Mutant Labs, one of the earliest pioneers of hybrid DeFi on Solana, will be contributing its “SPL-404” swap program functionality to the Metaplex Program Library (“MPL”), as well as lending its expertise to developing new hybrid DeFi programs and tooling to grow the MPL-404 ecosystem. Through new on-chain hybrid programs that leverage Metaplex NFT standards such as Core and Token Metadata, combined with powerful self-serve developer tools and SDKs, the Metaplex Foundation will expand distribution and access to the latest hybrid DeFi innovations for all developers, ensuring that Solana remains the premier chain for digital assets and web3 communities.

We invite builders everywhere to join us on this journey. If you’re interested in learning more, make sure to follow @metaplex on X (formerly Twitter) for updates as documentation and SDKs are released, or ask questions in our Discord. For those looking to contribute to the Metaplex protocol, please engage with us on Github or consider submitting a Metaplex Improvement Proposal (MIP) at mip.metaplex.com.