Metaplex Foundation has unveiled MPL-404, a framework and on-chain protocol concentrating on hybrid decentralized finance (DeFi). This introduction presents "SPL-404" developed by Mutant Labs within the Metaplex Program Library. The partnership enhances the incorporation of tradable and non-tradable assets within the Solana ecosystem.

Hybrid DeFi merges fungible tokens with non-fungible tokens, enabling the exchange between these two types of tokens for the same asset. Solana's cost-effectiveness and high speed make it a suitable platform for this innovation. SPL-404 simplifies the process of trading one NFT for a specific quantity of tokens using NFT, expanding the utility of NFTs.

MPL-404 offers tooling mechanics for the NFT ecosystem, including dynamic trait re-rolling for NFT projects, loot-box mechanics for Web3 games, and on-chain identities for token communities. These features enhance the digital experience for developers, artists, and collectors.

As a Solana-based entity, Mutant Labs was an early entrant into the hybrid DeFi sector, contributing by integrating the SPL-404 swap program functionality into the Metaplex Program Library. This integration facilitates the dual functionality of DeFi and enhances the MPL-404 domain by leveraging their expertise extensively.

Metaplex and Mutant Labs are set to release applications to assist Solana developers in utilizing SPL-404 more efficiently. Their goal is to broaden the adoption of the hybrid DeFi standard, providing creators with resources to navigate this functionality. The new on-chain hybrid programs will utilize various NFT standards from Metaplex, such as Core and Token Metadata, granting developers easy access to a range of tools and SDKs.