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What is Immutable (IMX)?
Immutable basic info
What Is Immutable?
Immutable is the first layer-2 scaling solution for NFTs on Ethereum. Founded in 2018 by James Ferguson, Robbie Ferguson, and Alex Connolly, Immutable's primary mission is to enhance digital ownership for players, making it seamless to build Web3 games for mainstream adoption. The platform is backed by prominent crypto venture capital funds and tech investors, including Bitkraft Ventures, King River Capital, AirTree, Temasek, Coinbase, and more.
Immutable provides a suite of products that empower gaming studios and developers, offering solutions that amplify their capabilities and transform how they create, launch, and distribute games. Its pre-built solutions are designed for ease of use, enabling developers to launch their games faster without compromising on security or the gaming experience. Additionally, Immutable has been a pioneer in enabling zero-knowledge (ZK) scaling solutions for Ethereum, offering multiple ZK-based scaling options, including Immutable X, based on StarkWare technology, and Immutable zkEVM, powered by Polygon.
Resources
Official Whitepaper: https://assets.website-files.com/62535c6262b90afd768b9b26/6304335ed396fd9c8d8dfe5e_Immutable%20X%20Whitepaper.pdf
Official Website: https://www.immutable.com/
How Does Immutable Work?
Immutable X, the flagship product of Immutable, is a layer-2 (L2) scaling solution based on zk-STARK technology. It was designed to make Web3 gaming and the creation and trading of non-fungible tokens (NFTs) more affordable and practical. Immutable X offers gas-free NFT minting and transaction speeds of up to 9,000 transactions per second (TPS), leveraging the security of the Ethereum blockchain.
The core technology behind Immutable X is the Zero-Knowledge Rollup (ZK-Rollup). ZK-Rollup batches hundreds of transactions into a single zero-knowledge proof known as the zk-STARK proof. This method ensures that transactions on Immutable X have increased privacy and security levels. The result is a significant reduction in gas fees, making transactions on Immutable X virtually gas-free.
Another unique feature of Immutable X is its global order book, allowing NFTs to be bought and sold on any marketplace that implements their scaling solutions. This interconnectedness increases the trading volume and liquidity of NFTs.
What Is IMX Token?
IMX is the native cryptocurrency of Immutable X. It's an ERC-20 utility and governance token with a total supply of 2 billion. IMX serves three primary purposes:
- Transaction Fees: IMX is used to pay for transaction fees on the Immutable X platform. While Immutable X does not charge gas fees for NFT trading and minting, a 2% protocol fee is applied to every transaction. A portion of this fee is converted to IMX and transferred to the staking rewards pool.
- Staking: IMX holders can stake their tokens to partake in the success and future growth of the Immutable ecosystem. Stakers receive IMX as rewards, which are distributed every 14 days.
- Governance: IMX token holders have the right to vote on token-related proposals, including allocating token reserves, awarding developer grants, and making changes in token supply. The voting power of an individual is determined by the number of IMX tokens they hold.
Immutable's Impact on Finance
Immutable has ushered in a transformative era in the financial landscape by leveraging the power of blockchain technology to redefine digital asset ownership and trading. As a pioneering platform, Immutable not only offers scalable solutions for the creation and trading of non-fungible tokens (NFTs) with near-zero gas fees but also bolsters the liquidity and trading volume of these digital assets through its global order book. By seamlessly integrating with the Ethereum blockchain, Immutable ensures robust security while promoting cost-effective and efficient transactions. This innovation has profound implications for the broader financial sector, as it paves the way for democratized access to digital assets, fosters new investment opportunities, and sets a precedent for the next generation of decentralized finance (DeFi) platforms.
What Determines Immutable's Price
In the dynamic world of cryptocurrency, the Immutable price is influenced by a myriad of factors that enthusiasts and investors keenly observe daily. The IMX price today isn't just a reflection of market trends, but also an amalgamation of several underlying elements that drive its valuation. A critical aspect that seasoned investors often delve into is the IMX price history, offering insights into the token's past performance and potential future trajectories. Moreover, real-time data provides a snapshot of the current market scenario, helping traders to make informed decisions.
The Immutable token price is significantly impacted by broader market sentiments and developments in the blockchain technology sector. Investors and analysts often engage in IMX price analysis to gauge potential movements in the asset's value. Furthermore, the IMX market cap is a vital indicator of its overall market position and growth potential. Speculators frequently turn to Immutable price predictions, utilizing various analytical tools and methodologies to forecast potential price movements. These predictions, although speculative, can sometimes influence market trends, steering the IMX token price in predicted directions.
Additionally, the Immutable crypto price is also influenced by its adoption rate and the partnerships it forms within the industry. The more integrated it becomes within the blockchain ecosystem, the higher the potential for an increase in its valuation. Geographical factors can also play a role, with the Immutable price in specific currencies such as EUR or GBP fluctuating based on regional market dynamics. Investors often keep a close eye on the IMX price chart to identify patterns and trends that might indicate future price movements.
To stay ahead in the investment game, it's crucial to keep abreast of the current price of Immutable. Various platforms such as Bitget offer insights into the IMX price in USD and other currencies, helping investors strategize their moves effectively. As the market evolves, the Immutable price forecast continues to be a topic of discussion among experts and novices alike, fostering a vibrant and dynamic community centered around this promising cryptocurrency. Keeping an eye on these various factors and utilizing the available data wisely can potentially lead to fruitful investments in the IMX market.
IMX supply and tokenomics
Uniqueness
Immutable X benefits from being one of the first layer-two solutions that utilize zk-rollups and focus exclusively on NFTs. With zk-rollups growing in importance as a scaling solution, the project finds itself at the cutting edge of development in the Ethereum ecosystem. Immutable X has a good chance of becoming the default “NFT blockchain” in the future, provided its promised transaction speed of more than 9,000 tps can be achieved.
A crucial component to fulfilling this promise is the API abstraction layer. Thanks to REST APIs, every NFT-related interaction like minting, trading, and transferring is a simple API call on Immutable X. The company anticipates this to be a key component to attracting new entrants like established gaming and content companies in the space.
Moreover, users will not have to switch networks when connecting their wallets. The protocol also provides an intermediate layer called the “Link,” which enables an NFT-specific wallet experience and allows Immutable X to support a third-party marketplace ecosystem without security risks.
With its shared global order book facilitating protocol liquidity, NFT marketplaces can be built on Immutable X without a backend. In consequence, third-party marketplace solutions can co-exist with the protocol’s native marketplace. The protocol also expects to lower the barriers of entry for content creators and smaller developers with this solution.
Token utility
There are currently three core uses for IMX:
- Fees: 20% of Immutable’s protocol fee must be paid in IMX tokens. This fee can either be paid directly in IMX, or Immutable will automatically swap the actual purchase currency (e.g. ETH) for IMX on the open market. This means users do not need to explicitly hold IMX tokens to be able to transact on the protocol. Note that there is no entitlement, allocation or rights to revenue of the Immutable X protocol purely on the basis of ownership of IMX tokens.
- Staking: IMX tokens received as part of the fee capture mechanism will be sent to the “staking rewards pool”. At regular monthly intervals, this pool will be distributed proportionally between all users who are actively staking their IMX tokens on Immutable X. A user’s rewards will be proportional to the amount of IMX they have staked during the month, relative to all other active stakers. Staking will be activated a couple of months after the token launch. For your IMX to be considered staked, you must: • Be holding IMX on L1 or L2 • Have voted on a governance proposal in the last 30 days, and • Either: 9 › Be holding an NFT on Immutable X; or › Have completed trade in the last 30 days. As rewards are distributed on L2, users are required to have an L2 wallet linked with their L1 wallet to be eligible to receive staking rewards. Note that staking reward terms may be subject to change via protocol governance or a similar process. Staking will begin once it has been added to the protocol.
- Decentralized Governance Token: holders will be able to vote on token-related proposals via decentralized governance. Proposals will include topics such as how to allocate token reserves, voting on developer grants, activating daily rewards and changes in token supply. Other proposal categories may be added via the appropriate decentralized governance processes. Our goal is to continuously add to the utility and decentralization of the Token through user voting. In order to submit a proposal for voting, an individual needs to own a certain threshold of tokens, which will be determined at a later date. The Foundation has the right to propose items to be put to vote that are seen as positive for the ecosystem as a whole, and will perform a facilitation role in the curation of proposals that will be voted on by all Token holders. All votes that successfully pass will be executed accordingly and as soon as feasible given consideration of commercial and technological implementation limitations. Protocol governance is performed on L1, with wallet balances sourced across both L1 and L2. The more tokens a user holds, the greater their voting power.
Links
What is the development prospect and future value of IMX?
The market value of IMX currently stands at $2.83B, and its market ranking is #52. The value of IMX is widely recognized by the market. When the bull market comes, the market value of IMX will likely continue to increase.
Moreover, if IMX can play a greater role in practical applications, such as Immutable builders fully leveraging the potential of IMX, partnering with more businesses, and increasing its user base, the long-term value of IMX will be significantly enhanced.
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