IMMUTABLE X (IMX)
Immutable X is the first layer-2 network for NFTs and blockchain-based games that aims to solve issues of scalability and high transaction fees on Ethereum. It allows traders, gamers and artists to make faster transactions with zero fees across Ethereum supported NFT platforms.
WHAT IS IMMUTABLE X?
Born from a collaboration between Australian blockchain gaming company Immutable, and blockchain scaling solutions provider StarkWare, Immutable X is a layer-2 blockchain that allows users to build, manage and trade games, applications and marketplaces across Ethereum supported networks. It provides users with faster processing, zero transaction fees and higher scalability.
Immutable X is well known to be the launchpad for ERC-20(crypto) and ERC-721(NFT) tokens without compromising security of the assets. The network offers:
1.Scalability and Security
With StarkWare, the platform is able to carry out massive amounts of off-chain transactions, which is validated by users. This enhances scalability and security of the network.
2.Shared orderbook and liquidity
The network offers a shared orderbook which improves the protocol’s liquidity. This feature allows for creating NFT projects on the network which can be traded on marketplaces of other NFT platforms on Ethereum.
Users can mint in bulk or bits without any network transaction fees using the network’s high performance minting feature, Immutable X Mint. This allows for secure creation and distribution of digital assets.
Currently, Immutable X is the fastest NFT minting platform in the market, even surpassing the scale required by mainstream NFT projects. To date, the network has minted over 50 million NFTs. The ecosystem powers popular P2E games such as Gods Unchained, Nifty Nuggets, Vyworld.
HOW DOES IT WORK?
Immutable X uses Immutable’s blockchain and StarkWare’s verifier solution, StarkEx, to scale the network. The core technology behind the platform is its ZK-Rollup (Zero Knowledge) scaling engine.
The unique characteristics of a ZK-rollup scalability solution is that it can process multiple off-chain transactions at once. It uses a proof-of-validity consensus, where users who own the assets approve trades and validate transactions on the blockchain.
During the process, smart contracts continue to hold users’ assets and only release them once the transaction is processed and its valid proof is produced.
One main advantage of ZK-rollups is that it can validate blocks faster due to less data being processed on the mainnet. It also makes moving transactions from Layer-2 to Layer-1 easier, since transactions are already confirmed by the smart contract before being added to the block.
With the zero-knowledge rollup technology, Immutable X network is able to process over 9,000 transactions and mints per second, which surpasses the scale required by other mainstream NFT projects.
Immutable X has a unique architecture called REST – Representational State Transfer Architectural Style, which allows developers to design and deploy their NFT projects on the blockchain using an API (Application Programming Interface).
It offers a way to convert complex interactions with smart contracts to easier API calls. With the REST API system, developers can deploy, mint, transact and transfer their NFT projects on the blockchain faster without the need for direct interaction with the smart contracts.
Immutable X has a zero-gas fee marketplace that offers a wide range of NFT products, including digital art, P2E games, metaverses, trading cards, collectibles etc. The marketplace supports ERC-20 and ERC-721 assets.
Creators can use the platform to build their NFT projects for free without needing any code, and can trade their NFTs on a transparent and trustless network which offers a high level of security.
Unlike other layer-2 scaling solutions, Immutable X can function with all Ethereum wallets without requiring users to switch networks. The platform offers a transitional layer known as Immutable X Link, which allows users to transact using their NFT-based wallets on third-party marketplaces.
IMX, the native token of Immutable X, is an ERC-20 utility token. The token has a total supply of 2 billion tokens, with about 235 million IMX currently in supply. IMX tokens are allocated to the following areas:
– 51.74% allocated to ecosystem development for marketing, user rewards, developer grants and liquidity provision
– 25% allocated to project development for improving the Immutable X network
– 14.26% allocated to Private sales for individual and institutional investors
– 5% allocated for Public sales
– 4% allocated to Foundation Reserve for ecosystem development initiatives and liquidity provision for centralized and decentralized exchanges.
Users are rewarded with IMX tokens for their activities on the platform. This can range from trading and liquidity provision to developing applications. The token is also used for rewarding traders, gamers, artists, marketplaces and other network transactions.
Immutable X charges a 20% network fee for usage which can be paid in IMX tokens, or by swapping other ERC-20 tokens supported by the network. Users need not hold IMX tokens to participate in the network.
IMX tokens collected as network fees are then deposited into the Staking Rewards Pool. Pool rewards are distributed every month amongst users who support the network by locking up their IMX tokens. The rewards are equivalent to the amount of IMX users have staked.
In order to stake, users must:
Hold IMX on Layer1 or Layer2
Have voted on governance proposal in the last 30 days
Hold an NFT on Immutable X, or have completed a network transaction in the last 30 days
The blockchain has a decentralized governance system where IMX holders can participate in tokenomics related developments. Holders can vote on matters including token allocations, developer grants, activating daily rewards and updates to token supply.
The Immutable X Foundation also has the right to vote on actions undertaken by the network. These proposals seek to improve the overall functionality of the ecosystem. While protocol governance is done on the mainnet, the voting is held across L1 and L2 wallets.
The weight of a participant’s vote is directly proportionate to the amount of IMX tokens they hold.
HOW TO BUY IMX?
IMX tokens are available on more than 40 cryptocurrency exchanges across 81 trading pairs, including USDC, USDT, BUSD, and EUR.
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