What is Immutable X?
The Immutable X token, or IMX, is the native token powering the Immutable X protocol. The latter is a layer 2 solution that comes with integrated ZK-Rollups for Ethereum-based NFTs. Its native token is based on the ERC-20 token standard.
IMX has several use cases:
- Firstly, it serves as a governance token. Immutable X token holders are granted voting rights on proposals related to the modifications made to the Immutable X network. These proposals are mostly related to the Immutable X coins. If a user has a high amount of IMX, their vote holds more power;
- Secondly, IMX tokens must be used to pay for at least 20% of transaction fees. Users who don’t hold IMX will have their actual purchase currency swapped for IMX;
- Thirdly, IMX tokens collected from the transaction fees will be sent to the staking rewards pool. This is where that 20% of transaction fees come in. To put it simply, users will be able to stake their tokens and receive crypto rewards, taken from the staking rewards pool every month.
There is a total supply of 2,000,000,000 Immutable X tokens. Given the project's deflationary supply, it's possible that as the number of available tokens decreases, the IMX price will increase.
Immutable X tokens are set to be allocated:
- 51,74% - the development of the Immutable X ecosystem;
- 25% - the development of the Immutable X protocol;
- 14.26% - private sale investors;
- 5% - public sale investors;
- 4% - foundation reserve.
You can have a more in-depth look at the Immutable X price history and the current IMX price on the graph above.
What are the Main Features of Immutable X?
As discussed in the What is Immutable X section, we’ve established that it’s an NFT-based layer 2 solution for the Ethereum blockchain. To put it simply, it allows efficient development within the Ethereum ecosystem.
According to the Immutable X whitepaper, the project aims to tackle issues prominent to the Ethereum blockchain such as low scalability, NFT illiquidity, poor user experience that negates mass adoption, and development inefficiencies.
Immutable X offers improved scalability, zero gas fees, and a near-instantaneous trading experience.
Due to the integration of ZK-Rollups within the Immutable X protocol, trading happens on the second-layer blockchain, while the proof of transaction is sent to the Ethereum blockchain. Moreover, the project enhances security through the use of STARK proofs.
Besides ZK-Rollups, Immutable X consists of other unique elements, including an API Abstraction Layer, NFT-Enabled Wallets, Shared Liquidity, Orderbook, Platform SDKs, Immutable X Marketplace, Transaction History Explorer, and Support.
Who Developed Immutable X?
The Immutable X crypto project was launched in 2018. Its co-founders are Alex Connolly and brothers James Ferguson and Robbie Ferguson.
All three co-founders went to the University of Sydney. However, while both Alex Connolly and James Ferguson completed their studies, Robbie Ferguson dropped out. Prior to Immutable X, James Ferguson co-founded Rivlr - an online e-sports platform. As of July 2022, James Ferguson is taking the role of CEO, Robbie Ferguson is taking the role of the President, and Alex Connolly is taking the role of CTO at Immutable X. Both James Ferguson and Robbie Ferguson were featured in the Forbes Asia list “30 Under 30” of 2019.
Besides that, there are over 100 members with various professional backgrounds contributing to the development and maintenance of Immutable X.