What is Immutable X (IMX)? Definition, History, and Future

Immutable X is a second-layer solution designed specifically for non-fungible tokens (NFTs) on the Ethereum blockchain, built using StarkWare’s innovative Rollup technology.

To meet the growing demand for NFT trading on Ethereum, Immutable X has been developed. Let’s explore it with AZCoin.

What is Immutable X (IMX)?

The first layer-two scaling solution for NFTs on Ethereum
The first layer-two scaling solution for NFTs on Ethereum

Immutable X claims to be the first layer-two scaling solution for NFTs on Ethereum. According to Immutable X, their blockchain eliminates Ethereum’s limitations such as low scalability, poor user experience, low liquidity, and slow developer experience.

Instead, users benefit from instant transactions and high scalability, while enjoying zero gas fees and NFT transaction fees without compromising asset or user security. To achieve this, Immutable X is built on STARK zk-rollup technology, a technology that Vitalik Buterin considers “the future of Ethereum.”

Thanks to this technology, users can create and distribute assets like ERC20 and ERC721 tokens on a large scale. Chris Clay, Game Director of Gods Unchained, a project built on Immutable X, stated that Immutable X allows Gods Unchained to implement a new meta system that was previously not possible.

In this way, Immutable X aims to create a world-class experience for both users and developers. Immutable X might compete with some coins, like Polkadot, NEAR Protocol,…

The Immutable X founder

Immutable X was established by James Ferguson and his brother Robbie Ferguson
Immutable X was established by James Ferguson and his brother Robbie Ferguson

Immutable X was established by James Ferguson, a successful entrepreneur who has been recognized as one of Forbes’ 30 Under 30, and his brother Robbie Ferguson, also a young entrepreneur and Thiel colleague who has received the same Forbes recognition.

The team consists of over 100 members from various backgrounds, such as blockchain, FAANG, finance, fintech, and management consulting. They had a seed round in 2018 and a $15 million Series A funding in September 2019.

Investors include prominent figures in blockchain investments like Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital, and Galaxy Digital.

What makes Immutable X unique

Immutable X stands out as one of the first layer two solutions to utilize zk-rollup technology, focusing solely on NFTs. With zk-rollup becoming increasingly important as a scaling solution, the project is at the forefront of development in the Ethereum ecosystem.

Immutable X has the opportunity to become the default “NFT blockchain” in the future, as long as they can achieve the promised transaction speed of over 9000 tps.

An essential component to fulfill this promise is the abstract API layer. Through REST APIs, all NFT-related interactions such as minting, trading, and transferring are simple API calls on Immutable X.

The company predicts this will be crucial in attracting new participants like established content and gaming companies in this field.

Furthermore, users won’t have to switch networks when connecting their wallets. The protocol also provides an intermediary layer called “Link,” allowing for a wallet experience tailored for NFTs and enabling Immutable X to support third-party market ecosystems without security risks.

The global shared order book facilitates liquidity for the protocol, allowing NFT markets to be built on Immutable X without a backend. Third-party market solutions can coexist with the protocol’s original market. The protocol aims to reduce entry barriers for content creators and small developers with this solution.

What is the current circulating supply of Immutable X (IMX) tokens?

Circulating supply of Immutable tokens
Circulating supply of Immutable tokens

IMX is the native ERC20 utility token of the protocol. The core use cases of the token are fees, staking, and governance. 20% of the protocol fees must be paid in IMX, and users can stake IMX to receive a portion of the network fees.

In addition to other benefits, token holders can participate in decision-making by voting on governance proposals. The total supply of IMX tokens is capped at two billion, as follows:

Ecosystem Development: 51.74% – rewards for users, developer grants, liquidity provision, marketing purposes. Project Development: 25% Private Sale: 14.26% – one-year cliff, monthly vesting over two years. Public Sale: 5% – six-month vesting. Platform: 4% – initiatives related to ecosystem development such as liquidity provision, one-year cliff, monthly vesting over four years.

IMX Token Key Metrics

  • Token Name: Immutable X
  • Ticker: IMX
  • Blockchain: Ethereum
  • Contract: 0xf57e7e7c23978c3caec3c3548e3d615c346e79ff
  • Token Type: Utility
  • Total Supply: 2,000,000,000 IMX
  • Circulating Supply: 1,208,896,260 IMX

How is Immutable X network secured?

Immutable X is a layer two blockchain with no gas fees
Immutable X is a layer two blockchain with no gas fees

Immutable X is a layer two blockchain with no gas fees, where miners can set their own transaction fees. Unlike other scaling solutions for Ethereum, a 51% attack on Immutable X is not feasible, as it is not a centralized chain but benefits from inheriting the security features of the Ethereum blockchain.

Immutable X uses zk-rollup, meaning assets are traded on layer two blockchain, but valid transaction proofs are stored on layer one blockchain, in this case, Ethereum. Immutable X uses STARK proofs because, unlike SNARKs, they are post-quantum secure and provide higher user privacy at a higher cost.

Immutable X has chosen to stay on Ethereum as a layer one solution because the research team considers Ethereum the best representation of the philosophy of decentralized asset ownership, despite its prioritization of centralization over short-term scalability upgrades.

Although Ethereum has faced spikes in gas fees and network congestion, it remains the primary blockchain for NFT projects.

Where to buy Immutable X IMX?

IMX is available on OKEx, FTX, Huobi Global, Bybit, and Bitget. If you’re still undecided about which exchange to join, you can consider checking out the best crypto exchanges 2024 on our website.

Since its inception, Immutable has gradually built a large ecosystem comprising over 150 different games. Via the contact page or leave a comment below if you have questions. Through this article, you should now have a basic understanding of the project to make an informed investment decision for yourself.

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