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About Immutable X (IMX)
Immutable X is a layer-2 scaling solution designed to facilitate the efficient exchange and production of Ethereum-based NFTs. The protocol leverages proprietary zero-knowledge proofs (zk STARK rollups) capable of scaling the network to 9,000 transactions per second with instant finality and no gas fees, while simultaneously employing Ethereum’s layer-1 security infrastructure.
In addition to operating their own protocol, Immutable X has gained recognition as the publisher of a pair of leading NFT-based games, “God’s Unchained” and “Guild of Guardians.”
Immutable X was designed to address several of the operational limitations impacting NFTs on Ethereum. These shortfalls include the network’s limited scale, as well as unsatisfactory user experiences and limited liquidity. “This NFT-focused layer-2 scaling solution for the Ethereum network is designed to offer near-instant transactions and zero gas fees for minting and trading,” Cointelegraph said.
To address these barriers, Immutable developed their own layer-2 solution, zk STARK, capable of scaling the network while also facilitating the efficient creation and exchange of NFTs at minimal cost.
Under this framework, the network batches transactions before creating a cryptographic proof confirming their validity and sending that proof to an Ethereum-based smart contract. This allows Immutable to achieve high throughput while at the same time utilizing Ethereum’s strong base layer security mechanism, said the protocol’s whitepaper.
Likewise, in a bid to simply the protocol’s user/developer experience, Immutable supports NFT-enabled Ethereum wallets.
IMX is Immutable X’s native digital asset. It’s used to pay transaction fees, foster decentralized governance and secure the network via staking. IMX also features a daily rewards program that compensates users for trading and minting assets on the network, according to the protocol’s whitepaper.
In early 2022, Immutable X gained mainstream attention following a $100 million dollar partnership with GameStop as it builds an NFT marketplace, with IMX in the role as leading layer-2 partner, Messari explained.
How is the price of IMX determined?
IMX’s price is partially a function of the token’s deflationary nature. According to Immutable’s whitepaper, a total of 2 billion IMX were minted upon the protocol’s launch; of those, some 235 million are currently in circulation. Additional IMX will bill released in the form of staking rewards as well as by way of other daily user incentives.
Why does IMX have value?
Immutable X’s ability to facilitate the exchange and creation of Ethereum-based NFTs at scale would seem to represent a viable value proposition. Likewise, the protocol continues to build out its user-friendly back-end, creating an easy-to-use ecosystem for application/game development. Given IMXs role within the Immutable X ecosystem, demand for the token potentially could grow alongside increased demand for the protocol’s services.
What are the main benefits of IMX?
- Immutable X allows users to mint and trade Ethereum-based NFTs.
- An innovative layer-2 scaling solution, Immutable X uses proprietary zk STARK rollups to achieve throughput speed of 9,000 transactions per second while leveraging Ethereum’s base-layer security mechanisms.
- API abstraction layers and custom SDKs create a strong ecosystem for developers building applications and games.
- Mainstream attention has come to the project thanks to their popular game titles as well as their exclusive partnership with GameStop.
How to buy Immutable X (IMX)
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