What Is Immutable X?
Immutable X is the first Layer 2 (L2) scaling solution for non-fungible tokens (NFTs) on the Ethereum blockchain. It's designed to enhance Ethereum's scalability for NFT projects with features like instant trading, massive scalability, and near-zero gas fees without compromising user or asset security.
It aims to overcome limitations such as network congestion and a low transaction speed resulting in increased activity on the Ethereum blockchain by delivering both scaling and transaction speed.
Immutable X involves near-zero gas fees, carbon neutrality, 9000 transactions per second (TPS) processing, and access to instant trades, games, and applications without compromising a user or asset security and network decentralization.
Immutable X is powered by StarkWare’s revolutionary Starkey technology. The platform powers popular NFT games like Gods Unchained, Illuvium, and Nike (NKE)-owned sneaker NFT project, RTFKT. It provides users high throughput, security, and zero gas rates for trading and mining NFTs.
IMX Token
IMX token is the Immutable X protocol's native ERC20 governance and utility token. IMX is used to pay for the execution of smart contracts and the creation of assets.
The Immutable X native token is used for transaction fees, staking, and governance. IMX token holders must pay 20% of the protocol's fees in IMX, which goes to the staking reward pool. They can also stake IMX to receive a proportional share of the network's fees and hold IMX to vote on Immutable X network governance proposals.
The total supply of IMX is two billion, according to the following token distribution: Ecosystem development - 51.74%: user rewards, developer grants, liquidity provision, marketing purposes. Project development - 25%, Private sale - 14.26%: one-year cliff, monthly unlock over two years. Public sale - 5%: six-month unlock. Foundation - 4%: ecosystem development-related initiatives like liquidity provision, one-year cliff, and monthly unlock over four years.
The all-time high of Immutable X (IMX), i.e., the highest price paid for IMX since its launch, is $9.52, recorded on Nov 26, 2021. Its all-time low, i.e., the lowest price for ImmutableX (IMX), is $0.378055, recorded on Dec 31, 2022.
A Brief History of Immutable X
Immutable X was founded by James Ferguson, a Forbes 30 Under 30 entrepreneur who previously led a software development team at a billion-dollar eCommerce company, and his brother Robbie Ferguson, a Thiel fellow and Forbes 30 Under 30 entrepreneur. It was created to address all three challenges of the NFT scaling trilemma: accessibility, scalability without compromising user custody, and decentralization.
The team has over 100 members from different backgrounds, like blockchain, FAANG, finance, fintech, and management consulting. The project raised a seed round in 2018 and a $15 million Series A in September 2019. Investors included some “who is who” in blockchain investing, such as Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital, and Galaxy Digital.
How Does Immutable X Work?
Immutable X is a technically advanced solution for NFT scaling developed with StarkWare’s powerful STARK prover and roll-up technology.
The protocol's core components include the following:
ZK-Rollup Scaling Engine: Immutable X combines NFT-specific exchange and proof logic with cutting-edge "zero-knowledge rollups" ("ZK rollups" technology) to create the most advanced tool for trading NFTs ever built.
API Abstraction Layer: To ease building NFT applications, Immutable X wraps this scaling engine in a set of powerful REST APIs, making every interaction, from minting to trading and transferring, as simple as an API call.
NFT-Enabled Wallets: Unlike other blockchains or sidechains, Immutable X supports all Ethereum desktop wallets without forcing users to switch networks. The protocol provides an intermediate layer (the “Link”) that enables an NFT-specific wallet experience of world-class quality.
Platform SDKs: Platform and programming language-specific software development kits (SDKs) allow partners to integrate with Immutable X easily.
Shared Liquidity & Orderbook: Unlike other NFT scaling solutions, Immutable X provides a shared global order book to facilitate protocol liquidity. This means that orders created on one marketplace can be filled on another, promoting more effective marketplace bootstrapping and price discovery.
Compliance & Support for World-Class Partners: Immutable X offers a platform that is fully legally compliant and is capable of being the trusted partner of larger projects to retain them on Ethereum
Default Marketplace & Transaction History Explorer: The Immutable X Marketplace enables users and developers to trade NFTs on the protocol.
These components work together to provide users with the utmost Immutable X experience.
Where to Buy Immutable X (IMX)?
You can buy ImmutableX with fiat currency or crypto on such exchanges as Kraken, Uphold, Binance, KuCoin, Bitstamp, etc. Select a secure platform with low fees, reliable customer support, and an intuitive interface.
