Immutable X solves many issues that Ethereum has. For example, high transaction fees and scalability. They concentrate 100% on NFTs.
We will answer four popular questions about Immutable X. So, let’s dive straight in. The following video gives you a good idea about what Immutable X is.
How Does Immutable X Work?
Immutable X offers fast and cheap transactions for NFTs. On top of that, their scalability is also top notch. They can do this by using the Starkware ZK technology. They also have their own NFT exchange or marketplace.
Immutable X built their platform on top of Ethereum, as a Layer 2. This way, they still profit from the security that Ethereum offers. Furthermore, their transactions are instant. This is important for gameplay since they don’t have interruptions. So, let’s have a look at their three most important features.
- ZK rollups — This is the technology that takes care of the scaling. They use the StarkEx prover from Starkware. In general, the way these work is by bundling up transactions in one big batch. They send this batch to the main network, Ethereum, instead of single transactions. ZK stands for zero knowledge. This means that you can prove possession of certain information. However, you don’t reveal that information. It allows for faster block validation because it uses less data. Currently, they can handle up to 9,000 TPS.
- API abstraction layer — This is critical for developers. It allows projects to launch without having to interact with a smart contract.
- Wallets — As long as you use Ethereum-based desktop wallets, you don’t need to change networks.
Today we’re announcing that Immutable X, our ZK rollup engine for minting and exchanging NFTs on Ethereum, will be available to all developers worldwide. This is the most significant announcement in our company’s history, as we run with this industry into a new era.
— Immutable 🅧 – $IMX (@Immutable) October 21, 2020
What Is the Immutable X Coin?
The IMX token is an ERC-20 utility token. The token currently has three use cases.
- Fees — IMX has a protocol fee, which is not a gas fee. They started this in June, at 1%. As of July onwards, this is 2%. This is part of the IMX staking launch. It is an exchange fee on transactions. Most importantly, minting and transfers are not part of this. 20% of this fee will go to staking rewards. This fee can be in any token. However, Immutable X converts them into IMX on the open market. You will receive rewards proportional to the amount you stake.
Source: IMX Community
- Staking — To stake IMX, you need to meet certain conditions. For example, you need to hold IMX on L1 or L2. You also must have voted on a governance proposal during the last 30 days. Furthermore, you need to either hold an NFT on Immutable X or traded in the last 30 days.
- Decentralized governance — You can vote on token-related governance. The more tokens you hold, the greater your voting power is.
There are two billion tokens as a max supply. Currently, 685.89 million tokens circulate. There are regular unlocking events. Early November saw such an unlocking.
The current price of IMX is $0.394238 with a market cap of $270.4 million.
Protocol fees are live! 🎉🎉🎉
This is the final step before launching $IMX staking and will allow the next generation of web3 games to reach planet scale with cheap, reliable, and incentive-aligned pricing.
Full blog here: https://t.co/b9ykgLyptS
— Immutable 🅧 – $IMX (@Immutable) May 30, 2022
Where Do You Buy the Immutable X Coin?
You can buy the IMX token at all major exchanges. For example, Binance, KuCoin, MEXC Global, Gate.io, Kraken, Huobi Global, or Binance.US. Many smaller local CEXes around the world also offer the IMX token. For instance, Bitazza and Zipmex in Thailand. Indodax in Indonesia or BtcTurk PRO in Turkey. Furthermore, IMX is also available at the SushiSwap DEX.
Where Do You Stake the Immutable X Coin?
Immutable X has a dedicated staking site for your IMX. The staking period is 14 days. During these 14 days, 20% of all protocol or transaction fees go to the staking rewards. At the end of the staking period, you receive rewards proportional to the amount that you stake.
On the other hand, you can also look at CEXes where they have promotions on staking IMX. For example, Binance offers 3.5% and OKX offers 1% rewards on staking IMX. However, the lesser known AAX exchange offers a 60% APY over a seven-day lock-up period. See the picture below.
This is Part 1 of the “All You Need to Know About Immutable X” articles. We’ll cover another four popular questions about Immutable X and its IMX token in Part 2.
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