ImmutableX is a Layer 2 built on top of Ethereum. As a result, it can offer fast and cheap transactions. That’s precisely what gamers are looking for. They offer free minting, an NFT marketplace, and nearly-free transactions. No wonder that they are a force to be reckoned with in the blockchain gaming space.
So, let’s take a closer look at ImmutableX and answer five popular questions about them.
2022 was a massive year for Immutable in terms of growth and building the one stop shop for web3 games and gamers 🧵 pic.twitter.com/NpoQ3gfpBy
— Immutable đź…§ – $IMX (@Immutable) January 27, 2023
IMX Use Cases
The IMX token is the native token of ImmutableX. Currently, this token has three major use cases.
- Fees — Of each transaction, 20% must be in IMX. In case you don’t own this token, the platform will automatically swap your ETH to IMX.
- Staking — The platform sends all transaction fees paid in IMX to a staking rewards pool. The more IMX you stake, the higher your reward will be.Â
- Governance — Owning IMX allows you to take part in governance voting. The more IMX you own, the more voting power you have.
The max supply of IMX tokens is two billion. Out of these two billion tokens, almost 794 million tokens already circulate. The current price of IMX is $0.678791. The market cap is $538 million. Over the last 30 days, the token is 86% up.
Excited to announce staking! The first cycle will start at *1 July 2022 0:00 UTC*. Move your IMX tokens to your Immutable X layer 2 wallet before then.
Recent events like Celsius highlight the priority for self-custodial staking. Your assets should always be yours.
🧵👇 pic.twitter.com/i24Sy9yehE
— Immutable đź…§ – $IMX (@Immutable) June 29, 2022
How to Be a Validator in ImmutableX
ImmutableX is a Layer 2 solution. They built on Ethereum, which gives them the security of Ethereum. Ethereum is a Layer 1 blockchain. However, ImmutableX has its own blockchain. For validating transactions, they use the ZK-rollups technology. Moreover, they use StarkWare technology for this.
This allows them to offer better scaling options. They also offer low and sometimes free transaction costs. So, with ZK-rollups, you bundle various transactions into one transaction. The smart contract of this bundle can now validate each transaction separately. In other words, they don’t need validators. The smart contracts do the validators’ work.
ZK stands for Zero Knowledge. This means that they need less storage volume and calculation power. Furthermore, they have unlimited scalability, and they confirm transactions almost instantly. Here’s an explanation on the ImmutableX design architecture. Their docs also give good explanation on their Layer 2 solution. The picture below shows the validation process.
Source: ImmutableX blog
How ImmutableX Is Boosting Web3 Gaming
ImmutableX has some famous games on their roster. For example, Gods Unchained and Illuvium. But also, GameStop, OpenSea, and TikTok build on ImmutableX.Â
These platforms also support blockchain gaming. Furthermore, ImmutableX launched a developer fund for $500 million in May 2022. This should attract developers to build on their platform.
This showed a positive result. During Q3 in 2022, they onboarded many new games. Robbie Ferguson, one of the co-founders, said this:
“We’ve onboarded more games than the rest of the company’s lifetime combined.”
For instance, this included 50 new games. Another 1,000 games are undergoing extensive testing. ImmutableX attracted games from Polygon, like Ember Sword and Delysium. On the other hand, games from the Terra ecosystem also joined them after Terra imploded. For example, Undead Blocks and Deviant’s Factions.
Due to its fast transactions and nearly-free gas costs, ImmutableX is an interesting option for games. These are two of the most important ingredients to run successful blockchain games.
Building for long term value & web3 games that empower their players pic.twitter.com/IJvjrvB2Cp
— Immutable đź…§ – $IMX (@Immutable) January 9, 2023
How to Use ImmutableX’s Explorer
You can view all transactions on ImmutableX on their block explorer, Immutascan. Before you can use this explorer, you need to connect your wallet. For instance, a MetaMask or similar Ethereum-compatible wallet.
Once you connect your wallet, you have a couple of different search options. For example, by:
- Transaction ID
- Addresses
- Collections
Just add either one of these options in the search box. The explorer will show you information related to the search input. Below is a picture of the Immutascan block explorer.
Top Wallets That Support IMX
To use ImmutableX, you need an Ethereum-compatible wallet. The reason is simple – ImmutableX built on top of Ethereum. Here’s a list of some ImmutableX-friendly wallets. For example:
- MetaMask — This is currently the most popular Web3 wallet. It has a browser and mobile option. Most Web3 sites and platforms support MetaMask.
- GameStop — You can use this wallet across all of their platforms.
- Trust Wallet — Another popular choice for Web3 sites and platforms.
- Magic — You can set this wallet up with only your email address.
Wallets like MetaMask and Trust Wallet can also connect to hardware wallets. For instance, a Ledger or Trezor wallet. Your best option is a non-custodial wallet. This allows you to remain in control of your digital assets. Like your tokens or NFTs.
Conclusion
We answered five popular questions about the ImmutableX protocol. They ranged from their best wallets to their validators.
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