What's Immutable X (IMX)？

Immutable X (IMX) is a Layer 2 scaling solution for NFTs on Ethereum. It provides instant transaction confirmation and near-zero gas fees for minting and trading NFTs. Users can easily create and trade NFTs without compromising the security of their assets. Immutable X utilizes ZK-Rollup to achieve scalability, with a potential throughput of up to 9,000 transactions per second. Immutable X focuses on the emerging GameFi sector and aims to attract mainstream gamers by integrating custom wallets with credit card payments. For developers, Immutable X offers professional and user-friendly APIs and SDKs to accelerate game development.

History of Immutable X (IMX)

Team

The founding team of Immutable X (IMX) includes James Ferguson, Robbie Ferguson, and Alex Connolly. James Ferguson serves as the team lead at Immutable X and previously supervised software development teams at a billion-dollar e-commerce company. The founding team of Immutable X has extensive experience in blockchain development and technology. They collaborated with StarkWare to build Immutable X using zero-knowledge proof technology.

History

• July 2018: Immutable X's predecessor was the well-known blockchain gaming company Gods Unchained, which focused on developing blockchain games. In 2019, the company launched the eponymous blockchain game "Gods Unchained" which gained widespread popularity. It successfully sold 4 million NFT game cards, becoming second only to CryptoKitties at the time.
• July 2018: Immutable X conducted a seed funding round, raising $2.4 million. The round was led by Nirvana Capital and Continue Capital, with participation from Coinbase and Sora Ventures.
• September 2019: Immutable X secured $15 million in Series A funding. The round was led by Naspers Ventures (Tencent's largest shareholder), Galaxy Digital, and EOS VC Fund, with follow-on investment from Apex Capital Partners.
• September 2021: IMX conducted a public sale on CoinList, raising a total of $13 million.
• February 2022: GameStop established a partnership with Immutable X, creating a fund of up to $100 million to support creators by distributing IMX tokens.
• November 19, 2023: Immutable X emerged as a leading platform for building Web3 games on the Ethereum network, offering unparalleled speed, scalability, and flexibility.
• July 24, 2022: Immutable X's token IMX was listed on various trading platforms, including Binance, Huobi, OKX, CoinW, and others.

How does Immutable X (IMX) Work?

• ZK-Rollup Technology:Immutable X is a second-layer extension solution for Ethereum's NFTs, utilizing a core technology called ZK-Rollup. ZK-Rollup aggregates hundreds of transactions into a zero-knowledge proof called ZK-Stark proof. This verification method proves possession of specific knowledge without disclosing any relevant information, providing a higher level of privacy and security for Immutable X transactions. After employing ZK-Rollup technology, the proof is submitted to the blockchain and verified through smart contracts. In the second-layer network, ZK-Rollup smart contracts retain detailed information for all transactions but do not include the complete data for each transaction, allowing for swift proof verification. This not only reduces the computational and storage resources needed for block verification but also significantly lowers gas fees. As a result, users experience zero gas fees in Immutable X transactions. In addition to offering enhanced privacy and security, Immutable X also compresses the data required for minting NFTs through ZK-Rollup, reducing energy consumption by 475,000 times, achieving 100% carbon neutrality. Casting and trading NFTs on Ethereum typically require substantial energy, but Immutable X minimizes energy consumption through this extension technology, offsetting the remaining energy consumption with carbon credits.
• User-Friendly REST API and Dashboard:Users can easily create and transfer NFTs through API calls without directly interacting with smart contracts. Combined with Immutable X's SDK, developers can seamlessly integrate APIs and wallets into their platforms, enabling the construction of NFT projects in just a few hours instead of weeks.
• Global Order Book: To facilitate the formation of a third-party NFT market ecosystem, Immutable X provides a global order book for NFT buying and selling in any market implementing its extension solution.
• Rich Wallet Support:Immutable X also supports various Ethereum desktop wallets that are NFT-compatible. Users can smoothly trade NFTs on different cryptocurrency wallets without the need for cross-network asset transfers.

In summary, Immutable X is a second-layer extension solution for Ethereum's NFTs, achieving advanced levels of privacy and security through ZK-Rollup technology. Simultaneously, by compressing data and supporting carbon neutrality, it reduces energy consumption. By providing user-friendly APIs and dashboards, Immutable X simplifies the creation and transaction process for NFTs. It also fosters the development of a third-party NFT market ecosystem through a global order book and support for various wallets. Thus, Immutable X offers users a convenient, secure, and cost-effective NFT trading experience, playing a crucial role in the NFT space.

Tokenomics

Token Utility

Transaction Fees: A protocol-driven 20% of the fees for each transaction will be paid in IMX tokens (including all applications and markets driven by the protocol). If users do not have IMX tokens, their ETH will be automatically used to make the purchase.Staking Incentives:Token holders can earn rewards by staking in the incentive pool. In the Immutable X network, 20% of the IMX transaction fees paid by users for trading will be directed to a staking rewards pool. This pool will be distributed proportionally among the current holders, with those holding more tokens receiving higher rewards.Governance:Users have the ability to submit community proposals and participate in the governance of Immutable X through voting. The more IMX tokens a user holds, the greater their voting power.

Token Distribution

• Ecosystem Development: 51.74% of the total token supply
• Project Development: 25.00% of the total token supply
• Private Sale: 14.26% of the total token supply
• Public Sale: 5.00% of the total token supply
• Foundation Reserve: 4.00% of the total token supply

Why is Immutable X (IMX) Valuable?

Addressing High Gas Fees:Immutable X is a second-layer scaling solution on Ethereum designed to overcome scalability challenges associated with NFTs on the Ethereum network. By leveraging zero-knowledge proof technology (zkRollup), it achieves gas-free transactions, making the creation, trading, and transfer of NFTs more economically efficient.High Throughput: Immutable X can process up to 9,000 transactions per second, significantly surpassing Ethereum Layer 1's throughput. This makes it an ideal choice for handling high-speed transactions, particularly in gaming and decentralized finance (DeFi) sectors.Security:Built on StarkWare's StarkEx technology, Immutable X employs zero-knowledge proofs to verify transactions without revealing underlying data, ensuring transaction security and privacy.Interoperability: Immutable X demonstrates interoperability with other Ethereum-based platforms, facilitating the convenient transfer of NFTs between different networks.Carbon Neutrality:Committed to carbon neutrality, Immutable X aims to offset all emissions, providing a more environmentally friendly transaction environment.Partnerships: Immutable X collaborates with several renowned game development companies, offering a scalable second-layer solution for NFT games, providing practical applications for the IMX token.In summary, Immutable X's value lies in providing an efficient, cost-effective, and secure trading environment for NFTs. It addresses Ethereum's network issues of high gas fees and scalability, offering robust support for the development and application of NFTs.

Highlights

• May 25, 2022:Immutable X introduced a liquidity solution called "cross-rollup," aiming to provide scalable and composable NFTs for Web3 gamers. This solution facilitates applications across multiple L2/L3 zk-rollups.
• May 26, 2022:Casual game platform Kongregate partnered with NFT Layer2 solution Immutable X to launch a $40 million game development fund.
• December 8, 2022: Immutable X collaborated with the crypto payment platform MoonPay to support users in using credit or debit cards in fiat currency for minting and purchasing NFTs.
• April 13, 2023:Immutable announced the launch of the $500 million development fund, Immutable Ventures, aimed at supporting Web3 games and NFT public projects based on Immutable X.
• May 4, 2023:Immutable introduced the beta version of Immutable Passport, an all-in-one passport system featuring fully self-hosted, email-based onboarding processes, and shared liquidity across all games.
• May 8, 2023:Immutable launched the payment solution "Immutable Checkout," supporting over 100 payment methods and allowing users to purchase game assets through a configurable interface.
• August 15, 2023:Immutable announced the official launch of the Immutable zkEVM testnet. Built on the foundation of Polygon Supernets, this testnet enables the free migration of existing smart contracts and Solidity code to the Immutable zkEVM testnet environment.
• October 11, 2023:Immutable announced a partnership with Amazon Web Services (AWS) to promote the construction of the Web3 gaming ecosystem. Immutable became part of Amazon's joint sales program ISV Accelerate, leveraging AWS's expert resources to assist potential customers and ultimately engage with game studios worldwide.