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What is Immutable X (IMX)? Everything you need to know about IMX Token

Publish by Nhung Tran at 24 November 2021

Many blockchains are developing their own NFT ecosystems. By far, Ethereum has still been the largest blockchain with the highest number of projects and users. However, similar to other DeFi sectors, the NFT sector in Ethereum faces the problem of scalability. Immutable X is released as a solution for this issue by offering an ideal place to deploy NFT as layer 2 of Ethereum. How can Immutable X make this possible? Let’s find out in this article.

What is Immutable X?

Immutable X is the first layer 2 solution for trading NFT on Ethereum. It solves the scalability problem of Ethereum while still leveraging Ethereum’s security and network effect.

Trading NFT on Immutable X has certain advantages:

  • Fast and Secure: The Immutable X can conduct up to 9,000 TPS (transactions per second), compared to 15 TPS of Ethereum. Hence, Immutable X can ensure ultra-fast speed. In terms of security, the protocol is non-custodial so users have full control of their assets, secured by the Ethereum chain.
  • Zero Gas Fees: Immutable X is built on StarkWare's cutting-edge zk-rollup technology, allowing users to rapidly mint and exchange NFTs with no gas expenses.

In addition, from developers’ perspective, Immutable X's APIs decrease the entry barrier for developers, allowing them to build apps on Ethereum instantaneously.

Immutable X website: https://www.immutable.com/

How does Immutable X work?

Immutable X solves the scalability problem of Ethereum by using the ZK Rollup technique, conducting transactions through the following steps:

  1. Thousands of trades will be batched off-chain.
  2. Owners of the assets will sign the trades.
  3. All of these off-chain trades will be put on-chain in a single proof.
  4. A smart contract will verify this single proof on-chain.

This technique allows compressing thousands of trades off-chain into a single transaction on-chain at a fixed gas cost, which is paid by Immutable X. That is why Immutable X can guarantee ultra-fast transactions and zero gas fees for trading.

Besides being a chain for NFT projects to deploy on, Immutable X also has its own marketplace. The purpose of this marketplace is to lower the entry barrier for small content creators or developers, who do not have enough resources to create their own trading experience. Immutable X ensures that there will always be a place for users and developers to trade on.

Immutable X Marketplace

What is IMX token?

IMX is an ERC-20 utility token. Its main function is to reward active users on Immutable X, which contributes to the expansion of the ecosystem.

Detailed information about IMX token

IMX Price Today

You can check the current price of IMX token on Coin98 Markets: https://markets.coin98.com/currencies/immutable-x

Coin98 Markets is a website that helps users to get updates of the real-time prices, as well as view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project or filter the coins/tokens by Market Cap, Trading Volume, etc.

IMX price. Updated: 14 October 2021

IMX Key Metrics

  • Token Name: Immutable X
  • Ticker: IMX
  • Blockchain: Ethereum
  • Token Standard: ERC-20
  • Contract: 0xf57e7e7c23978c3caec3c3548e3d615c346e79ff
  • Token type: Utility
  • Total Supply: 2,000,000,000 IMX
  • Circulating Supply: Updating...

IMX Token Allocation

IMX Token Allocation

IMX Token Sales

Immutable X had an impressive sale on CoinList when it raised $12.5 million in under an hour.

See Also: What is CoinList?

IMX Release Schedule

IMX Release Schedule

IMX Token Use Cases

There are 3 main use cases for IMX tokens:

  • Governance: IMX holders have the right to vote on the future of Immutable X.
  • Transaction fees: IMX tokens are paid for transactions on Immutable X. However, if users do not have IMX, they can pay in another currency, which is then swapped for IMX on the open market.
  • Staking: Users can stake IMX to earn a proportion of fees from Immutable X.

How to get IMX token

You can get IMX by being an active user on Immutable X: conduct pro-network activities (trading, depositing, or minting assets) ⇒ Earn “points” ⇒ Receive IMX tokens proportionally to your part of the total points achieved by all users.

How to get IMX token

How to buy IMX token on Coin98 Exchange

Updating...

How to store IMX token on Coin98 Wallet

You can store IMX ERC-20 on Coin98 Wallet by following these steps:

Step 1: At the main screen of Coin98 Wallet, click Receive.

Step 2: Search for IMX token.

Step 3 Copy your IMX wallet address and send IMX tokens to this address.

How to store IMX token on Coin98 Wallet

Immutable X Roadmap

Immutable X Roadmap

Team, Investors, and Partners

Team

Immutable X team

Investors

Immutable X Investors

Partners

Immutable X Partners

Is Immutable X (IMX) a good investment?

I hope that from all the mentioned information, you can get a basic understanding of Immutable X to start researching more about this project. It is hard to tell firmly whether any project/ token is a good investment or not. However, I will provide you with some key highlights of Immutable X so that you can do your own research and make your own investment decisions.

The NFT market at the current time is showing signs of a downward trend. According to CoinMarketCap, both the sales volume and the market cap of NFT have declined significantly over the past 30 days.

Looking at the largest NFT Marketplace in the meantime - Opensea, we can also see the same declining patterns.

This downward trend in the NFT market may affect the performance of Immutable X, as an NFT marketplace.

However, we do not know whether this decreasing interest in NFT will last long or not. On many new layer 1 blockchains (Terra, Near,...) there is still an increase in the number of NFT projects and recently we have seen the innovation in NFTs known as interactive NFTs, creating demand for NFTs by creating more use cases for them.

Therefore, we still need more time to evaluate the potential of this market more accurately.

Other than that, if the NFT and Gaming market boom, the Immutable X infrastructure is ready to capture the growth of this big trend. Immutable X is built on Ethereum so it benefits from the network effect of this leading chain. Moreover, ultra-fast speed and zero gas fee are the other 2 strengths of Immutable X to attract both builders of NFT projects and users to the platform.

Similar project

Projects that also use ZK Rollups:

  • Loopring (LRC): An Ethereum Layer-2 scaling protocol using zkRollup (Zero-knowledge Rollup), a modular protocol for building DEXs on multiple blockchains.
  • StakeWare.

Conclusion

That is all you need to know about Immutable X. If you want to have more information about this project, feel free to comment down below. You can also join our community at Coin98 Community to discuss any topic that you are interested in.

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Nhung Tran

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