Immutable X | Immutable X Crypto | IMX Token Immutable X
175Immutable X | Immutable X Crypto | IMX Token Immutable X
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Welcome to our Immutable X Video!
What is Immutable X?
Immutable X is a layer 2 scaling solution for Ethereum. It is an open-source ZK Rollup protocol built with the vision of facilitating a gas-free NFT ecosystem that allows users to build and develop their own decentralized apps, such as games and marketplaces. It can facilitate up to 9000 transactions per second while still leveraging Ethereum’s security and network effect.
Ethereum-based layer two solution Immutable X is emerging as a top non-fungible token (NFT) hub with attractive value propositions like gas-free minting, Web3 gaming-optimised solutions and Ethereum-backed security.
Its native token IMX saw huge demand in its initial coin offering (ICO) on 5 November 2021 as IMX soared over 4800% from the ICO price of $0.16 to an intraday high of over $7 on its debut. However, the token has suffered through an intense sell-off in 2022 and has lost nearly 80% of its value since the start of the year, as of 19 July 2022.
Nevertheless, Immutable X is an exciting venture to monitor, as a number of blockchain gaming projects using Immutable X’s NFT scaling solution are due to be released only in 2023. We take an in-depth look at what factors are driving the cryptocurrency’s success and the latest Immutable X price prediction
Immutable X Architecture
Immutable X is a layer-2 open-source protocol that is highly scalable and easy to build, use and trade on due to the integration of four core components in its architecture, namely:
StarkEx ZK Rollup Technology – StarkWare’s proprietary ZK Rollup technology that utilizes ZK-STARK instead of ZK-SNARK
APIs and SDKs – Immutable X’s developer and partner-focused tools that enable easy onboarding and development with the Immutable X protocol.
Immutable X Link – The trustless intermediate layer of the protocol
Immutable X Marketplace – The default trade platform for the Immutable X protocol
What is the IMX token ?
The IMX token is the native cryptocurrency of the Immutable X platform.
IMX is an ERC-20 token built for rewarding network activities such as trading, liquidity provision and building applications on Immutable X. The token is also used to pay fees on the protocol, for staking and for governance-related purposes.IMX has three main uses:
20% of each transaction fee is paid in IMX. If a user does not own IMX, their ETH will be converted into IMX automatically.
IMX can be staked to earn staking rewards proportional to the amount of IMX staked during the month, relative to all other active stakers. Holding an NFT on Immutable X will also make users eligible for staking rewards.
Users have an IMX-weighted vote in protocol governance decisions.
IMX token has a maximum supply of two billion tokens. According to its whitepaper, only 5% of the maximum supply was allocated for public sale.
About 14% of the IMX supply was allocated to private institutional and individual investors, and 51.7% was allocated for user grants, developer grants, liquidity provisions and marketing purposes.
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The information contained herein is for informational purposes only. Nothing here shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
I hope you found value in our Immutable X video. Make sure to leave a like on the video if you gained value from it!
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⏰ TimeStamps ⏰
0:00 intro
0:19 Immutable.com
7:05 Twitter
7:21 Summary