Web3 gaming is having its moment. For the first time ever, players can truly own their assets and in-game experience.
And ImmutableX is leading the charge.
Whether you’re a Web3 veteran or a blockchain beginner, this guide will provide you with everything you need to know about ImmutableX and the ImmutableX coin.
Let’s dive in.
What is Immutable X?
ImmutableX is a layer-2 scaling solution for NFTs on the Ethereum blockchain. With the mission of powering the next generation of Web3 games, ImmutableX offers both users and developers the infrastructure for seamless gameplay, lightning-fast transaction speeds, and gas-free, fully carbon-neutral NFT minting.
Using the power of StarkEx zero-knowledge rollups (ZK rollups), ImmutableX can offer transaction speeds of up to 9,000 TPS, all while still leveraging the security of the Ethereum blockchain.
All transactions can be completed on the ImmutableX Marketplace, the first gas-free NFT marketplace on the Ethereum blockchain.
What Problems Does ImmutableX Solve?
ImmutableX solves numerous issues around Ethereum scalability and gaming as a whole.
Historically, the Ethereum network has experienced scalability issues like low transaction throughput, long transaction times, and expensive gas fees. While these constraints are unfavorable for all users, they are particularly troublesome for Web3 games that rely on millions of microtransactions to deliver a seamless user experience.
But why is there a need for micro-transactions in the first place?
In Web2 gaming, there is a fundamental misalignment in the value exchange between players and game creators. Gamers spend billions of dollars on in-game assets like skins and downloadable content, without the ability to ever extract value from these assets or carry them across different virtual environments. For years, gamers have spent countless hours advancing in their favorite games, only for their progress and in-game assets to be left behind.
Web3 games turn this model on its head. With all in-game assets living on the blockchain as NFTs, players can buy and sell their assets on the open marketplace, while also earning cryptocurrency from their in-game exploits.
However, building Web3 games on Ethereum is also no easy feat. It’s expensive, time-consuming, and requires extensive technical knowledge.
With its software development kits (SDKs) and REST APIs, ImmutableX takes the load off developers who once needed to build this infrastructure in-house. Now, game creators can spend fewer resources on development and more time and money creating incredible Web3 games.
What are Some Popular Games Built on ImmutableX?
Does ImmutableX Have a Coin?
Yes, ImmutableX has its own ERC-20 utility coin, IMX. Launched in November 2021, IMX is used across the entire ImmutableX protocol for fees, staking, and governance.
While ImmutableX does not charge any transaction fees (gas fees) for the minting and trading of NFTs, a 2% protocol fee is applied to every transaction created and settled through the protocol’s shared global orderbook. From there, 20% of the protocol fee is converted to IMX and sent to the staking rewards pool.
ImmutableX token holders can vote on all token-related proposals, including allocating token reserves, voting on developer grants, activating daily rewards, and changes in token supply. All voting takes place on the Ethereum mainnet, with wallet balances sourced across both the mainnet and ImmutableX protocol.
How many ImmutableX Coins are there?
The total supply of IMX is 2 billion, however, there are only 685 million coins currently in circulation.
As outlined in our whitepaper, the full token supply will be distributed as follows over the course of 54 months:
- 51.74% Ecosystem Development (e.g., user rewards and developer grants)
- 25% Project Development
- 5% Public Sale
- 14.26% Private Sale
- 4% Foundation Reserve
As you can see, over 50% of the supply is actively deployed into the project's ecosystem for daily user rewards, developer grants, liquidity, and marketing purposes.
Where Do I Buy IMX?
IMX is available in many centralized and decentralized exchanges such as Binance, Coinbase, Gemini, Uniswap, and SushiSwap.
Can I Stake IMX?
Yes! All ImmutableX users can earn IMX through our Staking Rewards program. All staking rewards are generated from 20% of the protocol fee and are proportional to the amount of IMX staked relative to the total reward pool.
Here’s an example: If a user were to contribute 5% of all ImmutableX coins staked in a particular 14-day cycle, their reward would also be 5% of the total staking rewards pool.
To qualify for IMX staking rewards, all users must hold IMX on a layer 1 or layer 2 blockchain and vote on a governance proposal in the last 30 days. Users must also either hold an NFT on ImmutableX or have completed a trade within the last 30 days.
At the end of each staking cycle, all eligible users may opt to re-stake their coins to compound their rewards.
What are IMX Trading Rewards?
The ImmutableX Trading Rewards program allows users to earn IMX tokens simply for trading NFTs on the ImmutableX platform.
The premise is simple. The program rewards users with IMX tokens every time they trade eligible collections on the IMX marketplace and all marketplaces integrated with the ImmutableX shared global orderbook.
Just trade a minimum of $10 of eligible NFT collections on the IMX marketplace. At the end of each day, you will be rewarded ImmutableX coins based on your trading volume proportional to the total trading volume of the entire ImmutableX protocol pool. Each day, Immutable pays out 100,000 IMX to traders across all NFT marketplaces integrated with the IMX global shared orderbook.
From there, these ImmutableX coins can be transferred into the Staking Rewards program to earn even more IMX.
What is the Current ImmutableX Coin Price?
Like all cryptocurrencies, the price of the ImmutableX coin is volatile and based on a handful of factors including supply and demand, news cycles, and macro trends in both the cryptocurrency and traditional financial sectors.
In late November 2021, the ImmutableX coin reached an all-time high of $9.50. With the impact of the 2022 bear market, the IMX price has since dropped to $.43 with a total market cap of over $295 million.
By now, you should have a deeper understanding of the relationship between ImmutableX and the ImmutableX coin. For more questions and answers, check out the ImmutableX Help Center.