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IMX Updates
12/13/2022

IMX Rewards Introduces New and Improved Trading Rewards Design

At Immutable, we’re constantly working to improve our protocol and empower our community through true ownership. As defined in the whitepaper, Immutable and Digital Worlds NFTS Ltd (the issuer of the IMX token) have allocated over 50% of the total IMX token supply to generate sustainable ecosystem and community growth. That’s over 1 billion IMX tokens that can be used to drive mainstream adoption of web3 games and improve the utility of the IMX token.

IMX Rewards represents all the ways IMX tokens are used to accelerate the growth of the ImmutableX platform. Instead of providing product discounts, free trials, or other promotional offers you’ve come to expect from traditional brands, IMX Rewards uses IMX tokens to generate network effects and platform engagement while offering true ownership to early adopters. Trading Rewards, one of our most successful IMX Rewards programs to date, is being updated to provide a better experience for traders. 

Historically, the Trading Rewards program has allowed everyone to earn IMX tokens while they trade across the ImmutableX protocol. While that purpose will remain unchanged, Trading Rewards will now feature a points-based rewards system where traders will earn points based on their daily trading volume that will be converted into IMX tokens. This new design was developed in collaboration with Gauntlet to increase the efficiency of our token spend and provide long-term flexibility around different ways for our community to earn IMX tokens.

Here’s how the new design works

  1. Make sure you have a registered wallet on ImmutableX
  2. Each day you trade (buy or sell NFTs) between $10 USD and $10,000 USD of an Eligible Collection within the Immutable X protocol will earn you points. The Eligible Collections list is determined by assessing the quality of the NFTs, community engagement, royalty fee, and other criteria deemed relevant.
  3. Points are earned in a non-linear fashion - you earn points at an increased rate as you trade more in a given day. Points aren’t calculated on a per-trade basis. They are awarded based on the total amount (in USD) you’ve traded for that day.
  4. Here is how points are rewarded based on your trading volume in a given day. The more you trade, the more points you earn per dollar traded.
  5. Points are converted into IMX tokens based on the number of points you earn relative to everyone else. For example, if you earn 1,000 points and a total of 10,000 has been earned across all traders that day, you will earn 10% of the IMX tokens rewarded that day.
  6. Once a wallet reaches $10,000 USD in trading volume in a given day, it will no longer accumulate points that day.
  7. The Trading Rewards dashboard shows how many total points have been earned in a given day along with the total trading volume for that day in USD. The dashboard also displays how many IMX tokens will be rewarded that day. 
  8. Points will be calculated daily and converted into IMX tokens based on the criteria outlined above. Your daily earnings will be distributed cumulatively each week by end of day Friday UTC.

What’s Next?

This next evolution of the Trading Rewards program not only improves token efficiency today, but allows IMX Rewards the opportunity to reward community members in new ways (minting assets, playing games, etc.) in the future. We also expect points to resonate with a wider audience, supporting our goal of driving mainstream adoption of web3 gaming. 

Over the coming months, we’ll continue our partnership with Gauntlet to iterate on IMX Rewards programs with the goal of rewarding community members and developers for driving pro-network activity on the ImmutableX protocol. Gauntlet will continue to utilize its platform to analyze user behavior and spend efficiency to optimize the points mechanism. New activities, parameters, and mechanism designs will be tested, but our rewards programs will continue to prioritize successful outcomes for Immutable and our community. 

FAQ

What is the eligibility criteria?

  • Only trades of Eligible Collections on the ImmutableX protocol (Immutable X marketplace and partner marketplaces) will count towards eligibility and rewards.
  • Users will need to trade a minimum of $10 USD daily to be eligible for token rewards.
  • There is a maximum limit on eligible trades per wallet ($10,000 buy volume and $10,000 sell volume) per day.
  • Trade volume will be counted on NFTs held for at least 24 hours. If you buy and then sell an asset within 24 hours, your trade volume will not be counted.

How are we preventing wash trading?

  • We’re consistently improving the mechanics of the Trading Rewards program to prevent wash trading while allowing organic growth to occur. Here is how we’re preventing wash trading:
  • Trade volume will be counted on NFTs held for at least 24 hours. If you buy and then sell an asset within 24 hours, your trade volume will not be counted.
  • We’ve set a maximum limit on eligible trades per wallet ($10,000 buy volume and $10,000 sell volume) per day.
  • Trades in 0 royalty fee collections will not be eligible for rewards

Why are we further diluting token holders by giving out IMX rewards?

  • Over 50% of IMX token supply has been allocated to generating sustainable ecosystem and community growth. We’re still well within that target supply amount and have implemented mechanisms (trading rewards, staking, developer grants, etc.) that leverage IMX tokens to drive pro-network activity on Immutable X. More rewards leads to an increase in the utility of IMX, which attracts more trading on the protocol and provides more opportunities for community ownership.

Do selling and buying NFTs both count towards my overall trade volume?

  • Yes, your trade volume will be calculated using both purchase and sale amounts. Depending on whether you’re a buyer or seller, amounts paid in fees also count towards volume tracked. 
  • Fees included in ‘buyer’ volume as the buyer is paying the fee.
  • Fees excluded in ‘seller’ volume as the buyer is paying the fee.

Are all NFT trades eligible for the Trade to Earn program?

  • Only trades of eligible NFT collections on the ImmutableX protocol will count towards Trading Rewards eligibility.

Do I have to trade on the ImmutableX marketplace to be eligible?

  • No, trades on other marketplaces (Rarible, TokenTrove, etc.) that have integrated with our Global Orderbook will also count towards your eligibility.

How do I receive my IMX tokens?

  • Your rewards will be delivered directly to your wallet weekly (end of day Friday UTC) during the duration of the program.

What else should I know?

  • Depending on whether you’re a buyer or seller, amounts paid in fees also count towards volume tracked. 
  • Fees included in ‘buyer’ volume as the buyer is paying the fee.
  • Fees excluded in ‘seller’ volume as the buyer is paying the fee. 
  • We reserve the right to amend the terms and conditions of the Trading Rewards program, without notice.
  • Service fees are payable on underlying trades in the ordinary course. For trades on the IMX Marketplace, please refer to our Marketplace Terms.
  • The IMX token is issued by Digital Worlds NFTS Ltd.  Immutable X Pty Ltd is an independent service provider to Digital Worlds NFTS Ltd.

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