Immutable IMX
About
What Is Immutable (IMX)?
Immutable positions itself as the first layer-two scaling solution for NFTs on Ethereum. According to Immutable, its blockchain does away with Ethereum’s limitations like low scalability, a poor user experience, illiquidity, and a slow developer experience. Instead, users benefit from instant trading and massive scalability while enjoying zero gas fees for minting and trading NFTs without compromising user or asset security.
Thanks to this technology, users will be able to create and distribute assets like ERC-20 and ERC-721 tokens on a massive scale. Chris Clay, the game Director of Gods Unchained, a project already building on Immutable, stated that Immutable allows Gods Unchained to implement a new meta-system that was previously impossible. In this fashion, Immutable aims to create a world-class experience for users and developers alike.
Who Are the Founders of Immutable?
Immutable was founded by James Ferguson, a Forbes 30 Under 30 entrepreneur that previously led a software development team at a billion-dollar eCommerce company, and his brother Robbie Ferguson, a Thiel fellow and Forbes 30 Under 30 entrepreneur as well.
The team consists of more than 100 members from different backgrounds like blockchain, FAANG, finance, fintech, and management consulting. It raised a seed round in 2018 and a $15 million Series A in September 2019. Investors included some of the “who is who” in blockchain investing, such as Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital and Galaxy Digital.
What Makes Immutable X Unique?
Immutable X benefits from being one of the first layer-two solutions that utilize zk-rollups and focus exclusively on NFTs. With zk-rollups growing in importance as a scaling solution, the project finds itself at the cutting edge of development in the Ethereum ecosystem. Immutable X has a good chance of becoming the default “NFT blockchain” in the future, provided its promised transaction speed of more than 9,000 tps can be achieved.
A crucial component to fulfilling this promise is the API abstraction layer. Thanks to REST APIs, every NFT-related interaction like minting, trading, and transferring is a simple API call on Immutable X. The company anticipates this to be a key component to attracting new entrants like established gaming and content companies in the space.
Moreover, users will not have to switch networks when connecting their wallets. The protocol also provides an intermediate layer called the “Link,” which enables an NFT-specific wallet experience and allows Immutable X to support a third-party marketplace ecosystem without security risks.
With its shared global order book facilitating protocol liquidity, NFT marketplaces can be built on Immutable X without a backend. In consequence, third-party marketplace solutions can co-exist with the protocol’s native marketplace. The protocol also expects to lower the barriers of entry for content creators and smaller developers with this solution.
How Many Immutable (IMX) Coins Are There in Circulation?
IMX is the protocol’s native ERC-20 utility token. The token’s three core use cases are fees, staking and governance. 20% of the protocol’s fees must be paid in IMX, and users can stake IMX to receive a proportional share of the network’s fees. Token holders can also vote on governance proposals by holding IMX. The total supply of IMX is two billion, according to the following token distribution:
- Ecosystem development - 51.74%: user rewards, developer grants, liquidity provision, marketing purposes.
- Project development - 25%
- Private sale - 14.26%: one year cliff, monthly unlock over two years.
- Public sale - 5%: six-months unlock.
- Foundation - 4%: ecosystem development-related initiatives like liquidity provision, one-year cliff, monthly unlock over four years.
How Is the Immutable Network Secured?
Immutable is a layer-two blockchain with zero gas fees, where operators can set their own trading fees. In contrast to other scaling solutions to Ethereum, a 51% attack on Immutable is unfeasible, as it is not a centralized side chain but benefits from inheriting the native security of the Ethereum blockchain. Immutable uses zk-rollups, meaning assets are traded on the second-layer blockchain, but the validity proof of a transaction is stored on the layer-one blockchain, in this case Ethereum.
Immutable chose to stay on Ethereum as a first-layer solution because the team considers Ethereum best to represent the philosophy of trustless, decentralized asset ownership. In the team’s words, Ethereum has always prioritized centralization over short-term scalability upgrades, even though it has suffered from problematic gas fee spikes and network congestion, thus still remaining the main blockchain for NFT projects to build on.
Where Can You Buy Immutable (IMX)?
IMX is available on OKEx, Huobi Global, Bybit and Bitget.
AI Analysis
What is the Immutable (IMX) cryptocurrency good for? What are its main use cases?
Immutable (IMX) is a cryptocurrency and blockchain platform designed to power the Immutable ecosystem, which focuses on Web3 gaming, NFTs, and decentralized applications (dApps). It is built on the Ethereum Layer 2 (L2) network (initially on StarkEx, now transitioning to Ethereum L2 via zk-rollups).
Key Use Cases of IMX:
Gaming & NFT Marketplaces
- IMX is the native token of Immutable X, a leading NFT marketplace for gaming assets.
- It facilitates trading, minting, and staking of NFTs with near-zero gas fees.
- Used in play-to-earn (P2E) games like Gods Unchained and Guild of Guardians.
Low-Cost, High-Speed Transactions
- As an Ethereum L2 solution, IMX enables fast, cheap transactions for NFTs and gaming assets.
- Avoids high Ethereum gas fees while maintaining security.
Staking & Governance
- Users can stake IMX to earn rewards and participate in protocol governance.
- Stakers help secure the network and vote on ecosystem decisions.
Interoperability with Ethereum
- IMX is EVM-compatible, allowing seamless integration with Ethereum dApps.
- Enables cross-chain NFT trading and DeFi interactions.
Future Expansion
- Immutable is expanding into Web3 gaming infrastructure, including zk-rollup scaling solutions.
- IMX may play a role in cross-game asset interoperability and decentralized gaming economies.
Why IMX Stands Out?
- Zero gas fees for NFT trading (via zk-rollups).
- Strong partnerships with major gaming studios and NFT projects.
- Scalability for high-throughput gaming and NFT applications.
Conclusion
IMX is primarily useful for NFT trading, gaming, and decentralized applications on Ethereum L2. Its focus on low fees, speed, and scalability makes it a key player in the Web3 gaming and NFT economy.
Would you like details on how to buy or stake IMX?
What blockchain does Immutable use? Is it its own blockchain or built on top of another?
Immutable, the company behind popular blockchain-based games like Gods Unchained and Guild of Guardians, primarily uses Ethereum as its base blockchain. However, it has also developed its own scaling solutions to improve performance and reduce costs.
Key Details:
- Ethereum (L1) – Immutable initially built on Ethereum, leveraging its security and decentralization.
- Immutable X (L2) – A zero-knowledge rollup (ZK-rollup) scaling solution built on Ethereum, designed for fast, low-cost NFT trading and gaming transactions.
- Immutable zkEVM (L2) – A more advanced ZK-rollup solution that supports general smart contracts, not just NFTs, while maintaining compatibility with Ethereum.
Why Immutable Uses Ethereum:
- Security & Decentralization: Ethereum provides a robust, battle-tested foundation.
- Scalability: Immutable X and zkEVM address Ethereum’s high gas fees and slow transaction speeds.
- Interoperability: Being Ethereum-compatible allows seamless integration with other Ethereum-based projects.
Is It a Standalone Blockchain?
No, Immutable does not operate an independent blockchain. Instead, it builds Layer 2 (L2) solutions on top of Ethereum to enhance scalability and usability for gaming and NFT applications.
Would you like more details on how Immutable X or zkEVM works?
Is Immutable programmable? Does it support smart contracts or decentralized applications?
Immutable is a blockchain platform primarily focused on NFTs (Non-Fungible Tokens) and gaming, but it does support smart contracts and decentralized applications (dApps) to some extent. Here’s a breakdown:
1. Immutable Supports Smart Contracts
- Immutable uses Ethereum-compatible smart contracts (via EVM compatibility).
- It supports Solidity and Vyper for smart contract development.
- Immutable X (a Layer 2 scaling solution) allows for gas-free NFT minting and trading while still enabling smart contract execution.
2. Immutable Supports Decentralized Applications (dApps)
- Developers can build dApps on Immutable, especially those related to NFTs, gaming, and DeFi.
- Immutable’s StarkEx (a Layer 2 scaling engine) enables scalable, low-cost transactions for dApps.
- The platform is particularly popular for NFT-based games (e.g., Gods Unchained, Guild of Guardians).
3. Limitations
- While Immutable supports smart contracts, it is not as general-purpose as Ethereum or Solana.
- It is optimized for NFTs and gaming rather than broad DeFi or general-purpose dApps.
- Immutable’s Layer 2 solutions (Immutable X, StarkEx) focus on scalability and low fees rather than full decentralization.
Conclusion
Yes, Immutable is programmable and supports smart contracts and dApps, but its primary use case is NFTs and blockchain gaming. If you're looking for a platform optimized for NFT-based applications, Immutable is a strong choice. For broader DeFi or general-purpose dApps, Ethereum, Solana, or other blockchains might be more suitable.
Would you like details on how to develop on Immutable?
How fast are Immutable transactions? What is the typical confirmation time and throughput (transactions per second)?
The speed of Immutable transactions depends on the blockchain network they are processed on. Immutable is a Layer 2 (L2) scaling solution built on top of Ethereum, leveraging zk-rollup technology to achieve high throughput and low latency.
Typical Confirmation Time & Throughput
Confirmation Time (Finality)
- Immutable X (L2): Transactions are typically confirmed in seconds (often under 2 seconds) due to the rollup's batch processing.
- Ethereum L1 (for final settlement): While L2 transactions are fast, the final settlement on Ethereum may take minutes to hours (depending on gas fees and network congestion).
Throughput (Transactions Per Second - TPS)
- Immutable X (zk-rollup): Can handle 9,000+ TPS in theory, though real-world performance may vary based on network load.
- Ethereum L1 (for comparison): ~15-30 TPS (without L2 scaling).
Comparison with Other L2s
| Network | Type | TPS (Theoretical) | Avg. Confirmation Time |
|---|---|---|---|
| Immutable X | zk-Rollup | ~9,000+ | ~2 seconds (L2) |
| Arbitrum | Optimistic | ~40,000 | ~1-2 minutes (L2) |
| Optimism | Optimistic | ~2,000 | ~1-2 minutes (L2) |
| Polygon zkEVM | zk-Rollup | ~5,000 | ~1-2 seconds (L2) |
Key Factors Affecting Speed
- Batch Processing: Immutable X batches transactions off-chain before submitting them to Ethereum.
- zk-SNARKs: Zero-knowledge proofs allow fast verification without full on-chain computation.
- Ethereum Congestion: If L1 is congested, final settlement may take longer.
Conclusion
Immutable transactions are very fast (seconds for L2 confirmation) with high throughput (9,000+ TPS). However, final settlement on Ethereum may take longer. For most use cases (NFTs, gaming, DeFi), the L2 speed is sufficient for near-instant interactions.
Would you like a deeper dive into any specific aspect?
How much data can I store on the Immutable blockchain? Does it support on-chain data storage?
The Immutable blockchain (used by Immutable X, a Layer 2 scaling solution for Ethereum) primarily focuses on NFT trading and scalability rather than general-purpose on-chain data storage. Here’s what you need to know about data storage on Immutable:
1. On-Chain Data Storage on Immutable
- Limited On-Chain Storage: Immutable X (built on StarkEx) is optimized for NFT transactions and low-cost trading, not large-scale data storage.
- StarkEx Limitations: Since Immutable X uses ZK-rollups (StarkEx), most data is stored off-chain and only hashes (proofs of validity) are stored on Ethereum.
- NFT Metadata Storage: Immutable X allows storing NFT metadata (like images, attributes, etc.) on IPFS or Arweave (off-chain), while the NFT contract itself is on-chain.
2. How Much Data Can You Store?
- On-Chain: Only small amounts of data (like NFT contract code, hashes, and minimal metadata) can be stored directly on the blockchain.
- Off-Chain (IPFS/Arweave): For large files (images, videos, etc.), Immutable X recommends storing them off-chain and referencing them via CID (Content Identifier) in the NFT metadata.
3. Alternatives for On-Chain Data Storage
If you need large-scale on-chain storage, consider:
- Ethereum (Layer 1): Expensive for large data.
- IPFS + Filecoin: Decentralized storage with persistence.
- Arweave: Permanent storage with a one-time fee.
- Other Blockchains: Some chains (like Solana, Polkadot, or Filecoin) offer better storage solutions.
Conclusion
Immutable X is not designed for general on-chain data storage—it’s optimized for NFT trading. For storing large datasets, use off-chain solutions (IPFS, Arweave) and reference them in your NFT metadata.
Would you like recommendations for specific storage solutions based on your use case?
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