What is Immutable X (IMX)?
Immutable X (IMX) stands as the premier Layer 2 scaling solution specifically designed for NFTs on the Ethereum blockchain. It effectively addresses critical limitations inherent in Ethereum, such as low scalability, poor user experience, illiquidity, and slow developer onboarding. By leveraging this protocol, users can mint and trade NFTs with zero gas fees, all while benefiting from instant transactions and massive scalability without compromising on user or asset security.
This is achieved through the use of STARK zk-rollups, a cutting-edge technology championed by Ethereum's own Vitalik Buterin. This foundation allows for the large-scale creation and deployment of assets like ERC-20 and ERC-721 tokens. For instance, major projects like the trading card game Gods Unchained are built on Immutable X, enabling them to implement complex meta-systems that were previously unfeasible. The ultimate goal of Immutable X is to deliver a world-class experience for both end-users and developers within the NFT space.
Who Are the Founders of Immutable X?
Immutable X was co-founded by brothers James and Robbie Ferguson. James, a former leader of software development teams at a billion-dollar e-commerce company, and Robbie, a Thiel Fellow, were both recognized on Forbes' prestigious 30 Under 30 list for their entrepreneurial achievements.
The project is backed by a diverse team of over 100 members with expertise spanning blockchain technology, FAANG companies, finance, fintech, and management consulting. Immutable X secured its seed funding round in 2018, followed by a substantial $15 million Series A round in September 2019. Its investor list includes prominent names in the blockchain investment sphere such as Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital, and Galaxy Digital.
What Makes Immutable X Unique?
Immutable X holds a distinct position as one of the first Layer 2 solutions to utilize zk-rollups with an exclusive focus on the NFT market. As the importance of zk-rollup scaling solutions grows, this project is positioned at the forefront of development within the Ethereum ecosystem. If it successfully delivers on its promise of over 9,000 transactions per second (TPS), it has the strong potential to become the foundational "NFT blockchain" of the future.
A key component in fulfilling this promise is its API abstraction layer. Through a REST API, all NFT-related interactions—such as minting, trading, and transferring—become simple API calls. The team anticipates this will be a crucial factor in attracting new participants to the space, including established gaming and content companies.
Furthermore, users are not required to switch networks when connecting their wallets. The protocol also introduces a middle layer called "Link," which enables a dedicated NFT wallet experience and allows Immutable X to support a third-party marketplace ecosystem without introducing security risks.
By facilitating protocol liquidity through a shared global order book, NFT marketplaces can be built on Immutable X without the need for a complex backend. Consequently, third-party marketplace solutions can coexist with the protocol's native marketplace. This approach is also expected to significantly lower the barrier to entry for content creators and smaller developers. 👉 Explore advanced Layer 2 strategies
How Many IMX Coins Are in Circulation?
IMX is the native ERC-20 utility token of the Immutable X protocol. Its three core use cases are for paying fees, staking, and participating in governance. Specifically, 20% of all protocol fees must be paid in IMX. Users can also stake their IMX tokens to receive a proportional share of the network fees collected. Additionally, token holders can use their IMX to vote on governance proposals.
The total maximum supply of IMX is capped at 2 billion tokens. This supply is distributed as follows:
- Ecosystem Development (51.74%): Allocated for user rewards, developer grants, liquidity provisioning, and marketing initiatives.
- Project Development (25%): Reserved for the ongoing development of the project.
- Private Sale (14.26%): Subject to a 1-year cliff, followed by monthly unlocks over a 2-year vesting period.
- Public Sale (5%): Released after a 6-month lock-up period.
- Foundation (4%): Designated for ecosystem development initiatives like liquidity provisioning, with a 1-year cliff and monthly unlocks over 4 years.
How is the Immutable X Network Secured?
Immutable X operates as a gas-free Layer 2 blockchain, allowing operators to set their own transaction fees. Unlike many other scaling solutions for Ethereum, a 51% attack on Immutable X is considered unfeasible. This is because it is not a centralized sidechain; instead, it inherits the underlying security of the Ethereum blockchain itself.
The protocol utilizes zk-rollups (Zero-Knowledge Rollups), meaning assets are traded on the second-layer blockchain, but validity proofs for these transactions are stored on the Layer 1 blockchain—Ethereum. Immutable X specifically uses STARK proofs over SNARKs. The team opted for STARKs due to their post-quantum security features and the enhanced user security they provide, despite the associated higher costs.
The Immutable X team chose Ethereum as its foundational Layer 1 solution because they believe it best embodies the philosophy of trustless, decentralized asset ownership. They argue that despite well-documented issues with gas fee spikes and network congestion, Ethereum has consistently prioritized decentralization over short-term scalability fixes, solidifying its status as the primary blockchain for NFT projects.
Where Can You Buy Immutable X (IMX)?
The IMX token is listed and available for trading on several major centralized cryptocurrency exchanges. Prospective buyers can typically find IMX trading pairs with major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
When selecting an exchange, it's important to consider factors such as security, fees, user interface, and whether the exchange is available in your region. Always ensure you are using a reputable platform and practice safe storage methods, such as transferring your assets to a personal hardware or software wallet for long-term holding. 👉 View real-time trading tools
Frequently Asked Questions (FAQ)
What is the main purpose of Immutable X?
Immutable X is a Layer 2 scaling solution built to solve Ethereum's scalability and user experience problems specifically for NFTs. It enables instant, gas-free trading and minting of NFTs while maintaining the strong security guarantees of the Ethereum mainnet.
How does Immutable X achieve zero gas fees?
By processing transactions off-chain on its zk-rollup and then batching them together before submitting a single cryptographic proof to Ethereum, Immutable X drastically reduces the cost per transaction. The protocol itself does not charge gas fees, though marketplace operators may set their own fees.
Is Immutable X a separate blockchain from Ethereum?
No, Immutable X is not a separate blockchain. It is a Layer 2 protocol built on top of Ethereum. It derives its security from Ethereum and uses it as its data availability and settlement layer.
What can I use the IMX token for?
The IMX token has three primary utilities: paying for a portion of protocol fees, staking to earn a share of network fees, and voting on governance proposals to guide the future development of the protocol.
How do I start developing on Immutable X?
Developers can get started by accessing Immutable X's comprehensive documentation and APIs. The platform is designed to be developer-friendly, allowing for the integration of NFT functionalities into applications with relative ease using their REST APIs.
Is my NFT safe on Immutable X?
Yes. Assets on Immutable X are secured by Ethereum's blockchain through the use of zk-rollup technology. Users retain self-custody of their assets, and the cryptographic proofs ensure the validity of all transactions.