IMX: The Layer-2 Solution Revolutionizing NFT Transactions on Ethereum

Immutable X: Everything You Need to Know

IMX is the native token of Immutable X, a layer-2 scaling solution for non-fungible tokens (NFTs) on Ethereum. Immutable X aims to enable fast, cheap, and secure transactions for NFTs without compromising user or asset security. It uses zero-knowledge proofs (ZKPs), a cryptographic technique that allows users to prove the validity of their transactions without revealing any sensitive information. By using ZKPs, Immutable X can batch thousands of transactions into a single proof and submit it to the Ethereum mainnet, reducing the gas fees and congestion on the network.

How does it work?

Immutable X is built with STARK zk-rollups, a type of ZKP that is scalable, transparent, and post-quantum secure. STARK zk-rollups allow Immutable X to process over 9,000 transactions per second (TPS), which is much higher than the current throughput of Ethereum (around 15 TPS). Immutable X also claims to be the first layer-2 solution that supports ERC-20 and ERC-721 tokens, the most popular standards for fungible and non-fungible tokens on Ethereum. This means that users can create, trade, and transfer any type of NFT on Immutable X without paying any gas fees.

Who is the team behind it?

Immutable X is developed by Immutable, a blockchain gaming company based in Sydney, Australia. The co-founders of Immutable are James Ferguson and Robbie Ferguson, two brothers who are both Forbes 30 Under 30 entrepreneurs. The team consists of more than 100 members from different backgrounds such as blockchain, FAANG, finance, fintech, and management consulting. Immutable has raised $75 million in total funding from investors such as Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital and Galaxy Digital.

What are its use cases?

Immutable X is designed to serve the growing demand for NFTs in various domains such as gaming, art, collectibles, sports, and metaverse. Some of the projects that are already building on Immutable X include:

Gods Unchained: A trading card game that features over 10 million NFT cards that players can own, trade, and play with.

Guild of Guardians: A mobile RPG game that allows players to create their own guilds, recruit heroes, and earn NFT rewards.

Illuvium: An open-world RPG game that features stunning 3D graphics and hundreds of creatures that players can capture and battle as NFTs.

Mintable: A marketplace that enables anyone to create and sell NFTs with zero gas fees.

SuperFarm: A cross-chain DeFi protocol that allows users to farm NFTs and tokens with no code required.

IMX token holders can benefit from the growth of these projects by staking their tokens on Immutable X, voting on the protocol’s governance, and paying transaction fees. IMX token also has a deflationary mechanism that burns a portion of the fees collected by the protocol.