Immutable X is a L2 scaling solution for non-fungible tokens (NFTs) on Ethereum, with instant trading, massive scalability, and zero gas fees for minting and trading with shared security with Ethereum mainnet. Immutable X is developed with StarkWare’s STARK prover and rollup technology.
IMX is the native token of the project. The current use cases for IMX include:
Protocol fees payment: 20% of Immutable X’s protocol fee must be paid in IMX tokens. This fee can either be paid directly in IMX, or Immutable X will automatically swap the actual purchase currency (e.g. ETH) for IMX on the open market.
Staking: IMX tokens received as part of the fee capture mechanism will be sent to the staking rewards pool and rewarded to qualified stakers proportionally.
Governance: Token holders will be able to vote on token-related proposals via decentralized governance. Proposals will include topics such as how to allocate token reserves, voting on developer grants, activating daily rewards, and changes in token supply.
The project consists of the following major components working in conjunction:
ZK-Rollup L2 Scaling: A “validity proof” is generated by batching a large number of transactions. The proof is then validated on Ethereum. Immutable X’s rollup allows for more than 9,000 NFT transfers, trades, and mints per second, meeting and exceeding the scale required by mainstream NFT projects.
API Abstraction Layer: On Immutable X, every interaction, from minting to trading to transferring, is abstracted into REST API calls. Without the need to interact directly with smart contracts, new entrants in the space, such as established gaming and content companies can launch better projects faster.
Default Marketplace: The Immutable X Marketplace exists to provide a default home for trading NFTs on the protocol.
As at January 10th 2022, the maximum and total token supply of IMX are 2,000,000,000 and 2,000,000,000 respectively. The current circulating supply is 188,160,768 (~9.41% of the maximum token supply).