Immutable X Price IMX

Immutable X is a layer 2 scaling solution protocol for non-fungible tokens (NFTs) on Ethereum. Created by Immutable, Immutable X looks to improve on issues encountered by Ethereum NFTs, and so aims to ensure that NFTs are traded in an open and decentralised ecosystem, with scalability, security, and zero gas fees for peer-to-peer trading. Immutable X Mint also allows users to create and distribute digital assets – specifically ERC-721 and ERC-20 tokens – on a huge scale, for both single and bulk minting.

Immutable uses a Zero-Knowledge Rollup (zk-rollup) scaling engine that combines layer 2 transactions using StarkWare’s StarkEx prover-verifier system. These transactions are submitted to a layer 1 smart contract – a verifier – and a validity proof is then generated. Immutable’s zk-rollup allows for over 9,000 NFT mints, transfers, and trades per second. NFTs created and traded on Immutable X are entirely carbon neutral.

IMX is the utility token of the Immutable X protocol. 20% of all protocol fees from Immutable X transactions are paid in IMX, and these fees are then sent to the staking reward pool. Users earn a proportional share of this pool when they stake their IMX tokens. IMX can be earned by completing actions that benefit the protocol, such as trading. These actions earn users a certain number of points, which will then earn them a percentage of the IMX stored in the daily rewards pool. There is a total supply of 2 billion IMX tokens, which are created by Digital Worlds NFTs – an Immutable X partner. Approximately 50% of tokens are put aside for ecosystem development, 25% for project development, 20% for token sales, and 5% for the foundation reserve.

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