Immutable X (IMX)
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Modified on: Thu, 28 Sep, 2023 at 4:28 PM
IMX is the native utility token of the Immutable X protocol used to participate in protocol governance, pay for transaction fees on the platform, and stake to earn additional rewards. 20% of the protocol fee on every Immutable X transaction must be paid in IMX, which is sent to the staking rewards pool. If the user does not hold the IMX required, the platform will convert the fee by purchasing IMX on the open market with the cryptocurrency used in the transaction instead.
Immutable X is a Layer 2 scaling solution for NFTs on the Ethereum blockchain that facilitates instant trading with zero gas fees. By utilizing StarkWare’s Prover and ZK-Rollup technology, Immutable X has built an Ethereum-based NFT platform that is highly liquid and scalable, making the NFT user experience on Ethereum much more accessible for the average user.
Aside from supporting NFT trading by everyday users, Immutable X also makes it possible for developers to build Ethereum-based NFT projects, games, and applications using their Software Development Kit (SDK), allowing teams to seamlessly build apps that are integrated with the Immutable X platform.
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