What Is Immutable X (IMX) How It Works & Where To Buy It?

Immutable X presents itself as an innovative scaling solution perfectly catered to non-fungible tokens on the Ethereum network. Immutable X aims to address scalability issues as well as liquidity issues and negative user experiences which are typical to the Ethereum blockchain.

IMX is the native utility token and is used for staking, governance, and paying transaction fees.

The IMX token is currently the 123rd largest cryptocurrency by market capitalization.

 

How Immutable X (IMX) Works

ZK-Rollups are said to address the scalability issue of Ethereum for Immutable X. Transactions are handled and finalized essentially as follows:

• Off-chain, thousands of transactions are batched.
• The transactions are digitally signed by the asset owners.
• These off-chain transactions are moved into the blockchain in a single proof.
• Then, a smart contract confirms this single evidence on the blockchain.

The approach enables the protocol to batch or compress thousands of off-chain deals into a single on-chain transaction while preserving the immutability of decentralized transactions. Immutable X pays the set gas fee, which in turn assures ultrafast transactions and near-zero trading costs.

Immutable X provides both a blockchain for NFT projects and a marketplace that tackles the user experience issue. The goal is to reduce the entry barrier for content producers and developers so that they may participate in the ecosystem regardless of their degree of expertise.

IMX also includes a minting tool on Immutable X that facilitates the generation and distribution of NFT assets.

The platform includes:

• Gas-free peer-to-peer transactions.
• Customized trading costs.
• Users have the option to preserve their private keys.

Without a backend, NFT markets may be constructed using a common global order book to provide liquidity. This method accommodates varying degrees of experience with a straightforward application programming interface (API).

Individuals seeking more information about the Immutable X blockchain project can refer to the Immutable X whitepaper.

 

What Is Immutable X (IMX) Used For?

Immutable X is typically used for trading NFTs because exchanging assets via peer-to-peer incurs zero gas fees. Users still pay transaction fees for normal trades, but these are nominal trading fees.

The layer-2 protocol offers instant trade confirmation and facilitates seamless asset trading as well as lucrative user rewards. Essentially, Immutable X is a limitless exchange protocol where users can trade NFTs without needing to pay exorbitant gas fees.

Additionally, some individuals swing and arbitrage trade IMX tokens on various exchanges. This can be incredibly profitable but also involves a high level of risk.

 

Where To Buy Immutable X (IMX) Token

IMX has recently become a well-known cryptocurrency and was released relatively recently. Immutable X has been a long-awaited project and has attracted a considerable amount since its launch.

IMX tokens are commonly traded on most centralized crypto exchanges. Before you’re able to purchase IMX, you’ll need to deposit fiat money onto an exchange; sequentially, IMX tokens will then be credited to your digital wallet on the exchange.

The crypto exchanges below are amongst the safest place where you can buy, sell and store tokens.

1. OKX
2. HTX
3. KuCoin
4. Binance

Typically, crypto token owners transfer their tokens to a digital wallet. Holders can then simply link their wallets to multiple decentralized platforms and utilize profitable DeFi products.

It is recommended that users withdraw their tokens from centralized exchanges since doing so gives them total ownership of their crypto tokens and private keys.

None of the abovementioned information is investment advice.

 

About Immutable X (IMX)

How long has Immutable (IMX) existed?

In 2018, James Ferguson, Robbie Ferguson, and Alex Connolly established Immutable X. The blockchain protocol provides near-zero gas prices and rapid transaction confirmation for minting and trading NFTs. Users can generate and exchange ERC-721 and ERC-20 tokens without compromising the security of their assets and at cheaper rates.

The Immutable X initial coin offering raised $13,000,000, and the ICO token price was 1 IMX = 0.15 USD. Currently, token holders are still more than 6x up on the ICO price.

What’s controversial about Immutable X (IMX)?

The global cryptocurrency sector is notoriously poorly governed. Before investing, users should always exercise extreme caution and acquire as much information as possible about the fundamentals of cryptocurrencies and blockchain.

Let’s take a look at the top controversy surrounding Immutable X (IMX):

• The Market Cap Has Plummetted – Earlier this year, the L2 protocol announced its $200 million Series C Funding, valuing Immutable X at a total of $2.5 billion. Since then, the IMX cryptocurrency has made investors considerably excited about the future of the protocol.
• The launch of IMX coincided with the beginning of the crypto market’s surge, which was subsequently reversed in a matter of months. Just after reaching a record high of $9.3, the cryptocurrency started to decline rapidly. By March 6, over 87.68 percent of its worth had been lost. The token has fallen out of the top 100, and the hype surrounding the protocol has fizzled out considerably.

How many Immutable X (IMX) Tokens are there?

At the time of writing, Immutable X (IMX) has a circulating supply of 235,284,001.00 IMX 

The total supply of Immutable X (IMX) is 2,000,000,000

Can Immutable X (IMX) be mined?

IMX tokens can’t be mined. Instead, the protocol uses ZK-rollups to ensure lightning-fast transaction speeds.

Numerous websites allegedly claim to offer IMX mining services. IMXX cannot be mined; however, it is possible to stake IMX and acquire IMX tokens by staking.

To utilize these DeFi products, users must hold their IMX tokens in a digital wallet that enables a simple connection to the decentralized platform of their choice. Decentralized exchanges based on Binance’s Build-and-Build chain, such as Pancakeswap, are among the most popular. Users choose these DEXs because they facilitate transactions that are fast, inexpensive, and secure.

Some centralized exchanges let users earn returns by staking IMX tokens.

What is the market cap of Immutable X (IMX)?

The market cap of Immutable X (IMX) is: the total amount of coins in circulation x the current market price of IMX.

Immutable X (IMX) Market Cap = 235,284,001.00 IMX x $0.9052 = $212 million (123rd largest market cap)

IMX is currently one of the top 150 cryptocurrencies by market capitalization.

 

Biggest Competitors Of Immutable X (IMX)

Although Immutable X has established itself as a major protocol in the crypto sector, several competing projects aim to provide customers with comparable services. Since its inception, the protocol has grown substantially, but it must be very inventive if it is to capitalize on the development and investment opportunities in the crypto sector.

Immutable X’s biggest competitors are:

• Loopring
• Polygon

 

What Are The Future Plans of Immutable X (IMX)?

Immutable X will focus strongly on expanding its user base, enhancing the utility of its native token, and onboarding more partners. Currently, there are several top-tier gaming projects which have joined the Immutable X ecosystem.

The protocol is growing from strength to strength and hopes to increase the amount of exposure the project receives, remain innovative and keep leading the sector.

 

Pros And Cons Of Immutable X (IMX)

Pros:

• Gas-free Minting- The Immutable X protocol is the only layer-2 protocol in the world that offers gas-free minting to users. This ensures that any NFT project looking to release a range of NFTs can easily utilize the platform.
• Carbon Neutral – Immutable X is incredibly energy efficient and claims to be ”carbon neutral”. The protocol has garnered an immense amount of attention in the crypto community because it is seen as an environmentally friendly blockchain protocol.
• High Transactional Throughput – Immutable X is capable of processing 9,000 transactions per second. The platform achieves this by utilizing StarkWare – this ensures that the protocol is capable of massive scalability.
• Listed On Major Exchanges – IMX coins are accessible on the majority of centralized exchanges. Individuals can trade IMX tokens with ease on exchanges such as Binance, Kraken, and KuCoin. Most people have greater confidence in a project if it is listed on several respected cryptocurrency exchanges. Additionally, it gives validity to a project.
• Easy Development – Immutable X makes it incredibly easy for developers to join the platform and start deploying. The SDKs and toolkits on offer are perfectly suited for rapid ecosystem development. Development is made even more suitable and accessible thanks to Immutable X’s innovative and unique API abstraction layer.
• Marketplace – The project has its own marketplace which is an additional value proponent of the project where people can facilitate seamless trading. The marketplace has become increasingly popular because it utilizes secure and efficient smart contracts and has no network fees for peer-to-peer trading.

Cons:

• Restrictive – The Immutable X platform is specifically built for Ethereum tokens and, therefore, can be seen as restrictive. The project may expand its utility in the future, but at the moment, it caters to the Ethereum blockchain.
• Token Supply Was Changed – Initially, IMX was expected to start with a token supply of 20 million; however, this was adjusted to a maximum token supply of 2 billion in October 2021.