The tokens of many well-known projects have been blocked for years. To protect investors and provide transparency, many projects store a portion of these tokens in predefined smart contracts that are unlocked on specific dates. Some of the most important unlocking programs belong to Ripple, and the market waits each month to see if a new batch of unlocked tokens will be sold.
This week, one of the most prominent L2 networks will unlock Immutable (IMX) tokens: when a new batch of tokens is unlocked on May 6, Immutable will increase its free float to 2%.
As of May 2024, Immutable has unlocked more than 65.51% of all locked tokens. The current unlocking amount is $1.57 million, which corresponds to 1.93% of the free float.
Unlocking will accelerate in the future, increasing IMX's supply. About 2.46% of the available supply is traded, which could put pressure on IMX's market price.
A few days before unlocking, #IMX was trading at $2.21, with a volume of about $70 million in a 24-hour period. However, these movements were accompanied by a lack of buyers: with a slippage of 2%, IMX's liquidity is only about $152,000, which is only slightly less than the volume of the upcoming unlocked token.
IMX has fallen from its recent short-term peak above $3.60, but remains inactive after several years of stagnation. Most new IMX comes in the form of rewards for ecosystem development.
IMX can be earned not only by completing special quests, but also by participating in betting programs; currently, the Immutable community receives daily Gem rewards in the form of IMX bridge tokens. Over time, IMX holders will earn more IMX, especially for sharing and completing quests.
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Project Immutable is taking a long-term view of the ecosystem. However, IMXs will become more plentiful in the coming months, and if they are used in incentive programs or sold directly, they will deflate the market.
Immutable offers incentives to store IMX tokens and earn future rewards. In the daily quests currently offered, users only need to have a balance of at least 20 IMX and collect three gems each day.
The more gems accumulated, the more future rewards and bonuses the player will receive.
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