Token Unlocks : Immutable ($IMX )

Immutable X is to witness a token unlock of 25.53 million coins, worth $53.36 million, on June 14. This totals to be 1.72% of the coin’s circulating supply.

IMX fell 7.83% over the past day to $2.05, whereas further supply gains might push the price further down.

So What Is Immutable X (IMX)

A L2 Scaling Solution for Non-Fungible Tokens on Ethereum.

Immutable X is a L2 scaling solution for non-fungible tokens (NFTs) on Ethereum, with instant trading, massive scalability & zero gas fees for minting & trading with shared security with Ethereum mainnet. Immutable X is developed with StarkWare’s STARK prover & 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 & 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 & 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 & mints per second, meeting & 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 & content companies can launch better projects faster.