Immutable X is a Layer 2 blockchain that brings users all of the benefits of Ethereum without the high costs and occasionally slow confirmation times. Created in 2018 and now the choice of network for a growing number of Web3 games, Immutable X offers platforms free NFT minting, a dedicated marketplace and 9,000 transactions per second.
Now the Ethereum Merge is complete, blockchain developers and enthusiasts are asking what the future of decentralized networks will look like. Whatever happens, we’re sure that Layer 2 blockchains like Immutable X will have a big part to play.
What is Immutable X?
Immutable X is a Layer 2 scaling solution built on top of the Ethereum blockchain. It was designed and created to offer near-instant confirmation and near-zero gas fees for NFT trading and minting.
James Ferguson, Robbie Ferguson and Alex Connolly launched Immutable in Australia in 2018. Immutable is the company behind the Immutable X network.
It was originally created to lower the costs associated with trading NFTs for(a game by Immutable). But the larger goal was to create a gaming-specific blockchain that could host gaming platforms, while keeping down costs and speeding up transaction times.
What dapps are on Immutable X?
As a blockchain built for NFT trading and gaming, mostcome under the umbrella of and . We’ve already mentioned Gods Unchained, but there are plenty more platforms on Immutable that are definitely worth checking out:
- – an Immutable X marketplace for trading stable NFTs.
- – mobile RPG with a focus on player ownership.
- – a platform that bridges the gap between real and fantasy with physical and digital trading cards.
- – upcoming collectible NFT RPG game and auto-battler.
- – mobile virtual world with 1.5 million monthly active users.
How does the blockchain work?
The network is based around a technology called Zero-Knowledge Rollup (ZK-Rollup). This means that transactions are not automatically added to the blockchain when they’re confirmed. Instead, they’re batched on the Immutable X network and then moved as a single secure unit of information onto the blockchain. This is why it’s called a Layer 2, because it’s built on Ethereum, which is a Layer 1.
By collecting and confirming transactions off-chain, and then moving it all on-chain in one go, Immutable X is able to process 9,000 transactions per second while keeping gas fees near to zero. This method also makes minting and trading NFTs on Immutable X 100% carbon-neutral. Immutable offsets the small amount of energy that is used with carbon credits.
What are the benefits of Immutable X?
- Costs and Speeds – it’s the only gas-free minting platform and transaction times are instant. Because Immutable X was created with gamers in mind, it makes every effort to cater for that demographic.
- Easy to use – the Immutable X Web3 wallet has integrated credit card payments, so that people who aren’t comfortable using blockchain technology will still be able to access the ecosystem. Immutable says that it has ‘simple APIs and SDKs [that] allow you to build and launch faster’. This means it’s great for developers who need a host for their creations.
- Worldwide NFT trading – for anyone who wants to trade in NFTs, people who list their items on the Immutable X network get instant access to the entire global order book. This means that if someone lists an NFT on one Immutable X marketplace, it gets automatically added to every marketplace that deals in Immutable X items.
- Benefits of Ethereum – Immutable X users also benefit from the Ethereum blockchain’s security. While transactions and fees are processed at the Layer 2 level on Immutable X, all of the information is ultimately confirmed on Ethereum. The solution also supports all desktop Ethereum wallets without users needing to switch to a different network.
What is the IMX token?
Immutable X (IMX) is an ERC-20 utility token and it acts as the grease that keeps the Immutable X cogs turning. Users need it for trading on the network, to provide liquidity and to build applications.
It has three core uses for the Immutable X network:
Immutable takes a 2% fee on all secondary trades carried out on the network. 20% of this must be paid in IMX. This payment can be made directly with IMX tokens or Immutable will swap the purchase currency (e.g.) into IMX on the open market.
Collected fees are distributed to IMX stakers, in proportion to the amount of tokens they have contributed to the aggregated pool. The picture below is an example of how this works.
To be eligible for staking rewards, users must:
- Hold IMX on Layer 1 or Layer 2
- Have voted on a governance proposal in the past 30 days
They also need to do one of the following two things:
- Hold an NFT on Immutable X
- Completed a trade on Immutable X in the past 30 days.
IMX token holders can vote on proposals put forth by the community. Votes can be on topics such as reserve token allocation, developer grants or changing token supply. More IMX tokens give holders more voting power.
The Immutable X Marketplace?
As a blockchain built for trading gaming NFTs, Immutable X has its own marketplace where users can buy and sell their in-game assets. It is home to all items that have been listed for sale on the network. So if your secondary marketplace of choice features Immutable X NFTs, you will see everything already listed on the official marketplace.
As we’ve already mentioned, NFTs are free to mint on Immutable X. And Immutable only takes 2% as a sell-on fee. This makes the blockchain perfect for anyone looking for low costs when they’re launching their next collection.
You canto see for yourself what NFTs are available to buy.