$IMX is the newly announced native ERC20 utility tokens of the Immutable X. It is the first-rollup protocol of Ethereum used for trading and minting NFTs, built after partnering with Starkware. During the Alpha period, millions of dollars were facilitated by Immutable X in NFT volume and over 250,000 NFT trades.
Most of the giant companies located across the world are into building NFT experiences for the users. Most of the companies are also exploring sidechains and blockchains because of their features that include user experience challenges and scalability of Ethereum.
Immutable X has made the effort of establishing world-class NFT projects a cakewalk by offering a robust scaling solution, asset registry and a global order book, and also the wallet experience of NFT natives, all of which are uncovered through common SDKs and APIs.
The main motive behind designing $IMX was to accelerate the expansion of Immutable X by incentivising trading activity and protocol adoption. They also wanted to reward the developers and users who endorse the establishment of a scalable NFT ecosystem on Ethereum.
At the moment, $IMX has three primary use cases.
- Staking: The transaction fees of all $IMX is sent to the staking rewards pool. The pool is proportionally distributed among the users who stake $IMX currently.
- Fees: 20% of the fee of each transaction is to be paid in $IMX. If you don’t own any $IMX, it will automatically be bought in your account using ETH.
- Governance: When you are an active member of the Immutable X community you will have the vote of $IMX-weighted on the future of protocol.
The Overview of Tokenomics
A total of 20,000,000 $IMX are to be allocated in the following distribution.
- For the growth of the ecosystem, that is Developer Grants and User Rewards: 51.70%.
- Project Development: 25.00%
- Token Foundation: 4%
- Token sales private and public: Up to 19.30%