Immutable X: Layer 2 scaling resolution for NFTs

Ethereum, the primary blockchain community on which most NFTs and play-to-earn video games function, has limitations concerning scalability. This layer 1 blockchain can solely course of between 5 and 15 transactions per second (TPS), leading to excessive transaction prices and gasoline charges. 

The upcoming transition of Ethereum to the proof-of-stake consensus, The Merge, won’t clear up the scalability downside. As a result of its major operate can be to lower power consumption, to not increase the community capability. Consequently, the transaction pace will principally stay the identical. 

This is the reason many layer 2 applied sciences emerge that run on Ethereum to assist scale it. Immutable X protocol is one such resolution, and its focus is on accelerating NFT-based functions. 

What are Ethereum rollups?

Immutable X makes use of rollups to extend scalability. Rollups lower transaction prices by batching numerous transactions into one single transaction. 

There are two sorts of rollups: optimistic and 0 data (zk). The previous assumes all transactions are legitimate till confirmed in any other case. A fraud-proof mechanism takes place provided that a community participant suspects fraudulent exercise. 

Immutable X deploys zk rollups. These rollups are at all times verified earlier than the transactions are despatched to the Ethereum mainnet by way of a “validity proof.” A technique known as Zero Knowledge Proof is used for the validation. 

Immutable X companions with Starkware for the implementation of zk rollups. Because of this, the protocol can handle 9,000 NFT transactions per second, making certain many advantages for recreation functions. 

Implications of Immutable X resolution for web3 video games

Leveraging its personal expertise, Immutablethe corporate behind the Immutable X protocol, publishes a few of the hottest web3 video games, reminiscent of God Unchained and Guild of Guardians. 

Immutable X offers the identical instruments to different web3 builders to build their video games by enabling gas-free minting with out sacrificing safety. This manner, minting tens of millions of NFTs totally free is feasible, and video games might be inbuilt hours. As well as, NFTs might be distributed to a number of marketplaces effectively due to Immutable X’s orderbooks

It additionally bears mentioning that Immutable X helps all desktop Ethereum wallets, eliminating the necessity for switching networks versus the case with different scaling options, like sidechains. This creates a a lot better person expertise for avid gamers as a result of the NFT transaction course of is way simpler. 

IMX token

IMX is an ERC-20 token used to reward members for his or her actions. It’s the native utility token of the Immutable X protocol. There’ll be 2,000,000,000 IMX tokens in complete, and the anticipated allocation is as follows: 

  • 51.74% for ecosystem improvement
  • 25% for undertaking improvement
  • 19.26% for private and non-private gross sales
  • 4% for basis reserve

Utilities of IMX 

Charges: Customers should pay 20% of transaction charges in IMX. Ought to the person doesn’t maintain any IMX on the time of the transaction, Immutable swaps the fee foreign money for IMX.

Staking: The charges paid are transferred to a staking pool which Immutable makes use of to reward protocol members. 

Governance: IMX holders with a sure threshold of tokens will be capable of vote on future proposals, which can be revealed on Snapshot

Learn how to earn IMX rewards 

IMX staking occurs on 14-day cycles throughout which the collected charges are distributed to token holders. There’re two eligibility necessities. First, it’s essential to stake IMX on the staking platform.

The second requirement is to commerce no less than one NFT inside the 14-day cycle on one of many marketplaces that use the IMX order ebook. Suitable marketplaces embrace the native marketplace of ImmutableOkxMintable, and Tokentrove. You may view a listing of the eligible collections here

Immutable distributes 100,000 IMX tokens every day by way of its buying and selling program. To participate, it’s essential to purchase or promote an NFT price no less than 10$. On the finish of the day, your IMX rewards can be delivered to your pockets based mostly on the proportion of your buying and selling quantity to the whole buying and selling quantity. 

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