Basic info
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Last updated: Aug 16, 2023
Immutable X is a Layer 2 protocol on Ethereum focused on NFTs, providing its users instant trading with zero fees. The platform provides users with an opportunity to create and develop their dApps through its open-source protocol featuring “600x more TPS than any other Ethereum-based NFT marketplace”.
The platform has its own marketplace named Immutable X Exchange, which functions through a Peer-to-Peer method offering zero gas fees and 9,000 TPS speed. The marketplace can be utilized by gamers, as in this field every moment counts, and delays or interference can cause major negative outcomes in game mechanics. The marketplace also supports ERC-721 and ERC-1155 tokens giving its users more flexibility in managing their NFT assets.
The Immutable X Mint feature provides users with the capability to create and distribute large-scale NFTs, which no matter if minted in single or in bulk, are executed by the platform free of charge.
Immutable X Link serves as a connection between users' Immutable X key on the L2 exchange and their private key on the main blockchain of Ethereum. The feature could be seen as the same as an Ethereum wallet manager, as it can execute the same authentication and authorization functions inside the exchange.
The protocol tackles scalability, which while technologically possible with blockchains, creates a problem by decreasing decentralization and compromising security. Immutable X cooperates with Starkware by utilizing the company’s software which uses “zero-knowledge with cryptographic proofs”, to increase the blockchain’s privacy and scalability.
The Immutable X protocol executes a high quantity of trades off-chain, once signed by users, and then puts them on-chain in a single proof which compresses all trades into one transaction at a fixed gas cost. All fees are handled by ImmutableX, making the process free for its users.
ImmutableX employs the same security measure as Ethereum mainnet, called validity-based proof, essentially meaning that users’ assets cannot be traded without their authorization.
The protocol also utilizes ZK Rollups for bundling hundreds of transactions into one, separated by smart contracts for verification, thus significantly lowering the storage and computational demand in validating blocks.
Through the protocol, users can buy and sell assets on the marketplace by linking it to their wallets. ImmutableX provides the means to deposit and withdraw ETH or IMX tokens between Immutable X and the Ethereum blockchain. IMX assets can be swapped via Tokentrove, an NFT marketplace built on Immutable.
Immutable X fees are the main source of revenue for the protocol. The platform takes a 2% fee on all primary asset sales, and a 2% fee on every NFT trade, all fees are denominated in the purchase currency. Through the ImmutableX app, marketplaces can also add their own fees to every order, as well as asset originators who can apply a royalty to each NFT they mint, which will earn them a fee from every subsequent purchase of the asset.
Immutable X’s native IMX token is used for utility and provides the platform users with the power to vote on the development of the protocol. The token is issued by a Token Foundation – Digital Worlds Ltd. Through this partnership, the projects aim to distribute IMX independently among the community, which means the team won’t acquire part of the token directly as compensation for their services or involvement in the project.
Currently, 20% of ImmutableX fees must be paid in IMX, either directly or by Immutable automatically swapping the actual purchase currency into IMX tokens on the open market.
The total amount of 2,000,000,000 IMX tokens is divided into five main areas. 52% are allocated towards the development of the ecosystem, such as user rewards, developer grants, liquidity provision, and marketing purposes. 25% are allocated to the development of the project by the service provider – Immutable. Pty. Ltd. – or the core team. 14% are left for investors through private sales, 5% are for public sales, and 4% are left as a foundation reserve, and will be used for ecosystem-development-related initiatives such as liquidity provision for exchanges. The initial total supply of the token was updated from 20M to 2B in October 2021, to enable a better user experience by not having to deal in fractions of an IMX.
All IMX used to pay transaction fees is sent to a staking rewards pool, which is proportionally distributed among users currently staking IMX, the more users stake, the more they earn.
The Immutable X team consists of more than 100 team members with backgrounds in blockchain, fintech, and gaming. The Australia-based company is responsible for launching one of the most successful blockchain trading card games – Gods Unchained, which is headed by Chris Clay – former director of Magic the Gathering Arena.
The company has announced integrations with marketplaces such as OpenSea and Mintable, and is powering some of the largest NFT plays across DeFi, such as SuperFarm. ImmutableX is partnering with ECOMI, Epics.GG, and TikTok into releasing collectibles as well as with GreenPark Sports, Illuvium, and MyCryptoHeroes+ in the field of gaming.
The Immutable X development plan is divided into five phases. During “Deus phase 1”, at the beginning of the protocol, only Gods Unchained players had access to the protocol aiming to ensure their assets are among the first to be minted on the network. Following this period, the “Cosmos phase 2” was launched, in which the platform was made available for all exchanges and dApps.
Currently, the project is in “Metaverse phase 3”, during which the company is expected to be launching significant exchange success, expansion, optimization, and scalability features. The next phase named “Multiverse phase 4” will include the launching of “mind-bending developer and trader UX improvements”. The team has confirmed that during this phase features such as proving platforms, primitives, and services for Developer UX and metadata order, and AMMs for NFTs for Trader UX will be added.
The final period of the development plan of the platform is named “Utopia phase 5”, during which “crazy-new vertical will be added”, as announced by the company. There aren’t many details available on concrete plans for it but ImmutableX claims its main goal is to make the world “more tradeable”.
https://docs.x.immutable.com/docs
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Last updated: Aug 16, 2023
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