Immutable X

Immutable X

IMX
$2.60
-9.47%
$2.52

24H Price

$2.92


About Immutable X

The Immutable X price is $2.60, a change of -9.47% over the past 24 hours as of 9:39 a.m. The recent price action in Immutable X left the tokens market capitalization at $3.62B. So far this year, Immutable X has a change of 19.89%. Immutable X is classified as a Culture & Entertaiment under CoinDesks Digital Asset Classification Standard (DACS).

Immutable X (IMX) is the native token of an NFT (non-fungible token) marketplace that operates as a layer 2 network tool for the Ethereum blockchain. It uses zero-knowledge proof technology to offer low fees, high speeds and scalability – the ability to process more transactions without slowing down.

IMX Price

The Immutable X token started trading in late 2021 following an initial exchange offering (IEO) on the Huobi Global exchange, two initial coin offerings and private sales. IMX has a maximum, fixed supply of 2 billion tokens.

Tokens sold for 16 cents on Huobi at the beginning, and then shot up to about $3 shortly after that. The price kept rising for about a month, peaking at $9.50 with a market cap of $1.75 billion in November 2021. Then came a crash, and IMX spent the next six months trading at about $1.50 to $5.

Its token sales, which sold off just under 20% of the supply, were a big success. In September 2021, an ICO on CoinList raised $12.5 million in less than an hour. And in a Series B funding round, Immutable raised $60 million from top venture capital and trading firms like Alameda Research, Galaxy Interactive and Bitkraft.

While most tokens were released shortly after the launch, the tokens from the private sale were scheduled to be unlocked over 18 months following a one-year cliff. Immutable X has earmarked the rest of the supply to jump-start the network, reward loyal users and develop the protocol.

How does Immutable X work?

Immutable X relies on what are known as “zero-knowledge rollups” (“ZK rollups”). This is an Ethereum-scaling tool that “rolls up” batches of transactions and then processes them on a separate blockchain known as a layer 2 before feeding them back to the Ethereum blockchain as a single transaction. Rollups cut down on transaction fees and speed things up while allowing a network to benefit from the security and network effects provided by the main Ethereum blockchain.

Immutable X uses ZK rollups to power an NFT platform that doesn’t charge its users gas fees. It powers popular NFT games like Gods Unchained, Illuvium and Nike (NKE)-owned sneaker NFT project, RTFKT. IMX is the utility token of this marketplace. It is used to pay for transaction fees, although buyers don't need to hold IMX, as the platform will automatically convert 20% of the sale into the currency.

IMX is used for governance proposals that determine the future of Immutable X. One IMX token is the equivalent of one vote. The team behind Immutable X plans to extend greater control to governance token holders over time. The token is also used for staking. All fees paid in IMX go toward a staking reward pool; those who stake IMX are entitled to shares in the pool. IMX is also issued to people who trade on Immutable X.

Key Events and Management

Immutable X was built by the tech firm StarkWare and Immutable. In February 2022, GameStop (GME) joined with Immutable X, to establish a $100 million NFT fund in IMX tokens.

Immutable was founded by two brothers and Forbes “30 under 30” entrepreneurs, James and Robbie Ferguson. Robbie Ferguson is a Thiel fellow.

As of May 2022, Immutable has raised $280 million, according to data from Crunchbase. A March 2022 funding round led by Temasek Holdings raised $200 million.

Read less...
Sponsor LogoBuy crypto on a secure, trusted platform.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don’t invest unless you’re prepared to lose all the money you invest.

Latest About Immutable X

View All
(SLERF)
Solana Meme Slerf Notches $1.7B in Volume After Developer Loses All Presale Funds

"This is not a joke I really f****d up and im really sorry. Was a simple mindless misclick when I was in the process of burning the the lp,” the developer said

(SLERF)
(Dogwifhat)
Influential Trader GCR Buys Original Dogwifhat Meme for $4M; WIF Rises

WIF prices surged in the past hour as X users discovered the trader now holds the original image.

(Dogwifhat)
El Salvadoran President Nayib Bukele. (Government of El Salvador, modified by CoinDesk)
El Salvador Is Sitting on $84M Profit From Its Bitcoin Holdings

President Nayib Bukele said in an X post that the Central American nation is earning bitcoin revenue from four different avenues.

El Salvadoran President Nayib Bukele. (Government of El Salvador, modified by CoinDesk)
(Kevin Ku/Unsplash)
MicroStrategy’s X Account Hacked, Leads to $440K Crypto Being Stolen: Blockchain Sleuth ZachXBT

The phishing attempt has already led to $440,000 worth of crypto being stolen.

(Kevin Ku/Unsplash)

Tim Beiko from the Ethereum Foundation, shares the Importance of the Dencun Upgrade, what are their concerns, and Ethereum's long-term scaling strategy. Read more...

CoinDesk Indices

View All
Top Indices including Immutable X
Logo
Index nameTickerWeight24H

Bitcoin Calculator

Last Updated on 03/19/24 9:39 AM

CoinDesk’s Bitcoin and Cryptocurrency Calculator determines the exchange rates between major fiat currencies and cryptocurrencies – including BTC, BCH, ETH and XRP to USD, EUR, GBP, IDR and NGN – with up to six decimal places of accuracy. Conversion rates are based on CoinDesk’s Bitcoin Price Index and the price indices of other digital assets. World currency prices are based on rates obtained via Open Exchange Rates.

Market Analysis
Social Analysis