Immutable X logo

Immutable X

IMX

4.5

Price
$0.78
10/5/2022, 2:35:16 PM
diamondHands

Trade Immutable X today

Create a Coinbase account to buy and sell Immutable X on the most secure crypto exchange.

Market

Market stats

Market cap

$183.2M

Volume (24h)

$25.2M

Circulating supply

235.3M IMX

Typical hold time

49 days

Popularity

#75

All time high

$9.50

Price change (1h)

-0.5%

Price change (24h)

-0.8%

Price change (7d)

+5.82%

Trading activity

93% Buy0% Buy
7% Sell100% Sell

Sign up now to get up to $400 in rewards

Coinbase users can earn up to $400 on average just by taking advantage of our rewards. Get started now.

congratulationsOnEarningCrypto

Immutable X is on the rise this week.

The price of Immutable X has risen by 5.82% in the past 7 days. The price declined by 0.80% in the last 24 hours. In just the past hour, the price shrunk by 0.50%. The current price is $0.7783 per IMX. Immutable X is 91.81% below the all time high of $9.50.

The current circulating supply is 235,284,001 IMX.

About

IMX is an Ethereum token that powers Immutable X, a scaling solution for NFTs that aims to enable near-instant, low fee transactions. IMX can be used for staking on Immutable X, voting on the future of the protocol, and paying transaction fees.

What Is Immutable X (IMX)?

Immutable X (IMX) is a blockchain platform that simplifies the creation of non-fungible token (NFT) projects for developers. The protocol aims to achieve security and scalability for the network without compromising on either of them. The platform seeks to offer an exchange protocol that ensures NFTs are traded in a decentralized and open ecosystem secured by Ethereum blockchain technology.

According to its whitepaper, Immutable X builds the solution over layer 2 (L2) for NFTs on Ethereum technology. Layer 2 is a secondary framework called  off-chain that functions as an extra layer. The off-chain layer ensures that while the central layer, or layer 1, provides security, the L2 offers better speed. The platform states that the dominance and increase in activity of Ethereum have resulted in network congestion and a low transaction speed. Thereby Immutable X makes use of L2, built on top of the existing blockchain (L1), delivering both scaling and transaction speed. For instance, blockchain games require a faster transaction time, and L2 built on top of Ethereum solves this issue.

In a broader sense, Immutable X uses a roll-up technology offered by StarkWare. Roll-ups are systems that execute transactions outside the L1 layer. As a result, these roll-ups help lower user fees, allowing more people to participate and speeding up transaction processing.

Consequently, this protocol uses the zero-knowledge (zk) roll-up. In simpler terms, the zk protocol authenticates data without exchanging passwords but is secure at the same time. Further, zk allows for verifying a block faster and cheaper as less data is supplied. For example, the zk protocol represents accounts as an index rather than an address, reducing the transaction from 32 to 4 bytes. Thus the roll-up of Immutable X seeks to enable over 9,000 NFT transfers, swaps, and mints every second, which exceeds the scaling requirements of major NFT projects.

Further, using protocol standards such as REST API (representational state transfer application programming interface), the network enables developers to build NFT applications more efficiently. Immutable X translates complex blockchain exchanges to more direct interactions using REST API, which acts as a bridge between users and the resources or web services they require. The REST API intends to provide a better upgrade to existing blockchains. Also, new participants in the field, such as existing gaming and content businesses, can develop better initiatives quicker without interacting directly with smart contracts. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in protocols on a blockchain.

Apart from these offerings, Immutable X seeks to become a legally compliant platform that will enable large NFT companies to partner with them. The platform intends to facilitate NFT trading as simple as shopping in traditional eCommerce without compromising on user custody.

Furthermore, the Immutable X platform has IMX as its native token. The IMX is an ERC20token that aims to reward network activities such as trading, provision for liquidity, and building applications. The token also seeks to facilitate payment of protocol fees, staking, and participating in network governance. In addition, the token intends to align the incentives between ecosystem participants like creators, traders, and marketplaces to benefit their contribution.

History of Immutable X (IMX)

Robert Fergusen and James Fergusen cofounded the Immutable X protocol. The platform was launched by the NFT technology company Immutable in 2018. The company has also developed and published NFT gaming projects such as Guild of Guardians and Gods Unchained. The team includes 100 members from various finance, fintech, and blockchain backgrounds. In addition, multiple companies, including Coinbase, back Immutable’s projects.

How Are IMX Tokens Created?

According to the Immutable website, users earn IMX by completing activities that benefit the protocol, such as trading NFTs. Further, these rewarded actions accumulate “points” for the user. The protocol allocates a certain amount of IMX tokens to the daily rewards pool. IMX will be rewarded proportionately to the users of the daily rewards pool according to the points earned by them. 

Further, there is a fee of 20 percent on every transaction on the protocol that the user pays in IMX tokens. This fee goes to the staking reward pool. The network users earn a proportional share of this reward by staking a portion of their IMX holding. For instance, if a user’s stake represents one percent of the total IMX staked by all users, the reward will also be one percent of the total rewards earned in the staking pool.

How Many IMX Tokens Are There in the Market?  

The Immutable website reports the maximum total supply of IMX tokens to be 2,000,000,000 IMX. These IMX tokens are created, issued, and distributed by Digital World NFTs, a partner of Immutable X.

How to Buy the IMX Token

The IMX tokens can be purchased using the Coinbase app. Users can also trade the token using the Coinbase and Coinbase Pro websites. 

Related Assets

Trending assets

Assets with the biggest change in unique page views on coinbase.com over the past 24 hours.

Popular cryptocurrencies

A selection of cryptocurrencies in the top 50 by market cap.

Recently added

A selection of the most recently added cryptocurrencies.

Comparable market cap

Of all the assets on Coinbase, these 8 are the closest to Immutable X in market cap.

Social

Immutable X on social media.

Immutable X was mentioned in 119 out of 1,631,494 social media posts on Twitter and Reddit on Oct 04, 2022. 170 unique individuals are talking about Immutable X and it is ranked #573 in most mentions and activity from collected posts.

Powered by LunarCrush

Key indicators

Contributors

170 people

Posts

119 posts

Dominance

0.01%

Volume rank

#573

Powered by LunarCrush

FAQ

What is the current price of Immutable X?

The price of 1 Immutable X currently costs $0.78.

What is the market cap of Immutable X?

The current market cap of Immutable X is $183.22M. A high market cap implies that the asset is highly valued by the market.

What is the all time high of Immutable X?

The all-time high of Immutable X is $9.50. This all-time high is highest price paid for Immutable X since it was launched.

What is the 24 hour trading volume of Immutable X?

Over the last 24 hours, the trading volume of Immutable X is $25.18M.

What other assets are similar to Immutable X?

Assets that have a similar market cap to Immutable X include LINK, WAX, SwissBorg, and many others. To see a full list, see our comparable market cap assets.

How many Immutable X are there?

The current circulating supply of Immutable X is 235 million.

What is the typical holding time of Immutable X?

The median time that Coinbase customers hold Immutable X before selling it or sending it to another account or address is 49 days.

What is the relative popularity of Immutable X?

Immutable X ranks 100 among tradable assets on Coinbase. Popularity is currently based on relative market cap.

What is the current trading activity of Immutable X?

Currently, 93% of Coinbase users are buying Immutable X. In other words, 93% of Coinbase customers have increased their net position in Immutable X over the past 24 hours through trading.

Coinbase Bytes

The week’s biggest crypto news, sent right to your inbox

Coinbase Bytes article