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| An [[NFT]] exchange and [[L2]] sollution. [[Immutable]] X is a [[ZK-Rollups|ZK rollup]] engine for minting and exchanging [[NFTs]] on [[Ethereum]]. It promises zero [[Gas|gas fees]], instant trades and scalability for games, applications, marketplaces, without compromise.
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| ==Basics ==
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| *Based in: [https://news.bitcoin.com/immutable-raises-200-million-in-temasek-led-series-c-nft-startup-now-valued-at-2-5-billion/ Sydney] (9-3-2022).
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| *Started in / Announced on: [https://twitter.com/Immutable/status/1318730386822754304 21-10-2020]
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| *[[Mainnet]]: "''We are aiming to release our first public version in Q1 2021."'' (on the [https://www.immutable.com/ website] as of 30-3-2021). Update: [https://www.theblockcrypto.com/linked/101092/ethereum-startup-immutable-aims-to-cut-nft-costs-with-new-layer-2-scaling-protocol launched] on 8-4-2021.
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| *[https://ethhub.substack.com/p/ethhub-weekly-113 From] [[EthHub]] #113 (12-5-2020):
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| ''"Immutable X is a [[decentralized]], [[Decentralized Exchange (DEX)|non-custodial exchange]] that scales trading on the Ethereum network with instant settlement and zero [[gas]] [[fees]]."''
| | 5imp5on 1996-2022 |
| ==History==
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| * [https://blog.godsunchained.com/2020/05/08/introducing-immutable-x/ Built] (8-5-2020) by [[Gods Unchained]] and [[StarkWare]].
| | Grand Master Pepe 1995-2022 |
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| ==Audits & Exploits==
| | Mie Shidnoa 1985-2022 |
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| *[[Bug bounty]] program can be found [insert here].
| | Bred deson 1977-2022 |
| *[https://l2beat.com/scaling/projects/immutablex/ From] [[L2beat]] (13-10-2022):
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| ''"Funds can be stolen if…''
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| # ''a [[Smart Contract (SC)|contract]] receives a malicious code upgrade. There is a 14 days delay on code upgrades.''
| | Joe hah 1977-2022 |
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| ''Funds can be lost if…''
| | Benij Maden 1966-2022 |
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| # ''the external data becomes unavailable (CRITICAL),''
| | Joe hah 1977-2022 |
| # ''the proof system is implemented incorrectly.''
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| ''Users can be censored if…''
| | They are killed by a terriost while on their f**king way to hell so they ended up in hell a lot faster |
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| # ''the committee restricts their access to the external data,''
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| # ''the operator refuses to include their [[Transaction (Tx)|transactions]]. They can still exit the system.''
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| ''[[Maximal Extractable Value (MEV)|MEV]] can be extracted if…''
| | We will never forget them! |
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| # ''the operator exploits their [[centralized]] position and frontruns user transactions."''
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| ===Bugs/Exploits===
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| ==Governance==
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| *From their [https://medium.com/@immutable/introducing-immutable-x-2a27d8502150 announcement] (8-5-2020)
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| "''Immutable X is still a fair way off but, once it’s live, assets will be minted directly onto the platform. Existing users will also be able to [[move]] their [[Gods Unchained]] items onto the platform without handing control of those assets over to us. Overall, when Immutable X launches we’ll still have zero control over its users items and won’t be able to touch or alter those items in any way. Immutable X merely acts as a facilitator to make more efficient trades. To reiterate what was said above (as it’s vital): Immutable X will be [[non-custodial]]; users will be able to trade their assets without trusting the security of Immutable’s infrastructure."''
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| ===Admin Keys===
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| * [https://l2beat.com/scaling/projects/immutablex/ From] [[L2beat]] (13-10-2022):
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| ''"The system has a [[centralized]] operator. The operator is the only entity that can propose [[Block|blocks]]. A live and trustworthy operator is vital to the health of the system. Typically, the Operator is the [[Hot Wallet|hot wallet]] of the [[StarkWare (StarkNet - STARK)|StarkEx]] service submitting [[state]] updates for which proofs have been already submitted and verified. Force exit allows the users to escape censorship by withdrawing their funds. The system allows users to force the withdrawal of funds by submitting a request directly to the [[Smart Contract (SC)|contract]] [[On Chain|on-chain]]. The request must be served within a defined time period. If this does not happen, the system will halt regular operation and permit trustless withdrawal of funds. If enough time passes and the forced exit is still ignored the user can put the system into a frozen state, disallowing further state updates. In that case everybody can [https://docs.starkware.co/starkex-v3/starkex-deep-dive/smart-contracts-1/in-spot-trading/in-perpetual-trading withdraw] by submitting a merkle proof of their funds with their [[Layer One|L1]] transaction.''
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| ''The system uses the following set of [[permissioned]] [[Address|addresses]]:''
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| # ''Governor 0x799E…4B5a (EOA)'' ''Can upgrade implementation of the system, potentially gaining access to all funds stored in the [[bridge]]. Currently there is no delay before the upgrade, so the users will not have time to migrate.''
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| # ''Data Availability Committee0x1ffb…58d1 (EOA), 0x24ee…d54b (EOA), 0x48af…b949 (EOA), 0x51ab…ff2e (EOA), 0xafc4…5d17 (EOA), 0xb71f…ff61 (EOA), 0xff50…c537 (EOA)'' ''Validity proof must be signed by at least 5 of these addresses to approve state update.''
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| # ''SHARP Verifier Governor 0x3DE5…F5C6 (EOA)'' ''Can upgrade implementation of SHARP Verifier, potentially with code approving fraudulent state. Currently there is no delay before the upgrade, so the users will not have time to migrate.''
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| # ''Operator 0x9B7f…927e (EOA)'' ''Allowed to update the state. When the Operator is down the state cannot be updated."''
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| ===DAO===
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| ===Treasury===
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| ==Token==
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| ===Launch===
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| * [https://immutablex.medium.com/introducing-imx-to-power-ethereums-first-layer-2-for-nfts-8be74981f573 Announced] its IMX [[token]] on 22-7-2021. The public sale will happen on the [https://twitter.com/Immutable/status/1430611200736337920 8th of September 2021] via [[CoinList]].
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| ===Token Allocation===
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| ===Utility===
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| * [[Governance]] and [[utility token]], also used for [[staking]].
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| *[https://newsletter.banklesshq.com/p/under-the-radar-layer-2s?utm_source=substack&utm_medium=email From] [[Bankless DAO (BANK)|Bankless]] (22-7-2022):
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| ''"Immutable X is governed by the IMX token. Along with these rights, IMX holders can stake their tokens to earn 20% of transaction fees, as well as protocol fees that include 2% of all secondary NFT trades made on the L2."''
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| ===Other Details===
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| * [https://www.immutable.com/ Supports] [[ERC-20 Token|ERC-20]] and [[ERC721|ERC-721]] (30-3-2021). Has no [[native token]];
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| ''"Unlike [[Sidechain|sidechains]], we're not controlled by [[Centralized|central]] operators that can be easily attacked ([[51% Attack|51%]]) and ransomed, nor do we require a novel token to use."''
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| ===Stablecoin===
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| ==Coin Distribution==
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| ==Technology==
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| *[[Whitepaper]] or docs can be found [https://docs.starkware.co/starkex-docs-v2/ here].
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| *Code can be viewed [https://github.com/starkware-libs/starkex-contracts here].
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| ===Implementations===
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| *Built on: [[Ethereum]], [[StarkWare|StarkEx]]
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| *Consensus mechanism:
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| *Algorithm:
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| *[[Virtual Machine (VM)|Virtual Machine]]:
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| *Development language:
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| ====Transaction Details====
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| *Capacity ([[TPS]]): ''"[https://medium.com/@immutable/introducing-immutable-x-2a27d8502150 capable] of handling 200m+ [[NFT]] [[transactions]] per day"'' (8-5-2020). "''Massive scalability up to 9,000+ TPS."'' ([https://www.immutable.com/ 30-3-2021]).
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| *[[Latency]]:
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| ===How it works===
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| * [https://l2beat.com/scaling/projects/immutablex/ From] [[L2beat]] (13-10-2022):
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| ''"Each update to the system [[state]] must be accompanied by a ZK Proof that ensures that the new state was derived by correctly applying a series of valid user [[Transaction (Tx)|transactions]] to the previous state. Once the proof is processed on the [[Ethereum (ETH)|Ethereum]] blockchain the [[Layer Two|L2]] [[block]] is instantly finalized. The system state is represented using Merkle roots. The balances of the users are not published [[On Chain|on-chain]], but rather sent to several well known and trusted parties, also known as committee members. A state update is valid and accepted on-chain only if at least a quorum of the committee members sign a state update."''
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| *As they themselves [https://www.immutable.com/ claim]: ''"Not a [[centralized]] [[sidechain]]."''
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| *[https://newsletter.banklesshq.com/p/under-the-radar-layer-2s?utm_source=substack&utm_medium=email From] [[Bankless DAO (BANK)|Bankless]] (22-7-2022):
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| ''"Immutable X is considered to be a [[validum]] because transaction data is stored via an [[Off Chain|off-chain]] solution known as a data availability committee rather than entirely [[On Chain|on-chain]]. While this means that Immutable X has increased trust assumptions relative to other rollups that settle to Ethereum, it allows the network to significantly reduce transaction costs, with the network entirely subsidizing them for end users."''
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| *From their [https://www.immutable.com/ website] (30-3-2021):
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| ''"Under Immutable X [[Volition]] model, users will be able to choose whether particular assets are held as a [[Validium]] [[Zero-Knowledge Proofs|ZK-proof]] or [[Rollups|ZK-Rollup]]."''
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| ===Fees===
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| * ImmutableX is turning 2% fees on to be sustainable. From their [https://weekinethereum.substack.com/p/week-in-ethereum-news-june-4-2022?s=r blog] (30-5-2022):
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| ''"This week, we are activating Immutable X’s “protocol fee” in preparation for the upcoming release of $IMX staking in June. The protocol fee isn’t a [[gas]] fee, nor do you need to pay it in $IMX directly — it’s a simple exchange fee on transactions, paid in the currency of the trade. Part of this fee is allocated to Immutable, and part to the $IMX staking rewards pool. Immutable takes a 2% “protocol fee” on all secondary trades, with no flat fee on each trade."''
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| *[https://metaversal.banklesshq.com/p/immutable-x-unveils-imx?token=eyJ1c2VyX2lkIjoxMzk3OTAwLCJwb3N0X2lkIjozOTA4Njc3MCwiXyI6IitrN3VtIiwiaWF0IjoxNjI3MjMwMTg3LCJleHAiOjE2MjcyMzM3ODcsImlzcyI6InB1Yi0yNDIxODEiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.4KXqeUKj_d82TdMNLiGky From] [[Bankless DAO (BANK)|Bankless]] (23-7-2021):
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| ''"Once live, a 20% cut of all Immutable X [[transaction]] fees will be denominated in $IMX; these fees will go to a [[staking rewards]] pool as yield for $IMX [[stakers]]."''
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| ===Upgrades===
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| ===Staking===
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| ===Liquidity Mining===
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| ===Scaling===
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| ===Interoperability===
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| ===Other Details===
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| ==Oracle Method==
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| ==Their Other Projects==
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| ==Roadmap==
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| *Can be found [Insert [[LINK|link]] here].
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| ==Usage==
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| ===Projects that use or built on it===
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| * [[Gods Unchained]]
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| * [[Illuvium (ILV)|Illuvium]]
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| *[[OpenSea]] ([https://www.coindesk.com/nft-opensea-immutable-layer-2-protocol-ethereum 1-4-2021])
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| ==Competition==
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| * Other [[Layer Two|Layer 2]]<nowiki/>s like [[Optimism]], [[Polygon (MATIC)|Polygon]], [[XDai (STAKE)|xDai]], etc.
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| ==Pros and Cons==
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| ===Pros===
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| ===Cons===
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| ==Team, Funding, Partners==
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| ===Team===
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| * Full team can be found [here].
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| * After the 2022 market crash it announced it would [https://decrypt.co/106054/crypto-game-studio-immutable-announces-new-layoffs-small-reorganization lay off] 6% of the company (27-7-2022). This happened not too long after its announced a $500M dev fund for Web3 game adoption (17-6-2022) and its 8-3-2022 $2.5B valuation (see below). "''The CEO and co-founder of Immutable, James Ferguson, told employees the company is still in “a fantastic position,” according to reporting from CNET. Immutable has grown to 280 employees from 180 at the start of this year, according to the spokesperson. And they said the Australia-based company is “on track” to grow its headcount to 360 employees in the next five months."''
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| ===Funding===
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| * Launched a [https://www.theblock.co/linked/152698/immutable-launches-500-million-development-fund-for-web3-game-adoption $500 million] development fund to build out blockchain-based games and projects (17-6-2022).
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| *[https://news.bitcoin.com/immutable-raises-200-million-in-temasek-led-series-c-nft-startup-now-valued-at-2-5-billion/ From] [[Bitcoin.com]] (9-3-2022):
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| ''"Raised $200 million in a Series C financing round led by [[Temasek]]. The company is now valued at $2.5 billion and Immutable plans to use the funds to scale the startup’s gaming studio."''
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| * Raised [https://twitter.com/TheBlock__/status/1437782531861004297 $60m] in a Series B round (14-9-2021).
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| ===Partners===
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| * Immutable X [https://twitter.com/Immutable/status/1509881003359170564 partnered] with OKX (5-4-2022).
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| *[https://newsletter.banklesshq.com/p/under-the-radar-layer-2s?utm_source=substack&utm_medium=email Managed] to secure partnerships with prominent meatspace firms such as Disney, [[Gamestop]] and Turner Sports (22-7-2022).
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| ==(:==
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| Knowledge empowers all and will help us get closer to the [[decentralised]] world we all want to live in!
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| Making these free wiki pages is fun but takes a lot of effort and time.
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| If you have enjoyed reading, tips are appreciated :) This will help us to [[keep]] expanding this archive of information.
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| [[ETH]] tip [[address]]: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31
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| Also check out [https://cointr.ee/zeb CoinTr.ee] for more content.
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| [[Category:Companies/Organisations]]
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