Immutable X (IMX)

An NFT exchange and L2 sollution. Immutable X is a ZK rollup engine for minting and exchanging NFTs on Ethereum.

Basics

• Based in: Sydney (9-3-2022).
• Started in / Announced on: 21-10-2020
• Mainnet: "We are aiming to release our first public version in Q1 2021." (on the website as of 30-3-2021). Update: launched on 8-4-2021.

• From EthHub #113 (12-5-2020):

"Immutable X is a decentralized, non-custodial exchange that scales trading on the Ethereum network with instant settlement and zero gas fees."

History

• Built (8-5-2020) by Gods Unchained and StarkWare.

Audits & Exploits

• Bug bounty program can be found [insert here].

Governance

• From their announcement (8-5-2020)

"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."

Token

Launch

• Announced its IMX token on 22-7-2021. The public sale will happen on the 8th of September 2021 via CoinList.

Utility

• Governance and utility token, also used for staking.

Other Details

• Supports ERC-20 and ERC-721 (30-3-2021). Has no native token;

"Unlike sidechains, we're not controlled by central operators that can be easily attacked (51%) and ransomed, nor do we require a novel token to use."

Technology

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].

Implementations

• Built on: Ethereum
• Programming language used:

Transaction Details

• Capacity (TPS): "capable of handling 200m+ NFT transactions per day" (8-5-2020). "Massive scalability up to 9,000+ TPS." (30-3-2021).
• Latency:

How it works

• As they themselves claim: "Not a centralized sidechain."

• From their website (30-3-2021):

"Under Immutable X Volition model, users will be able to choose whether particular assets are held as a Validium ZK-proof or ZK-Rollup."

Fees

• ImmutableX is turning 2% fees on to be sustainable. From their blog (30-5-2022):

"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."

• From Bankless (23-7-2021):

"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."

Roadmap

• Can be found [Insert link here].

Usage

Projects that use or built on it

• Gods Unchained
• Illuvium
• OpenSea (1-4-2021)

Competition

• Other Layer 2s like Optimism, Polygon, xDai, etc.

Team, Funding, Partners

Team

• Full team can be found [here].
• After the 2022 market crash it announced it would 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."

Funding

• Launched a $500 million development fund to build out blockchain-based games and projects (17-6-2022).
• From Bitcoin.com (9-3-2022):

"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."

• Raised $60m in a Series B round (14-9-2021).

Partners

• Immutable X partnered with OKX (5-4-2022).

(:

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