Difference between revisions of "Immutable X (IMX)"

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* [[Governance]] and [[utility token]], also used for [[staking]].
* [[Governance]] and [[utility token]], also used for [[staking]].
*[https://newsletter.banklesshq.com/p/under-the-radar-layer-2s?utm_source=substack&utm_medium=email From] [[Bankless DAO (BANK)|Bankless]] (22-7-2022):
''"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."''


===Other Details===
===Other Details===
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===Implementations===
===Implementations===


*Built on: [[Ethereum]]
*Built on: [[Ethereum]], [[StarkWare|StarkEx]]
*Programming language used:
*Programming language used:


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* As they themselves [https://www.immutable.com/ claim]: ''"Not a [[centralized]] [[sidechain]]."''
* As they themselves [https://www.immutable.com/ claim]: ''"Not a [[centralized]] [[sidechain]]."''
 
*[https://newsletter.banklesshq.com/p/under-the-radar-layer-2s?utm_source=substack&utm_medium=email From] [[Bankless DAO (BANK)|Bankless]] (22-7-2022):
* From their [https://www.immutable.com/ website] (30-3-2021):
''"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."''
*From their [https://www.immutable.com/ website] (30-3-2021):


''"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]]."''
''"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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* Immutable X [https://twitter.com/Immutable/status/1509881003359170564 partnered] with OKX (5-4-2022).
* Immutable X [https://twitter.com/Immutable/status/1509881003359170564 partnered] with OKX (5-4-2022).
*[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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Revision as of 02:20, 4 August 2022

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.

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

History

Audits & Exploits

Bugs/Exploits

Governance

"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."

DAO

Treasury

Token

Launch

Token Allocation

Utility

"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."

Other Details

"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."

Stablecoin

Coin Distribution

Technology

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

Implementations

Transaction Details

How it works

"Immutable X is considered to be a validum because transaction data is stored via an off-chain solution known as a data availability committee rather than entirely 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."

"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."

"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."

Upgrades

Staking

Liquidity Mining

Scaling

Interoperability

Other Details

Oracle Method

Privacy Method

Compliance

Their Other Projects

Roadmap

  • Can be found [Insert link here].

Usage

Projects that use or built on it

Competition

Pros and Cons

Pros

Cons

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

"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).
  • Managed to secure partnerships with prominent meatspace firms such as Disney, Gamestop and Turner Sports (22-7-2022).

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