Exchange Immutable X

Immutable X is a layer-2 scaling solution for Ethereum, designed to address the scalability limitations and high transaction fees of the Ethereum network. It aims to provide fast and cost-effective transactions while maintaining the security and decentralization features of the Ethereum blockchain.

Immutable X was founded by Robbie Ferguson and James Ferguson. Robbie Ferguson is the CEO, and James Ferguson is the CTO of Immutable, the company behind Immutable X. They founded the company in 2018.

Immutable, as a company, has been working on various projects in the blockchain and gaming space. In 2021, they launched Immutable X as a scaling solution specifically tailored for NFTs and gaming applications on the Ethereum network. Since its launch, Immutable X has gained attention and adoption within the NFT community due to its scalability and cost-effectiveness.

Immutable X leverages a technology called zero-knowledge rollups, specifically Optimistic Rollups, to achieve scalability. Rollups are a technique that allows a large number of transactions to be batched together off-chain and then submitted to the Ethereum network as a single transaction, significantly reducing congestion and gas fees.

In Optimistic Rollup, most of the transaction processing and validation occur off-chain. Transactions are bundled together in a "rollup" and then submitted to the Ethereum mainnet as a single transaction. This approach significantly reduces the computational and storage requirements on the main Ethereum network.

The consensus mechanism used in Immutable X's Optimistic Rollup is based on the concept of fraud proofs. Transactions within the rollup are assumed to be valid unless proven otherwise. This means that any participant can submit a proof to the Ethereum mainnet showing that a transaction within the rollup is invalid or fraudulent. Once a proof is submitted, the Ethereum network verifies it and reverts any incorrect state changes.

By utilizing fraud proofs, Optimistic Rollup achieves a scalable and efficient transaction processing system while maintaining a high level of security by relying on the Ethereum mainnet for dispute resolution.

What sets Immutable X apart is its focus on supporting non-fungible tokens (NFTs) and gaming applications. It is specifically designed to handle the unique characteristics and requirements of NFTs, such as individual ownership, scarcity, and interoperability.

Immutable X aims to ensure interoperability between the Ethereum network and other blockchains. It supports bridging assets between Ethereum and other chains, allowing users to transfer and interact with assets across different blockchain networks.

By using Immutable X, users can enjoy the benefits of fast, low-cost transactions while still benefiting from the security and interoperability of the Ethereum network. It has gained popularity as a scaling solution for NFT marketplaces and decentralized applications (dApps), allowing users to create, trade, and interact with NFTs more efficiently.

Immutable X provides a software development kit (SDK) that allows developers to integrate their applications with the Immutable X platform. The SDK provides tools, libraries, and documentation to simplify the process of building and deploying decentralized applications on Immutable X. Moreover, Immutable X actively encourages developers to build on its platform and provides support through developer grants, technical resources, and community engagement. This helps foster innovation and the growth of the ecosystem by attracting talented developers and encouraging the development of new applications.

Immutable X has its own NFT marketplace called Immutable X Marketplace. It serves as a platform for users to buy, sell, and trade NFTs with improved scalability and reduced transaction fees compared to the Ethereum mainnet. The marketplace supports various types of NFTs, including gaming assets, collectibles, and digital art.

The project has partnered with several prominent projects in the NFT and gaming space to facilitate the adoption of the platform. These partnerships involve collaborations with NFT marketplaces, game developers, and blockchain infrastructure providers to create a vibrant ecosystem of applications and services on Immutable X.

According to the official website of Immutable X, the development team works on offering the second type of layer 2 solutions - kEVM, short for zero-knowledge Ethereum Virtual Machine. kEVM is a layer-2 scaling solution that combines zero-knowledge proofs with the Ethereum Virtual Machine (EVM). It aims to provide scalability and privacy enhancements to the Ethereum network.

By leveraging zero-knowledge proofs, zkEVM allows for off-chain transaction processing and verification while maintaining the security and trustlessness of the Ethereum blockchain. Zero-knowledge proofs enable users to prove the validity of transactions and computations without revealing the underlying data or code.

With zkEVM, transactions and smart contracts can be executed and verified off-chain, reducing the computational and storage costs on the Ethereum network. Only the necessary proofs are submitted to the Ethereum mainnet, resulting in improved scalability and reduced transaction fees. However, the date when the solution will be released isn’t mentioned yet. 

IMX is the native ERC-20 token of the protocol. The IMX token has three primary use cases: fees, staking, and governance. To participate in the ecosystem, 20% of the protocol's fees must be paid in IMX. Users have the opportunity to stake IMX and earn a proportionate share of the network's fees. Additionally, IMX token holders can exercise their voting rights by holding IMX and participating in governance proposals.

The total supply of IMX tokens is two billion, and the circulating supply as of the end of May, 2023 - 914,163,546 IMX. Users can swap the IMX token through a variety of crypto platforms and exchanges, including Binance, OKEx, Deepcoin and Bitrue.

Average Immutable X Fees

According to the official Immutable X documentation, the protocol fee for all peer-to-peer transactions is 2%. However, specific details about the average fees on Immutable X may vary depending on the current network conditions and the specific transaction types.

Additionally, on Immutable, a 2% "protocol fee" is applied to all secondary trades, without any flat fee per trade. This structure enables us to facilitate trading that would otherwise be uneconomical on platforms with higher fixed-cost gas fees.

IMX Wallets

The IMX coins can be held in the majority of the popular crypto wallets, including, MetaMask, MyEtherWallet, Ledger Wallet, Trezor Wallet, Trust Wallet, Atomic Wallet, Exodus Wallet, Coinomi Wallet, Eidoo Wallet, imToken Wallet, etc.