Immutable/IMX#93 36

What is Immutable (IMX)?

Immutable X is a layer 2 network for games that offers low cost, massive scale,, and smart contract compatibility supported by Ethereum. Ethereum is great for decentralization and security, but it’s not so great for scaling and this is where Immutable X steps in.

The project is making it easier and cheaper for artists to mint and sell NFTs, bringing more creators into the space. No more worrying about losing money on gas fees just to create a piece of art.

Co-founded in 2019 by James Ferguson, Robbie Ferguson, and Alex Connolly, backed by Immutable company with a team of over 240+ developers.

Immutable X has another unique feature that is to use REST APIs making interactions with the blockchain simpler. It allows developers to create NFTs using API rather than smart contracts. The project has a Simple Development Kit (SDK), where developers create NFT projects in hours instead of days.

How does Immutable work?

Immutable X utilizes a scaling tool known as Zero Knowledge Rollup (ZK Rollup) for validating transactions. It bundles multiples of transaction data into a solitary zero-knowledge proof referred to as ZKSTARK (Zero Knowledge Concise and Transparent Knowledge Discussion).

ZKSTARK is a way of proving the possession of the data section without revealing any of the important data ensuring privacy and security. Once the transaction is processed it is staked and proof is sent to the blockchain and verified by smart contracts. 

The transaction is processed in layer 1 of the Ethereum blockchain but is recorded in layer -2 making it easy to validate as it does not contain all the data, which helps to reduce the gas fee and resources needed. Normally, minting and trading NFTs on Ethereum can cost a lot because of gas fees, especially when the network is busy.

Immutable (IMX) Token

IMX is an ERC-20 token that fuels Immutable projects. The token has the following use cases:

• Fees 

Even though Immutable does not charge any gas fees, a small fee of 2% is implied on every transaction. Out of that fee, 20% will be converted into IMX tokens and sent to the reward pool to incentivize people who stake their tokens.

• Governance

IMX token holders gain the power to take part in making decisions for the token like supply, distribution, and daily rewards. The more tokens one holds, the more is the influence.

• Staking

Immutable enables people to stake the IMX tokens to support the network. For every 14 days, the individuals earn rewards in the form of IMX tokens from the 20% fee mentioned earlier. 

The token was launched through ICO on Sep 8, 2021, at a base price of around $0.15, raising $13 million in funds. It started trading on Nov 5, 2021, at an initial price of $5.65.

As of 2024, the coin recorded an all-time high price of $9.52 on Nov 26, 2021, and an all-time low price of $0.38 on Dec 31, 2022.

Where to buy Immutable (IMX) tokens?

IMX tokens are traded on 60+ crypto exchanges. Some of the centralized exchanges supporting IMX tokens are Binance, KuCoin, OKX, Kraken, Gate.io, and Bybit.

Some of the decentralized exchanges supporting IMX tokens are Uniswap, DeGate, OpenOcean, and Loopringexchange.

Wallets for Immutable (IMX) tokens.

Security, cost-effectiveness, and user-friendliness are the important factors to consider while selecting a wallet for IMX tokens.

Some of the best wallets for IMX tokens are MetaMask, Trust Wallet, imToken, Torus, Coinhub, and TokenPocket.

Immutable (IMX) Price Prediction 2024-2030:

Immutable (IMX) has increased in value due to its growing usage and demand in recent years.

As per Coinpedia, Immutable (IMX) is anticipated to reach a potential high price of $2.41 and a potential low price of $0.81 by the end of 2024

Immutable (IMX) Price 2025:

For 2025, the Immutable (IMX) price is projected to range between $3.27 and $1.61.

Immutable (IMX) Price 2026:

For 2026, the Immutable (IMX) price is projected to range between $4.09 and $2.44.

Immutable (IMX) Price 2027:

For 2027, the Immutable (IMX) price is projected to range between $5.12 and $3.22.

Immutable (IMX) Price 2028:

For 2028, the Immutable (IMX) price is projected to range between $6.87 and $4.16.

Immutable (IMX) Price 2029:

For 2029, the Immutable (IMX) price is projected to range between $8.43 and $5.05.

Immutable (IMX) Price 2030:

Finally, for 2030, the Immutable (IMX) price is projected to range between $9.77 and $6.44.