·

Layer-2 solution Immutable Introduces IMX token

Posted by
Robert Hoogendoorn

Token serves as a reward for users of the platform

Immutable announced IMX, a new ERC-20 token for their Ethereum layer-2 solution Immutable X. They designed the token to accelerate the growth of the platform as it serves as an incentive for protocol adoption and trading activity. 

Immutable launched their layer-2 solution earlier this year, and currently, only the trading card game Gods Unchained works on the platform. However, more games and services are coming. Ultimately they created Immutable X to make trading of NFTs faster and cheaper for all users. 

Gamers using the platform or developers contributing, will receive IMX as a reward. The token has three use-cases on the platform. First of all 20% of every transaction fee on Immutable X, gets paid in IMX. When users don’t have IMX, it will be purchased and used in the background. No additional costs. Users who have lots of IMX, can stake their tokens to earn interest on their holdings. Thirdly, IMX token holders can vote in governance decisions for Immutable X. 

Immutable set the market cap to 20 million IMX tokens. These tokens will be used for future development, user rewards and for example developer grants. Immutable will soon release their whitepaper. 

Free IMX for Gods Unchained players

Immutable will create two airdrops for Gods Unchained players. First there will be the retrospective airdrop for users who used the platform in the past. They will airdrop 100,000 IMX to users who traded or have Gods Unchained cards on Immutable X. As a total of 7918 users are eligible for this airdrop, every eligible user will receive 12.63 IMX.

In addition, there will be a second airdrop in the near future. Immutable will distribute an extra 400,000 IMX tokens based on a snapshot a few weeks from now. Users earn points based on their holdings and trading activity. Each user’s share of the 400,000 IMX will be proportionate to their share of the total points on the snapshot date. The snapshot date will be communicated on social media. In addition they will drop 100,000 IMX through promotional activities.

Gamers can buy or trade Gods Unchained cards on the following two marketplaces:

A quick update about Gods Unchained

Gods Unchained is a trading card game in which every card is an NFT. In terms of gameplay it’s similar to Hearthstone. The game can be played for free, and through gameplay they can earn card packs. This will unlock player-owned NFTs. In addition, the developers announced GODS, a governance token for the game itself. This governance token is separate from the IMX token. 

Share this post on social media

Share this Article

Related articles

Related articles

Synthetix launches demo layer 2 scaling solution

DeFi can operate at speeds usually associated with centralized systems
© 2018-2021 DappRadar, UAB