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What is Immutable X?

Immutable X is a layer-2 scaling solution that helps in the creation of NFT projects for developers. The layer-2 aspect came from its ability to take transactions off the Ethereum blockchain and execute them on the new network, only to put them back on the main blockchain. It tackles the limitations that come with poor user experience, low scalability, and more.

The platform achieves this through STARK zk-rollups. It enables Immutable X to create and distribute ERC-20 and ERC-721 tokens on a larger scale. This technology allows users to take advantage of zero gas fees, process massive numbers of TPS (transactions per second), be carbon neutral, and access games, trades, and applications without a hassle.

Immutable X Price Trends

2021

2021 was the year of NFTs, which helped give the broader crypto world a boost in the mainstream. In November 2021, Immutable X first emerged on the market through an IEO on the Huobi Global exchange.

Where IMX was selling for 16 cents at the beginning; it shot up to $3 pretty soon and continued to rise throughout the month. Immutable X price reached an all-time high of $9.50 on November 26 before quickly falling down and settling at $4.90.

2022

2022 was not so kind to the broader crypto market and the IMX price has seen some drastic volatility as well. The price of Immutable X reached around $5 in early January. Nevertheless, the token started dropping until it reached a low of $1.10 in March. IMX value then made a brief recovery, climbing to $2.82 in late March.

However, after that, things took a turn, which caused the IMX USD to crash and drop to $0.6366 in June. In late July, IMX saw a bit of recovery and managed to hit $1.29. However, the volatility continued, causing IMX to trade at $0.7228 in November.

After the FTX collapse, the price was down to $0.7228 in late November. There was a little fightback that made Immutable X price in USD reach a high of $0.5151 in early December. But it quickly fell around $0.43 at the middle of the month.

How Immutable X Works?

The core of this crypto is ZeroKnowledge Rollup (ZKRollup), which is a scaling technology. This technology helps in consolidating a huge number of transactions into zkSTARK proof, which is a zero-knowledge proof. It is a method to validate and verify ownership of specific data without the need to disclose any vital information.

This scaling tool helps roll up batches of transactions on the Ethereum blockchain and process them on a different blockchain. The separate blockchain is known as “layer 2” before executing them back on the original blockchain as a single transaction. Using rollups helps in cutting down the costs related to transactions as well as speeding the process and increasing the overall security of the network. It proves to provide all of these through the ZkSTARK proof.

Once the transaction is stacked, the proof is sent to the blockchain to be validated using smart contracts. ZKRollup smart contracts handle every transaction detail at Layer 2. For this reason, there are fewer computational and memory resources needed, allowing IMX to reduce gas fees and provide high TPS. The IMX token is not only used as a utility token to pay for transaction fees but is also used for governance proposals and staking.

Immutable X Key Events

• In 2018, Robert Fergusen and James Fergusen created the Immutable X protocol. Behind the launch of the platform was Immutable, an NFT company in Australia.
• In 2021, Immutable X was developed by Immutable and StarkWare. The platform directly challenged the issues that the NFT ecosystem was facing on Ethereum at that time.
• In early 2022, GameStop formed a partnership and established a $100 million NFT fund in IMX tokens.
• Immutable X raised $280 million in May 2022, whereas a funding led by Temasek Holdings in March 2022 raised $200 million.

Immutable X Mining

The utility token IMX is an ERC-20 token powered by Ethereum. Since ERC-20 tokens cannot be mined, Immutable X is not mineable. You can, however, earn IMX tokens by completing certain activities that facilitate the protocol, like trading NFTs.