High gas fees, in particular, deterred Ethereum network traders, gamers, and artists from transacting. As a result, many layer-2 projects on Ethereum are tackling common issues by providing secure and quick network confirmation without charging a gas fee. Immutable X is one of these layer-2 scaling solutions.
What is Immutable X?
Immutable X is a layer-2 blockchain that solves the scalability issue for NFTs on Ethereum. It enables users to create and manage NFT projects in a secure platform with no transaction fees. It also provides fast trade confirmation, no gas fees, and huge scalability for games, applications, and marketplaces without sacrificing security.
Using zero-knowledge rollup technology, the network can process over 9,000 transactions and mints per second. This is larger than the scale required for mainstream NFT projects. Furthermore, Immutable X aims to simplify the process of trading, minting, and sending NFTs and ERC -20s.
Immutable X feature
ZK-Rollup Scaling Engine
Immutable X was one of the first platforms to use ZK-rollup technology, and it also focuses solely on NFT projects. This platform incorporates proof logic as well as NFT-specific exchanges. Rollups provide a positive user experience as well as high levels of scalability while maintaining proper protection.
With this technology, hundreds or thousands of transactions can be batched together for faster validation. The platform's workload is significantly reduced by accommodating over 9,000 NFT trades per second. Gas prices should also fall significantly.
API Abstraction Layer
The API abstraction layer, which wraps around the scaling engine and allows developers to interact with smart contracts, is another feature of Immutable X. This feature helps newcomers in quickly establishing themselves by allowing for the rapid launch of new projects.
Layer Two Scaling Solution
Every developer who uses Immutable X as a Layer 2 scaling solution benefits from fast speeds, near-zero gas fees, and the security that Ethereum provides. Immutable X adds nothing to the Ethereum blockchain and adds nothing to the base blockchain..
NFT-Enabled Wallets
Immutable X supports all Ethereum wallet types, removing the need for users to switch from one NFT marketplace to another. It also offers an intermediate layer known as IMX Link, which allows users to benefit from a wallet experience that is entirely focused on NFT projects. Immutable X also supports third-party NFT marketplaces without posing any security risks.
Platform SDKs
The inclusion of software development kits allows developers to easily integrate directly into Immutable X. The platform's future roadmap includes support for every programming language and development platform, from Android and iOS to Unity. This assistance contributes to the efficient creation of NFT projects.
Shared Liquidity and Order Book
Immutable X provides shared liquidity through a shared order book, facilitating protocol liquidity. Orders can be filled by utilising cross-market economies. As a result, price discovery and bootstrapping are assisted. NFT marketplaces can be created without the need for a back end by implementing this technology.
Zero Gas Fees
There are almost no gas fees associated with Immutable X transactions. IMX tokens are used to pay about 20% of the protocol fee. This fee can be paid in IMX tokens or in a different currency. However, IMX tokens are not required for users to complete transactions with Immutable X.
Staking
When you stake with IMX, the tokens you earn through a fee capture mechanism are transferred to a larger pool. The pool is distributed to active stakeholders once a month. The number of tokens received by a staker is determined by the amount of funds staked up to this point. If you want to effectively stake your IMX tokens, you must do the following:
-Hold this token on a Layer 1 or Layer 2 scaling solution
-Either hold this token or finish a trade every 30 days
-Vote on any governance protocol every 30 days
Your reward will vary depending on the governance protocols that have been followed. Layer 2 is used to distribute all rewards.
Governance is decentralised.
Immutable X employs a decentralised governance system in which IMX holders vote on governance proposals proposed by other users. The best part about decentralised governance is that IMX holders have a say in the platform's roadmap and the fees that will be charged.
IMX token of Immutable X
The Immutable X token (IMX) is an ERC-20 utility token created to reward users for their activities on the Immutable X platform. Trading and liquidity provision, as well as application development, are examples of these activities. Furthermore, the token is used as a reward in network transactions between traders, gamers, artists, marketplaces, and other network transactions.
The total supply of IMX tokens is 2 billion, with approximately 235 million IMX in circulation.
How to buy IMX token
The IMX token is available on over 40 cryptocurrency exchanges, with approximately 81 trading pairs. On Binance, the most popular IMX token pair is IMX/USDT. You can also exchange IMX for IDR, USD, EUR, and a variety of stablecoins such as USDT, BUSD, and USDC.
Step by step guide -
1. Open your Binance wallet and go to the market tab.
2. Search "IMX" to see the various trading pairs. We'll use IMX/USDT as an example in this guide.
3. Select IMX/USDT and press the Buy button. Enter the quantity of IMX you want to buy. Also, choose order types. You can place a market order, a limit order, or a stop limit order.
4. Confirm by clicking "Buy IMX," and the IMX coin will appear in your Spot Wallet.
Closing thoughts
Immutable X uses layer-2 scaling technology to fill gaps in Ethereum trading of NFTs. It provides a platform for the growth of NFT businesses, such as play-to-earn games and marketplaces.
