- Immutable X (IMX) crypto is a popular name in the crypto market developed to enhance the scalability level of the Ethereum blockchain.
- The Crypto is considered to be a complete goodie bag for NFT projects.
IMX is an ERC20 token that functions as the native currency of an immutable X environment. Crypto is the governance token and utility with a total supply of 2 billion. Contribution to the growth of crypto by creating apps and trading NFTs helps an individual in fetching IMX coins. The token was launched in November 2021 at an initial price of $5.20 and experienced a significant downturn of around 92%. The token empowers the immutable environment and rewards the traders and builders that support the network. IMX also ensures the trade security of the NFT projects considering a well-structured decentralized ecosystem.
What makes IMX unique from others?
In the Immutable X system, IMX tokens are used for three core purposes. The first purpose is the source of revenues and 20% of the fees have to be paid using IMX tokens. Staking is another purpose for which IMX tokens are used. Holding IMX tokens or taking part in the voting, individuals are rewarded with IMX tokens on a monthly basis. Empowering decentralized governance on the IMX network is another core purpose of IMX tokens.
Focusing on the working of IMX, the overall functioning of the immutable X totally depends on ZeroKnowledge Rollup (ZKRollup) technology and works as a Layer2 protocol for verifying transactions over the blockchain. Hundreds of transactions are consolidated into a single zero-knowledge proof known as Zero-Knowledge Concise and Transparent Knowledge Discussion (zkSTARK) proof.
The involvement of ZKRollup in the working of IMX makes the tokens unique in the crypto market. ZKRollup offers a scaling solution and is at the forefront of improving the popular Ethereum ecosystem. Another factor that enhances the popularity of Immutable X in the marketplace is the API abstraction layer that improves security. API abstraction helps users avoid switching between networks while transacting or connecting wallets. Users can design and trade NFTs using API calls without interaction with the smart contracts.
What’s the future of IMX?
Immutable X offers access to a decentralized trading platform for NFTS developers and investors. Attainment of the promised transaction speed, which is 9000 TPS will help the platform to emerge as a standard NFT blockchain shortly. The price of IMX in 2023 will range between $0.86 to $0.98, and the average price predicted is approximately $0.92.
The price fluctuations in the IMX were analyzed by the Crypto analysts in 2023 and previous years. The average IMX rate predicted for August 2023 is around $1.57 and can drop to around $1.50 as of minimum and maximum up to $1.67. It is also predicted that the price of IMX will go around $2.53 in 2024.
Conclusion
IMX crypto, launched in 2021 is an ERC20 token that functions as a native currency of the Immutable X ecosystem. It is a utility and governance token with an overall supply of 2 billion. The overall functioning of Immutable X depends on ZeroKnowledge Rollup (ZKRollup) technology offering more secure services with an improved scalability level of the Ethereum blockchain. The IMX crypto is expected to go high in the near future due to its unique services.
