"Immutable X: Revolutionizing NFTs with Lightning-Fast Transactions"
1min read Immutable X, a Layer 2 solution, has emerged as a game-changer in the NFT space by addressing Ethereum's long-standing issues of high gas fees and slow transaction speeds. Founded in 2018 by James and Robbie Ferguson, along with Alex Connolly, and in collaboration with StarkWare, Immutable X leverages ZK-STARK technology to batch transactions efficiently while maintaining data privacy. This innovative approach reduces blockchain congestion, enhances security, and enables processing up to 9,000 transactions per second, all while keeping gas fees low.
Immutable X (IMX) is the utility token at the core of the Immutable X platform, serving multiple purposes within its ecosystem. As an ERC-20 token with a total supply of 2 billion, IMX is used to pay for transaction fees, ensuring smooth operation of the platform. Additionally, IMX plays a crucial role in staking, allowing token holders to contribute to network security and earn rewards. Furthermore, the token enables governance, giving users the power to vote on platform decisions and incentivizing engagement with the platform.
The use cases of the Immutable X cryptocurrency are diverse. 20% of network fees are paid in IMX, with the network automatically converting part of the payment into IMX to cover the required fee. All IMX collected from fees is sent into a staking rewards pool, with daily rewards distributed to active stakers who have voted on a governance proposal or made a trade within the last 30 days. IMX holders also have a say in the platform's evolution, voting on decisions such as adjusting the token supply, distributing reserves, or funding developers.
The IMX token was launched in early November 2021, reaching an all-time high of $9.50 just a few weeks later on November 25. After peaking, the token's price began to decline steadily, eventually falling back to its initial level. As of February 2025, the token is priced at about $0.79, indicating minimal growth since its launch. The future of IMX will depend on factors such as the widespread adoption of Immutable X's layer-2 solution, the growth of the NFT and gaming markets, and the overall sentiment in the cryptocurrency world.
Immutable X stands out by addressing Ethereum's key challenges of slow speeds and steep fees. By employing a Layer 
