Immutable X is a layer-2 scaling community constructed on prime of Ethereum, the main blockchain for decentralized functions. Developed by the Web3 agency Immutable by way of tech created by StarkWare, Immutable X makes use of the native ERC-20 token IMX and hosts a lot of totally different blockchain video games on its community like Gods Unchained, Guild of Guardians, Illuvium, and Ember Sword, to call a number of.
Whereas Ethereum proponents argue that its mainnet is among the many most decentralized and safe of all cryptocurrencies, it’s additionally traditionally suffered from excessive gasoline charges and lengthy waits to make transactions. This has lengthy brought on friction with NFT creators like these behind the CryptoKitties, who as soon as clogged the mainnet with their digital cats and made it just about unusable.Â
As a result of NFTs—distinctive blockchain tokens that signify possession—are presently so important to blockchain video games, it’s unfeasible for many recreation builders to construct on the Ethereum mainnet. That’s the place layer-2 options like Immutable X are available, plus Immutable is increasing with one other new zkEVM scaling community forward. Right here’s what it’s essential to know concerning the Immutable platform.
What’s Immutable X?
Immutable X is a gaming-focused protocol that’s constructed atop the Ethereum mainnet’s safety, however with the velocity and decrease transaction prices of a layer-2 scaling community. In different phrases, it supplies extra advantages on prime of the Ethereum mainnet.
In response to Immutable X’s whitepaper, the community permits customers to make transactions with zero gasoline charges. That is partly attainable as a consequence of Immutable X’s use of StarkWare’s ZK rollup expertise which bundles transactions and might allow over 9,000 NFT transactions per second.Â
Who created Immutable X?
Immutable is the principle Web3 agency behind the Immutable X protocol. The corporate is an element blockchain developer and half recreation writer, as Immutable developed the NFT card-battling recreation Gods Unchained and is publishing the motion role-playing recreation Guild of Guardians.
Per Crunchbase knowledge, Immutable has raised almost $280 million in funding from 32 traders as of January 2024, with corporations like Tencent, GameStop Digital Ventures, King River Capital, and the now-defunct Alameda Analysis investing.
How does Immutable X work?
Immutable X helps all Ethereum wallets, resembling MetaMask and Coinbase Pockets. Customers also can create an Immutable Passport to transact on the community. Immutable Passport is designed to be a streamlined and extra approachable crypto pockets for players, plus it supplies a unified identification throughout video games.
The protocol itself sits on prime of the Ethereum mainnet, permitting for Immutable X to leverage the mainnet’s decentralization and safety for finalizing transactions. However as a result of Immutable X makes use of ZK rollups, its transactions on its layer-2 community are nonetheless capable of be quick and cost-effective.Â
Immutable has constructed a number of REST utility programming interfaces (APIs), which means they’re APIs that adhere to a particular set of architectural requirements. Immutable’s REST APIs imply that transactions can include an API name, which takes much less time than participating with a protocol straight by way of a sensible contract.Â
Who’s utilizing Immutable X?
Plenty of totally different NFT marketplaces and recreation builders have chosen to supply their services and products on ImmutableX. In June 2022, Immutable Ventures established an enormous $500 million fund to put money into Web3 gaming tasks being constructed on Immutable X and to additionally present numerous builders with grant-based funding.
Rarible, Mintable, NFTrade, TokenTrove, OKX, and Kinguin are NFT marketplaces that use Immutable X. Brick-and-mortar online game retailer GameStop additionally launched its NFT market on Immutable X in 2022, however has since discontinued its personal crypto pockets and has mentioned that it’s going to shut down its market in February 2024.
Video games like IMVU, Guild of Guardians, Habbo, Cross the Ages, Undead Blocks, Ember Sword, Planet Quest, Gods Unchained, WAGMI Protection, and Tiny Colony are constructing their Web3 parts on Immutable X.
Because the world of Web3 gaming heats up, Immutable X faces competitors with different blockchains like Polygon, Avalanche, Arbitrum Nova, Sui, and Solana to supply a quick and seamless gaming expertise.
What’s Immutable zkEVM?
Immutable is growing extra than simply Immutable X as its Ethereum gaming platform expands. In March 2023, the agency introduced that it’s working with competitor Polygon to develop a brand new Immutable zkEVM scaling community that mixes Polygon zkEVM expertise with Immutable’s gaming platform.
A variety of video games have already introduced that they’ll be utilizing the Immutable zkEVM, from MetalCore to Shardbound and Elemental Knights. In response to an Immutable weblog publish, the zkEVM community supplies native compatibility with Ethereum Digital Machine good contracts, doubtlessly making it simpler for builders to port over from EVM chains and make the most of an array of third-party instruments.
Because the Immutable platform grows, the IMX token has develop into probably the most invaluable gaming token as of this writing, with a market cap of almost $2.7 billion. That makes it the thirty seventh largest total cryptocurrency by market cap based on knowledge from CoinGecko, as of January 17, 2024.
Edited by Andrew Hayward
