ImmutableX (IMX)

Transaction Fees

ImmutableX uses its token to pay for transaction fees on the platform. About 20% of each transaction fee is paid in IMX, and if users don’t hold IMX, the system swaps ETH to IMX automatically.

Staking

Users can stake IMX tokens to earn rewards. All transaction fees collected in IMX go into a staking rewards pool, encouraging users to hold and stake their tokens.

NFT Trading and Minting

ImmutableX enables fast, gas-free minting and trading of NFTs. This makes it easier and cheaper to create and trade digital assets like game items and art on Ethereum.

Liquidity and Exchange

IMX tokens provide liquidity for trading pairs on the platform, helping users buy and sell tokens smoothly within the ImmutableX ecosystem.

Pros of ImmutableX

• Scalability: Uses zk-rollups to handle over 9,000 transactions per second, making it very fast.
• Gas-Free Transactions: No gas fees for trading or creating NFTs, which saves money.
• Interoperability: Supports popular NFT standards like ERC-721, allowing easy use with Ethereum-based assets.
• User-Friendly: Designed to simplify NFT use, making it easier for people to adopt NFTs.

Cons of ImmutableX

• New Market Player: Still relatively new, so it faces competition from other blockchains and solutions.
• Ecosystem Size: Smaller ecosystem compared to more established platforms, which might limit some options.
• Dependence on Ethereum: As a layer-2 solution, it relies on Ethereum’s network and its future developments.

Founders

ImmutableX was founded in 2018 by three people: James Ferguson, Robbie Ferguson, and Alex Connolly.

Background

James and Robbie Ferguson are brothers with experience in software and entrepreneurship. Alex Connolly is the technical co-founder. Together, they started ImmutableX in Sydney, Australia, to improve NFT technology and scalability.

Key Investors in ImmutableX

• Venture Capital Firms: BITKRAFT Ventures, Animoca Brands, Arrington Capital, Double Peak, AirTree, King River Capital, and Coinbase Ventures.
• Institutional Investors: Naspers, Temasek, Galaxy, Sora Ventures, Nirvana Capital, and SkyChain Capital.
• Other Notable Investors: Block.one, Arca, and Haven's Compass.

ImmutableX has raised over $857 million across multiple funding rounds, with a strong backing from these global investors focused on gaming, blockchain, and NFT technologies.

Halal Status of ImmutableX

• Yes: ImmutableX can be considered halal because it is a blockchain platform focused on creating and trading digital assets without involving interest (riba) or gambling elements, which are typically avoided in halal finance.
• Reason: It operates as a technology for secure and fast transactions on Ethereum, mainly used for NFTs and gaming, which generally aligns with halal principles.