Immutable X, an NFT-focused layer 2 solution on Ethereum from the team behind the NFT trading card game Gods Unchained, has unveiled its native token, $IMX.
Since launching its Alpha version in April the Immutable X protocol has facilitated over 250K NFT trades. It offers gas-free NFT minting, trading, and collecting.
The $IMX token will be used for fees, staking, and governance. A fifth of every transaction fee on Immutable X will be paid in $IMX, and the protocol will automatically purchase that fee with ETH for users who don’t hold $IMX. These $IMX transaction fees will then be sent to a staking reward pool to be proportionally distributed amongst users who stake $IMX.
Token holders will also have an $IMX-weighted vote on future Immutable X protocol endeavors.
There will be a total of 20M $IMX tokens, with 51.70% allocated towards ecosystem growth, user rewards, and development grants.
While no $IMX tokens have been minted yet, the protocol plans to airdrop tokens to any user who owned a Gods Unchained card on Immutable X prior to their announcement on July 22, and then again to all users who own Gods Unchained cards at the end of their Alpha Rewards period (at an as-of-yet undisclosed date).