Immutable Tops L2 Growth Charts Despite Immutable zkEVM Rollout

Immutable's IMX is also the fifth-best performing top 100 cryptocurrency of the past seven days.

By: Samuel Haig Loading...

Immutable Tops L2 Growth Charts Despite Immutable zkEVM Rollout

Immutable, an Ethereum Layer 2 focussed on GameFI and NFTs, is enjoying an impressive run, with both the network’s TVL and the price of its IMX token token topping the rankings leaderboard this past week.

Immutable boasts the largest percentage growth in terms of total value locked (TVL) over the past seven days with 27%, according to L2beat. Immutable’s TVL posted at an all-time high of $271M earlier today, edging out its previous high from two months ago by $1M.

Immutable’s native IMX token also ranks as the fifth-best performing top 100 cryptocurrency for the past seven days after rallying 33.6%. IMX last changed hands for $2.90, giving the asset a $3.93B market cap to rank as the 24th-largest cryptocurrency overall.

Immutable’s on-chain activity has similarly enjoyed an up-tick of 13.3% over the past seven days. However, the metric sits relatively low compared to other Layer 2 networks at just 2.13 transactions per second on average over the past 24 hours.

Immutable zkEVM

Immutable’s impressive run follows the early access mainnet launch of Immutable zkEVM, its new gaming-focused rollup leveraging zero-knowledge technology from Polygon.

Zero-knowledge rollups arguably offer the greatest performance among Layer 2 scaling solutions, enabling speed and throughput advantages over rival L2s. Crucially, Immutable zkEVM supports Ethereum Virtual Machine smart contracts, meaning developers can easily port code over from Ethereum. By contrast, Immutable X does not support smart contract functionality, with developers building on top of pre-defined APIs.

Robbie Ferguson, Immutable’s co-founder and president, said more than 200 games have already committed to launching on its new zkEVM as the network rolls out.

However, the continued growth of the original Immutable network evidences that the Layer 2 still serves a sizable community of developers and users despite the rollout of Immutable zkEVM.

Immutable currently hosts more than 220 web3 games including leading titles Gods Unchained and Illuvium, and boasts partnerships with Ubisoft and Amazon.