We're thrilled to announce the IMX token! You may view the announcement by clicking here. Below are answers to your questions about the IMX token.
What is the Immutable X token (IMX)?
IMX is an ERC-20 utility token for the Immutable X protocol. IMX is designed to accelerate the growth of Immutable X by incentivizing protocol adoption and trading activity, and to reward those users and developers who contribute to building a scalable NFT ecosystem right here on Ethereum.
What is the total supply of IMX?
The total supply is 2 billion IMX tokens.
Will the Immutable team receive a part of the token distribution?
No individual members of Immutable X will be receiving the IMX tokens. IMX tokens are issued by an independent Token Foundation which is managed by independent directors.
What can I do with the IMX token?
Token holders will be able to stake, vote, and pay transaction fees with IMX.
How do I stake IMX tokens?
All fees paid in IMX are sent to the “staking reward pool”. Users can earn a proportional share of this rewards pool by staking their IMX. This has yet to be implemented.
You can view an example of how staking works at: https://www.immutable.com/token
How do I vote with IMX tokens?
As an IMX holder, you will be given the opportunity to vote on upcoming proposals that will be focused on the next developments of the Immutable X protocol.
Keep in mind that Immutable X is not a DAO and the final decision is at the discretion of Immutable.
Is the IMX token a form of investment?
The IMX token is not an investment or a security asset. Please read our disclaimer here.
How is the IMX token different from GEMS and GODS tokens?
GEMS and GODS are ERC-20 tokens used as an in-game currency for Guild of Guardians and Gods Unchained respectively. The IMX token is the utility token of the Immutable X Layer 2 protocol.
Why is the 25% that is meant to be unlocked over 4 years with a 1-year cliff all minted and held by Immutable?
As IMX will be distributed and used within the Immutable X protocol, unlocking the tokens in L1 linearly then moving the tokens into Immutable X will introduce a lot of operational complexity. So instead, all the locked tokens will be moved and will be distributed using a Time Lock Vault mechanism. The Time Lock Vault is built using a smart contract. In the meantime, the locked allocation is now stored in secure cold storage.
How big is the team working on the IMX token?
Currently, we have a team of 100+ people at Immutable. Plus, we are undergoing rapid growth via hiring more talents across the world to ensure the success of the protocol, Marketplace, and token. If you're interested in joining the team, click here for more information.
Can I withdraw my IMX to L1?
Yes. You can withdraw your IMX to L1 or to any DEX or CEX that supports IMX. Please keep in mind that the withdrawal between L1 and L2 will be subjected to gas.
How do I withdraw IMX?
Refer to this step-by-step guide on how to withdraw your IMX tokens. Clear here for the guide to withdraw your IMX token.
Note that it can take up to 24 hours to withdraw to L1.