Immutable X is the first layer 2 solution on the Ethereum blockchain focused on making NFTs more accessible and environmentally friendly. Built with STARK zk-rollup (zero-knowledge rollup) technology, users benefit from the significant reduction of costs and increase in speed of minting and trading NFTs on the Ethereum blockchain.
The platform’s native IMX tokens are used for transacting, staking and governance. Users are required to pay 20% of all transaction fees in IMX. While they can still transact exclusively in whichever supported token they possess, such as Ether, 20% of their tokens will still be automatically used to purchase IMX in the open market.
Additionally, users who stake their IMX tokens in the protocol earn a portion of its transaction fees as rewards and can vote on governance proposals that determine the changes made to the protocol.
