July 21, 2024
Immutable, the Ethereum layer-2 NFT scaling solution, postpones $67M token rewards
AI

Immutable Delays IMX Token Vesting for Long-Term Sustainability

Immutable, a scaling solution for nonfungible tokens (NFTs) on the Ethereum layer-2, has decided to postpone the vesting of 125 million IMX in token rewards valued at $67 million, as of the time of this announcement, until July 2024. Immutable’s co-founder, Robbie Ferguson, made this decision with a long-term sustainability focus. In his words: at a minimum, when they finally do decide to let these tokens unlock – they will be done on linear monthly vesting schedule over time, instead of a cliff.

Notably, Immutable reports that it supports over 200 funded games on its platform and has a treasury capable of sustaining its 270 employees for approximately four years. Currently, 52% of Immutable’s 2 billion tokens are allocated for project development and ecosystem incentives.

In terms of its development plans, the project is gearing up to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) and enhance cross-rollup liquidity. Furthermore, they are preparing for the release of blockchain games within their ecosystem. Ferguson notes that the games funded 2 years ago are going live over the next 12 months. They will see hits, and web3’s user adoption curves-will be drawn by the biggest games, not just the biggest exchanges.

Back in March 2022, Immutable successfully raised $200 million in a Series C funding round, with Temasek, a Singaporean state-owned investment firm, taking the lead. Other participants included Animoca Brands, Tencent, Arrington Capital, and Princeville Capital. At the time, the project had announced that the funding would be utilized to enhance Immutable’s layer-2 scaling solution on the Ethereum network and expand the operations of the Immutable Gaming Studio.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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