What Is Immutable X and How to Buy IMX Tokens?

In our commitment to continually broaden our offerings, we are introducing a new project addition - Immutable X. 

This article provides a comprehensive overview of Immutable X, its native token, tokenomics, functionalities, and potential impact on the crypto ecosystem. And at the end, you will learn how to buy IMX tokens.

What Is Immutable X?

Immutable X is a well-known name in the crypto industry for enhancing the scalability of Ethereum for NFT projects. It is a complete package for Layer 2 scaling NFT collections on Ethereum. The intent is to provide solutions for the creation and broad use of NFTs, specifically in blockchain gaming. 

Immutable X allows users to mint digital collectibles as NFTs and facilitates cheap transactions freely. It also allows users to hold their assets in crypto wallets and exchange their assets on open marketplaces.

The prominent benefit of using this revolutionary project is to build fast, scalable, and secure applications for NFTs and blockchain games. It has zero gas fees, carbon neutrality, and access to prompt trades, in-game transactions, and applications. Moreover, it processes 9000 transactions per second (TPS) and has fast, affordable, and secure transactions.

Core Features

Zk-rollups increase blockchain efficiency, reducing gas fees, by batching together many transactions and relaying them to the main chain. It links Ethereum and Immutable X as a mediator that helps smooth communication, permitting users to transact using their Ethereum wallets. In addition, the platform enables the users to set “maker” and “taker” fees and NFT creators to add royalties.

Immutable X ensures the safe trading of NFT through high-end security and maintaining transparency. It provides a well-structured decentralized ecosystem as users can easily create and exchange ERC-721 and ERC-20 tokens at a minimum fee without compromising the safety of their assets. 

IMX is the native NFT token of the Immutable X trading channel. It is an Ethereum token that plays an important role in strengthening the core operations of Immutable X. IMX can be used for various services, such as to pay Immutable X rewards and transaction fees and to vote for the protocol’s future.

How Does Immutable X Work?

Immutable X is a scaling technology that validates transactions on the Ethereum blockchain. This scaling technology is known as ZeroKnowledge Rollup (ZKRollup) and has a Layer 2 protocol for transaction validation. 

The function of ZKRollup is to consolidate hundreds of transactions into a single zero-knowledge proof called the zkSTARK proof instead of adding all the transaction data to the Blockchain. 

Zk-STARK (zero-knowledge scalable transparent arguments of knowledge) is a verification method used to prove possession of certain data without revealing information. This technology provides Immutable X transactions with more levels of privacy and higher standards of security. 

The batched transaction details are verified through the smart contract by only submitting the proof. ZKRollup smart contract contains all transaction details at Layer 2. Therefore, the proof can be quickly verified as they don’t have the complete data of every transaction. It reduces the computational and storage resources required and facilitates up to 9,000 transactions per second (TPS) while significantly decreasing gas fees. 

What Is the IMX Token?

IMX is one of the most popular Ethereum-based tokens in the market, built through ERC-20 standards. It is primarily used to pay protocol fees, staking, and governance on the Immutable platform. 

The platform provides users with multiple ways to acquire and trade the token as well as to pay transaction fees, incentives, staking & governance within Immutable X. 

By using this token, users can participate in the governance of Immutable X by submitting and voting on community proposals and contributing to its sustained success.

Use Cases:

• It has a huge utility in the NFT marketplaces. It is ideal for NFT marketplaces as it offers gas-free minting, buying, selling, and trading. In addition, it provides instant, gas-free transactions for digital art and collectibles benefiting artists, collectors, and creators.
• It has a tremendous application in the gaming industry as it enables the creation and trading of in-game assets as NFTs, enhancing gaming experiences. 
• It tokenizes real-world assets like stocks, increasing asset accessibility by enabling fractional ownership. 
• It supports NFT-based financial products and can bridge traditional finance and Blockchain technology in the decentralized finance space.

How to Buy IMX Tokens on CoinEx? 

CoinEx is a global cryptocurrency exchange trusted by 5+ million users worldwide with 100% reserve. Users can now trade quickly and seamlessly with its 700+ tokens supported, including IMX. 

To purchase IMX tokens on CoinEx, follow the steps below.

1. Create an Account: Start by signing up for a CoinEx account. 
2. Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
3. Navigate to IMX Trading Page: Once your account is funded, go to the dedicated IMX trading page on CoinEx. You can find a search box and enter the term IMX to swiftly locate the trading pair associated with IMX tokens.
4. Choose a Trading Pair: Select the trading pair IMX/USDT to trade IMX against USDT (Tether).
5. Specify the Purchase Amount: Determine the quantity of IMX tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
6. Execute the Trade: Execute the trade with the specified amount. Confirm the details, and if you are satisfied, submit the order. 

Following these comprehensive steps, you can easily trade IMX tokens on CoinEx using the available trading pairs.