Ethereum NFT Layer 2 Expansion Plan Immutable X Announces IMX Utility Upgrades

03/21/2023 01:32 • Metaverse & Beyond • 296 views

According to official news, Ethereum NFT Layer 2 expansion plan Immutable X announced two IMX utility upgrades: 20% of the platform fee must be paid in IMX; IMX will become a native network token as the Immutable zkEVM core Gas currency.

Immutable X: 20% of the platform fee must be paid in IMX; Will be used as Immutable zkEVM core gas currency

Introduction

Ethereum, the world’s second-largest cryptocurrency platform, has been transformed with the advent of non-fungible tokens (NFTs). NFTs have significantly enhanced the value of digital assets created on the Ethereum blockchain, including art, music, collectibles, and gaming items. Immutable X is a popular Layer 2 expansion plan for Ethereum NFTs that has announced two significant IMX utility upgrades.

What is Immutable X?

Immutable X is a Layer 2 expansion plan for Ethereum NFTs. As a Layer 2 solution, it operates off-chain from the main Ethereum network, which facilitates faster and cheaper NFT transactions. Immutable X is known to offer near-instant settlement, gas-free minting and trading, and a high level of security and decentralization. Additionally, it operates on the zero-knowledge proof technology, which ensures high-level scalability, privacy, and energy efficiency.

IMX Utility Upgrades

Immutable X has announced two significant IMX utility upgrades that will significantly impact its users’ experience. These upgrades include:

1. 20% Platform Fee in IMX

Immutable X has announced that 20% of its platform fee must be paid in IMX starting from July 22, 2021. This implies that users who trade NFTs on the platform will have to pay a 20% fee in IMX, which will increase the demand for IMX tokens. The platform fee will be used to support the development and improvement of the Immutable X ecosystem.

2. IMX as Immutable zkEVM Core Gas Currency

Immutable X has announced that IMX will become the native network token as the Immutable zkEVM core gas currency. The zkEVM is a new form of Ethereum virtual machine that supports instant and zero-gas function, which increases its efficiency and scalability. By using IMX as the native network token, Immutable X aims to increase its usability, decentralization, and security.

Benefits of IMX Utility Upgrades

The two IMX utility upgrades announced by Immutable X will provide numerous benefits to users. These benefits include:

1. Increased Demand for IMX Tokens

The announcement that 20% of the platform fee must be paid in IMX is expected to increase the demand for IMX tokens. This is because users will need to acquire IMX tokens to pay the platform fee, which will ultimately increase the token’s value.

2. Enhanced usability of IMX Tokens

IMX becoming the native network token as the Immutable zkEVM core Gas currency will provide users with numerous advantages, including increased decentralization and security. This will also enhance the usability of the tokens.

3. Improved Support for Immutable X Ecosystem

The platform fee in IMX will be used to support the development and improvement of the Immutable X ecosystem, which will ultimately enhance the user experience.

Conclusion

Immutable X has undoubtedly proven to be a top Layer 2 expansion plan for Ethereum NFTs, offering numerous advantages. The new IMX utility upgrades will further enhance its value and provide users with an even better experience. With increased value and usability, we can expect IMX tokens to play a significant role in the Ethereum NFTs market in the future.

FAQs

1. What is Immutable X?
Immutable X is a Layer 2 expansion plan for Ethereum NFTs.
2. What are the two IMX utility upgrades announced by Immutable X?
The two IMX utility upgrades announced by Immutable X are the 20% platform fee in IMX and the use of IMX as the native network token as the Immutable zkEVM core gas currency.
3. What benefits will the IMX utility upgrades provide to users?
The IMX utility upgrades will provide benefits such as increased demand for IMX tokens, enhanced usability of IMX tokens, and improved support for the Immutable X ecosystem.

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