How to buy and hold IMX with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
Why Wigwam is the best crypto wallet for Immutable (IMX) storage
Ultimate security, only you have access to your Immutable tokens
Send, Receive, Store your Immutable tokens free and without limitations
Check the real-time value of your crypto tokens
Buy, Sell, Exchange Immutable (IMX) directly in the wallet
Stake Immutable (IMX) by connecting Wigwam to the popular DeFi dApps
No KYC or personal data collected
Immutable (IMX) Tokens
IMX is an ERC-20 utility token of Immutable X, a Layer-2 scaling solution for Ethereum Blockchain, designed specifically for NFT transactions, offering a scalable and cost-effective way for users to mint, buy, sell, and trade NFT.
The blockchain was cofounded by James Ferguson, Robbie Ferguson, and Alex Connolly and launched in 2021, intending to build a solution that supports millions of NFT transactions per day and consumes less than 30% of Ethereum’s capacity offering massive scalability and carbon neutrality.
IMX token is utilized for many services such as staking, governance, and transaction fees.
About Immutable X
Immutable X is a Layer-2 scaling solution for Ethereum, built on top of Polygon’s zkEVM, it utilizes zkRollups to execute a large bundling of transactions off-chain and then encapsulate them back onto the Ethereum blockchain. This utilization of rollups increases processing speed and lowers the transaction fees, meanwhile relying on Ethereum for security.
The blockchain offers zero gas fees for minting, trading, and selling NFTs, with quick trade confirmation, and scalability as it can process up to 9,000 transactions per second(TPS).
Immutable X uses a combination of Byzantine Fault Tolerance(BFT) and Proof-of-Stake(PoS) consensus. Proof-of-Stake (PoS) allows validators to create new blocks based on their stake, and BFT requires all nodes to communicate with each other nodes to confirm the validity of data. This combination of algorithms ensures the integrity and consistency of the ecosystem.
IMX Token Use Cases
The IMX tokens are an integral part of the Immutable blockchain and they play a crucial role in its ecosystem, providing utility and functionalities such as:
Transaction Fees: Immutable X doesn’t charge gas fees for NFT trading and minting but a 2% protocol fee is applied to every transaction processed. This fee is utilized to reward the validators as it is transferred to the rewards pool.
Staking: IMX token holders can participate in the consensus through staking. Immutable X follows a 14-day staking cycle, meaning IMX tokens are staked for 14 days and users can opt to receive their rewards or restake their tokens after 14 days to compound their tokens.
Goverance: IMX token holders can participate and vote in the Immutable X governance proposals, allowing them to shape the future of its ecosystem. The voting power is proportional to the number of tokens, meaning the more tokens a voter holds, the more value his vote holds.
IMX has a total maximum supply of 2,000,000,000 IMX out of which 1,321,989,537 IMX are in circulating supply. More than 50% of the supply is deployed into its ecosystem for daily user rewards, developer grants, and liquidity. Users can earn IMX tokens by trading NFTs or by staking in the 14-day cycle.
Immutable recently offered promotional distribution of IMX for various actions that were beneficial to the Immutable X ecosystem, such as users who connected their wallets to the Gods Unchained games, held a Gods Unchained NFT in their Immutable X wallet, and played at least one multiplayer game were eligible to receive IMX tokens via a promotional airdrop.
To control the price of IMX, Immutable X employs a governance system where IMX holders can vote on grant proposals and implement features that could increase the demand for IMX tokens, raising its value.
IMX tokens work on a layer-2 blockchain and rely on Ethereum for security, although Ethereum is considered a secure blockchain, it has faced cyber attacks in the past, in such cases Immutable will be indirectly affected.
It is worth noting that Immutable X focuses on NFTs, it provides a simple API for minting and trading of NFTS. But many reliable and well-known layer-2 solutions aren’t limited to NFTs and offer many other services with their well-known native tokens, and are giving tough competition to IMX.
This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.
Yes, you can natively stake IMX tokens and earn rewards in the form of more IMX.
Buying any cryptocurrency is risky due to the crypto market volatility as well as the economic risks involved with it. It is better to conduct thorough investigation and research before buying IMX or any cryptocurrency.
You can buy IMX on the Wigwam DeFi wallet and from centralized exchanges such as CoinBase, Binance, and OKX. UniSwap, and SushiSwap, are among a few of the decentralized exchanges where you can buy IMX
The steps specifics might vary based on the wallet you are using but the general steps will be as follows:
Launch your crypto wallet, redirect to “Manage Assets”, and then click on “Add Token”. This will open a list of the supported blockchain networks. Select Immutable and then enter the IMX token details as listed below:
- Contract Address: 0xF57e7e7C23978C3cAEC3C3548E3D615c346e79fF
- Ticker/Symbol: IMX
- Decimal Precision: With 18 Decimals
Click on “Save” after entering the above values to add the token to your wallet.