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

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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 nativ

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

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

In recent news regarding the world of cryptocurrency, a major update has come out about the Ethereum NFT Layer 2 expansion plan of Immutable X. Immutable X is a layer 2 scaling solution that provides a high-performance blockchain protocol for NFT marketplaces, games, and applications. The platform has announced two major IMX utility upgrades that address crucial aspects of the protocol. In this article, we will discuss these updates in more detail and what they mean for the Ethereum ecosystem.

The IMX Utility Upgrades

Immutable X has announced two major IMX utility upgrades that will significantly influence the platform’s functionality and user experience. These upgrades include:

20% Platform Fee Paid in IMX

Immutable X announced that starting in the near future, users will need to pay 20% of the platform fee in IMX. This will provide increased utility to the IMX token and help to incentivize users to hold the token. The platform’s current fee structure involves a 5% platform fee, which goes towards the development and maintenance of the platform. The remaining 95% is returned to users as rewards for providing liquidity or staking IMX tokens.

Native Network Token

Immutable X has also announced that IMX will become a native network token for the platform’s zkEVM core gas currency. This will increase the utility of IMX within the ecosystem and provide a more seamless user experience. Native network tokens are used as the main currency on a blockchain and are used to pay for gas fees, transaction fees, and other network fees.

The Significance of the IMX Upgrades

The two IMX utility upgrades have significant implications for the Ethereum ecosystem and Immutable X’s place within it. By increasing the utility of IMX, Immutable X is incentivizing users to hold the token and creating a sustainable economic model for the platform. The increased utilization of the token will also create a more efficient ecosystem for NFTs, which will ultimately drive adoption of the technology.
The addition of IMX as a native network token is an important development as well. By creating a more seamless user experience, Immutable X is positioning itself as a go-to platform for NFTs. This development will also reduce friction in the Ethereum ecosystem by reducing the need for users to hold multiple tokens for transaction fees.

Conclusion

Immutable X’s announcement of two major IMX utility upgrades is a significant development for the platform and the Ethereum ecosystem as a whole. By increasing the utility of IMX, Immutable X is incentivizing users to hold the token and creating a more sustainable economic model for the platform. Additionally, the addition of IMX as a native network token will create a more efficient ecosystem for NFTs and reduce friction within the Ethereum ecosystem. These upgrades demonstrate Immutable X’s commitment to advancing the technology and creating a better user experience.

FAQs

1. What is Immutable X?

Immutable X is a layer 2 scaling solution that provides a high-performance blockchain protocol for NFT marketplaces, games, and applications.

2. What is IMX?

IMX is the native token of Immutable X and has a variety of utilities within the platform, including staking, providing liquidity, and paying for transaction fees.

3. How will the IMX upgrades impact the Ethereum ecosystem?

The IMX upgrades will increase the utility of the token and create a more efficient ecosystem for NFTs, ultimately driving adoption of the technology. The addition of IMX as a native network token will also reduce friction within the Ethereum ecosystem.

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