- Immutable X, the Layer 2 scaling solution launches zkEVM mainnet, powered by Polygon’s technology.
- IMX, the native token of the NFT marketplace, could rally as Immutable attracts game developers and gamers.
- IMX price offered nearly 13% gains to holders on the weekly timeframe.
Immutable (IMX) is the native token of an NFT marketplace, a Layer 2 scaling solution for ETH. The protocol unveiled its zkEVM mainnet with early access for game studios and partners.
Using zkEVM mainnet, developers will be able to scale games, offer gas-free interaction for gamers, helping them keep costs down and enjoy the features on Ethereum’s secure infrastructure.
Also read: Bitcoin supply on exchanges declines, in a sign of potential BTC price gains
Immutable X launches IMX mainnet with limited access
In an official tweet on X, Immutable X offered zkEVM’s mainnet access to gaming studios and partners.
The NFT marketplace’s zkEVM launch is significant since the protocol that is designed for trading and creation of NFTs, and games, will now offer several additional features that make its ecosystem attractive: gas free experience to gamers (keeping gamer spend low and attracting more gamers to games developed on IMX) and enhanced gameplay mechanics, among others.
Immutable zkEVM Mainnet Early Access is live!
— Immutable (@Immutable) January 29, 2024
The future of gaming is here with the launch of Immutable zkEVM Mainnet, powered by @0xPolygon.
Immutable zkEVM is an ecosystem that empowers games to thrive. It offers massive scalability, smart contract compatibility, and gas-free… pic.twitter.com/zSrUOwnsQo
Zero-knowledge proof technology used in zkEVM will offer low fees and high speed for processing transactions, without slowing down the experience for users. The Layer 2 protocol is therefore gearing up to attract more gamers, developers, and studios to partner with Immutable X and build on the zkEVM mainnet.
The protocol has powered the new functionalities on its mainnet using Ethereum’s largest scaling solution, Polygon.
IMX price eyes 14% gains
IMX price is currently in an upward trend that started on October 19, 2023. IMX rallied to a peak of $2.5971 on December 27, 2023. The NFT token recently recovered from its January 23 low of $1.7016. At the time of writing, IMX price is $2.0213.
The NFT token is likely to face resistance at the 23.6% Fibonacci Retracement (of the climb from October to December 2023) at $2.1039.
IMX/USDT 1-day chart
IMX price could find support at the 10 and 50-day Exponential Moving Averages EMAs at $1.9486 and $1.9281 respectively.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin Price Prediction: DOGE’s 15% upside potential hinges on Bitcoin holding above $65K
Dogecoin price is trading with a bullish bias, leading meme coins north as sector bulls resurface. This show of hand comes after Bitcoin price broke past the $65,000 threshold and could extend if the pioneer cryptocurrency holds above this level.
Vanguard CEO shoots down possibility of launching spot BTC ETF despite firms disclosing $100M+ in assets
/definition-of-etf-21007500_XtraSmall.jpg)
Spot ETFs remain an abounding fundamental in the crypto market since the landmark approval on January 10 and subsequent launch the next day. As the investment product, an increasing number of deep pockets continue to disclose ownership.
Bitcoin Price Outlook: Will CPI report showing inflation eased in April push BTC to $70K?
Bitcoin price jumped by 5% on Wednesday, seeing the American session outperform the Asian session for the first time in a while. Tailwinds sprouted fron US inflation release.
AI tokens see heavy gains following crypto market recovery
Several altcoins have posted gains in the past 24 hours, reacting positively to Bitcoin's rise after the US released its CPI data for April. AI tokens are among the largest gainers as the AI and Big Data category increased more than 11% on Wednesday.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.