How to Buy Immutable X (IMX)
Beginner’s Guide
What Is Immutable X (IMX)?
Immutable X (IMX) is a layer-2 scaling solution for Ethereum-based decentralized applications (dApps). It is designed to solve the scalability and high transaction fees issues that often plague the Ethereum network.
Immutable X is built on top of Ethereum, and it uses a technology called zk-rollups to process transactions off-chain and settle them on the Ethereum mainnet. This means that transactions can be processed much faster and at a fraction of the cost compared to the Ethereum network.
IMX is the native token of the Immutable X ecosystem, and it is used to pay for transaction fees and incentivize network participants to maintain the system. It has a fixed supply of 100 million tokens, and a portion of the fees generated by the network is used to buy back and burn IMX tokens.
One of the key benefits of Immutable X is that it enables fast and cheap transactions without sacrificing the security and decentralization of the Ethereum network. This makes it an attractive solution for dApp developers who want to create scalable and affordable applications that can be used by a wider audience.
Overall, Immutable X is an exciting project that has the potential to revolutionize the Ethereum ecosystem and provide a better experience for both developers and users.
How to Buy Immutable X Summary
- Get a Immutable X wallet (e.g. Ledger, Trezor ,Guardia, Exodus , AtomicWallet)
- Find an exchange that sells Immutable X (e.g. Binance, Kucoin, Crypto, GATE, MEXC)
- Deposit money and make the trade
- Withdraw the Immutable X to your wallet
Buying Immutable X in 3 Simple Steps
Step 1 – Get a Immutable X (IMX) wallet
Immutable X Hardware Wallets
As a layer-2 scaling solution for Ethereum, Immutable X (IMX) is not a standalone cryptocurrency that can be stored on a hardware wallet. Instead, IMX is a token that runs on the Ethereum network and can be stored on any Ethereum-compatible wallet that supports ERC-20 tokens.
Some popular hardware wallets that support ERC-20 tokens like IMX include:
- Ledger Nano S and Ledger Nano X
- Trezor Model T
- KeepKey
- Ellipal Titan
It’s important to note that when using a hardware wallet to store IMX, the wallet’s public key address must be added as a custom token to the wallet’s Ethereum account. This allows the wallet to recognize and display the IMX balance.
Additionally, it’s recommended to only purchase hardware wallets from reputable sources to avoid the risk of getting counterfeit or compromised devices. By storing IMX on a hardware wallet, users can ensure that their tokens are kept safe and secure.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
Immutable X Software Wallets
As a layer-2 scaling solution for Ethereum, Immutable X (IMX) is an ERC-20 token that can be stored on any Ethereum-compatible wallet that supports ERC-20 tokens. Here are some popular software wallets that can be used to store IMX:
MyEtherWallet: MyEtherWallet is a free and open-source wallet that allows users to store and manage their Ethereum-based assets, including IMX. It offers a user-friendly interface and supports hardware wallet integration.
MetaMask: MetaMask is a popular browser extension wallet that allows users to access Ethereum-based dApps and store their ERC-20 tokens. It is easy to use and can be installed on Chrome, Firefox, and Brave browsers.
Trust Wallet: Trust Wallet is a mobile wallet that supports a wide range of cryptocurrencies, including IMX. It offers a user-friendly interface and supports in-app dApp browsing.
Atomic Wallet: Atomic Wallet is a multi-currency wallet that supports over 500 cryptocurrencies, including IMX. It offers a user-friendly interface and supports hardware wallet integration.
It’s important to note that when using a software wallet to store IMX, users should only download wallets from reputable sources to avoid the risk of getting counterfeit or compromised wallets. By storing IMX on a software wallet, users can have easy access to their tokens and use them for transactions and other purposes.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest Immutable X software wallets to get started with are undoubtedly Exodus, AtomicWallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an Immutable X (IMX) Exchange
Buy Immutable X (IMX) through Binance
- Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
Buy Immutable X (IMX) through Kucoin
- Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.
Buy Immutable X (IMX) through Crypto.com
- Crypto.com is a cryptocurrency exchange company based in Singapore. As of May 2022, the company reportedly had 50 million customers and 4,000 employees. The exchange issues a token, Cronos.The company was initially founded in Hong Kong by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as “Monaco”. In 2018, the company was renamed as Crypto.com following a purchase of a domain owned by cryptography researcher and professor Matt Blaze. Domain sellers valued the domain at US$5–10 million.
Buy Immutable X (IMX) through Gate.io
- Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.
Buy Immutable X (IMX) through MEXC
- Founded in 2018, MEXC Global is known as the exchange of high performance and mega transaction matching technology. The team at MEXC Global are some of the first movers and pioneers of financial and blockchain technology. Currently, MEXC Global caters to 10 M+ users in more than 170 countries around the world and we have just started.
Step 3 – Withdraw Your Immutable X (IMX)
Once you decide on an exchange, open an account and buy your Immutable X. Make sure to withdraw the Immutable X from the exchange to your personal wallet.
Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past).
OVERVIEW
Who Are the Founders of Immutable X?
Immutable X was founded by James Ferguson, a Forbes 30 Under 30 entrepreneur that previously led a software development team at a billion-dollar eCommerce company, and his brother Robbie Ferguson, a Thiel fellow and Forbes 30 Under 30 entrepreneur as well.
The team consists of more than 100 members from different backgrounds like blockchain, FAANG, finance, fintech, and management consulting. It raised a seed round in 2018 and a $15 million Series A in September 2019. Investors included some of the “who is who” in blockchain investing, such as Coinbase, Naspers, Nirvana Capital, Apex Capital Partners, Continue Capital and Galaxy Digital.
What Makes Immutable X Unique?
Immutable X (IMX) is a unique layer-2 scaling solution for Ethereum that offers several benefits compared to other scaling solutions.
Here are some of the key features that make Immutable X unique:
High scalability: Immutable X uses a technology called zk-rollups to process transactions off-chain and settle them on the Ethereum mainnet. This allows it to process up to 9,000 transactions per second, which is significantly higher than the current capacity of the Ethereum network.
Low transaction fees: Because transactions are processed off-chain, Immutable X can offer much lower transaction fees compared to the Ethereum network. This makes it an attractive solution for dApp developers who want to create affordable and accessible applications.
Decentralized: Immutable X is built on top of Ethereum and uses the Ethereum network’s security and decentralization to ensure the safety and immutability of transactions. This makes it a secure and trustworthy solution for developers and users.
Easy to use: Immutable X is designed to be easy to use for both developers and users. Its integration with popular development tools like Truffle and Remix, and its support for popular wallets like MetaMask, make it easy for developers to build and deploy dApps on the network. Additionally, users can use their existing Ethereum wallets to interact with Immutable X dApps and transactions.
Carbon-neutral: Immutable X has committed to being carbon-neutral by using carbon credits to offset the carbon footprint of its operations. This makes it a sustainable and environmentally friendly solution for Ethereum-based dApps.
Overall, Immutable X’s high scalability, low transaction fees, security, ease of use, and commitment to sustainability make it a unique and promising layer-2 scaling solution for Ethereum.
How Many Immutable X (IMX) Coins Are There in Circulation?
IMX is the protocol’s native ERC-20 utility token. The token’s three core use cases are fees, staking and governance. 20% of the protocol’s fees must be paid in IMX, and users can stake IMX to receive a proportional share of the network’s fees. Token holders can also vote on governance proposals by holding IMX. The total supply of IMX is two billion, according to the following token distribution:
- Ecosystem development – 51.74%: user rewards, developer grants, liquidity provision, marketing purposes.
- Project development – 25%
- Private sale – 14.26%: one year cliff, monthly unlock over two years.
- Public sale – 5%: six-months unlock.
- Foundation – 4%: ecosystem development-related initiatives like liquidity provision, one-year cliff, monthly unlock over four years.
How Is the Immutable X Network Secured?
Immutable X is a layer-two blockchain with zero gas fees, where operators can set their own trading fees. In contrast to other scaling solutions to Ethereum, a 51% attack on Immutable X is unfeasible, as it is not a centralized side chain but benefits from inheriting the native security of the Ethereum blockchain. Immutable X uses zk-rollups, meaning assets are traded on the second-layer blockchain, but the validity proof of a transaction is stored on the layer-one blockchain, in this case Ethereum. Immutable X uses STARK proofs because, unlike SNARKs, they are post-quantum-secure and provide greater user security despite the greater cost.
Immutable X chose to stay on Ethereum as a first-layer solution because the team considers Ethereum best to represent the philosophy of trustless, decentralized asset ownership. In the team’s words, Ethereum has always prioritized centralization over short-term scalability upgrades, even though it has suffered from problematic gas fee spikes and network congestion, thus still remaining the main blockchain for NFT projects to build on.