Immutable Extends Lockup of 125 Million IMX Tokens for Another Year

Immutable, a layer-2 solution for NFTs on Ethereum, has decided to postpone the unlocking schedule of 125 million IMX tokens allocated for the project's development team.

Immutable Extends Lockup of 125 Million IMX Tokens for Another Year. Photo: Immutable

IMX Community Temporarily Escapes Unlock "Shadow"

Initially planned for distribution to the project's developer team last year, the unlock of 125 million IMX tokens (worth $67 million USD) has been deferred. With the unlocking date approaching in a few weeks, the project commits to maintaining this allocation locked until at least July 2024.

According to co-founder Robbie Ferguson's announcement, this move underscores Immutable's long-term commitment. He stated:

"At the very least, we will gradually distribute these tokens monthly instead of unlocking them all at once."

*Unlocking refers to the automated process of releasing tokens into circulation on any blockchain based on pre-set unlock dates.

Adding more tokens to the market allows investors, developers, or owners to sell their holdings, creating selling pressure. However, with fundamental demand, new investors or traders can take advantage of this opportunity to purchase more tokens, thus helping to control the selling pressure.

Last November, Immutable also faced pressure when unlocking 110 million IMX tokens. At the time of writing, IMX is trading around $0.5 USD, up 0.5% for the week and down 12.1% over the past year.

Chart: 1D IMX/USDT Pair on Binance at 10:45 AM on October 18, 2023

Further Updates on Immutable

In a recent Twitter thread, the project's CEO provided an update on Immutable's current status. He revealed that over 200 games are being developed on their platform, with 270 employees dedicated over the past four years. Recently, they have significantly expanded their workforce in Japan and Korea.

Immutable currently holds 25% of the IMX supply, with 50% of 2 billion tokens earmarked to drive the ecosystem.

Allocation of IMX Supply. Source: Immutable

Looking ahead, the project plans to launch zkEVM and cross-chain rollup liquidity, alongside scheduled game releases.

"The games funded two years ago will be released within the next 12 months. We believe gaming is a major attraction for Web3 users, not just exchanges," Ferguson confidently noted.

In March 2022, Immutable successfully raised $200 million in a Series C round, led by Singapore government investment firm Temasek, with participation from Animoca Brands, Tencent, Arrington Capital, and Princeville Capital. At that time, the project indicated it would use the funds to upgrade its layer-2 infrastructure and expand Immutable Gaming Studio.

Recently, Immutable announced a partnership with Amazon Web Services (AWS) to support game developers in building blockchain-based products.

In related developments, StarkWare also announced a delay in the first STRK token unlock until April 2024.