Immutable Partners with Polygon to Develop Custom zkEVM
Immutable is teaming up with Polygon to expand its Web3 gaming ecosystem by developing its own zkEVM platform.
Immutable Partners with Polygon to Build Custom zkEVM
On March 20, Immutable announced its collaboration with Polygon to create a zkEVM tailored for Web3 gaming. This layer-2 solution, built on zk-Rollups and EVM-compatible, will integrate with Immutable’s existing suite of solutions. Immutable promises that this zkEVM will provide Web3 game developers with a high-speed, easy-to-program, and lower-risk blockchain platform, poised to revolutionize the Web3 gaming space.
Immutable 🤝 @0xPolygon
— Immutable (@Immutable) March 20, 2023
We are joining forces in an industry-defining partnership to accelerate the development and adoption of web3 gaming. The future of gaming begins today with the announcement of the Immutable zkEVM, powered by Polygon.https://t.co/7FEyidsydV pic.twitter.com/IkhbWrLIaq
Specifically, Immutable zkEVM will enable users to deploy customizable smart contracts, supporting complex gaming mechanisms and tokenomics while inheriting Ethereum's security. However, it will be subject to Ethereum’s transaction fee volatility. With EVM compatibility, projects can seamlessly migrate their Ethereum-based products to Immutable without additional reconfiguration time.
Immutable zkEVM is currently in development, with a testnet launch scheduled for Q2 2023. In the meantime, Immutable’s development community can access technical documentation to understand the benefits and prepare for the testnet trials.
Immutable’s Infrastructure Enhanced with zkEVM
Immutable also operates another Ethereum layer-2 solution for gaming called ImmutableX, developed in collaboration with zk-Rollups team StarkWare. While ImmutableX offers impressive scalability, high transaction speeds, and negligible fees, its major limitation is the lack of smart contract support, which has hindered many game ideas.
The IMX token will be used to pay transaction fees on Immutable zkEVM, significantly increasing its utility, and will also serve as a payment method for 2% of transaction values on the Immutable platform.
However, IMX’s price has dropped nearly 16% following the zkEVM announcement, likely due to ongoing token unlocks. On March 25, 18 million IMX tokens, worth approximately $22 million at current rates, will be unlocked.
1-Hour Chart of IMX/USDT on Binance as of 9:35 PM, March 21, 2023
The zkEVM space is heating up with upcoming projects from Scroll, zkSync, ConsenSys, StarkNet, and notably Polygon zkEVM, set to launch on March 27.
