Two months after launching a soft staking system, Immutable X makes things official with a staking dashboard. Users who wish to share in the staking rewards are required to lock up their tokens for two week cycles, with rewards automatically paid out at the end of each cycle.
Immutable X has already been giving out IMX token rewards in a passive staking system. Now they move into a more formal system. Whereas, the previous system just required participants to hold IMX tokens in their layer 2 wallet, this new system requires that holders of IMX tokens specifically lock up their tokens for staking. The tokens need to be in your IMX wallet. To be eligible for rewards, stakers must trade at least one NFT during the staking period.
You can trade anywhere that uses the IMX Global order books. This includes not only the official marketplace, but third party sites such as Token Trove and OKX. And some of the NFTS available, such as those for Undead Blocks and Gods Unchained, could potentially lead into play and earn opportunities!
Staking IMX Tokens
Staking periods run for two weeks. Stakers receive rewards based on the percentage of staked tokens they hold. In order to incentivize and reward early adopters, Immutable is promising that for an initial promotional period, they will add extra tokens to the staking pool to make sure that the APY% at 30% of the supply staked is at least 5%.
Any tokens put into the staking program are locked until the end of the current cycle. After each cycle, the rewards are sent to the staker’s L2 wallet. They can then stake those tokens for additional rewards on the next cycle, transfer them out to Ethereum for trading, or use them to purchase NFTs on the IMX marketplace!
Reward calculations are based on the number of tokens staked and the length of time staked. Here is the reward formula.
Rewards = (IMX staked * average time staked in cycle) / Total IMX staking pool for cycle
Immutable X continues to step up their game as an L2 NFT marketplace, already attracting a number of high profile projects. The new staking system should encourage increased engagement and activity from the community.
The official staking site is https://imx.community/staking
What is Immutable X ?
Immutable X is an Ethereum layer 2 scaling solution for NFTs. Developed as an offshoot from Gods Unchained, when the team realized that high gas fees were a major hindrance to card trading, Immutable X has grown quickly into a significant NFT marketplace. Over the past year, Immutable X has managed to attract a growing array of projects to its platform. Some notable names include Gods Unchained, Guild of Guardians, Illuvium, and Ember Sword. But it’s not just for gaming NFTs. Immutable X also hosts dozens of other NFT projects.
The platform went live in 2021 and launched its token later that year. There are no gas fees when trading on IMX. However, there are ‘protocol’ fees of 2% on every trade and sometimes market fees from the projects as well. The platform supports several tokens including ETH, IMX, GODS, and GOG tokens. Most available tokens can be used for purchase on the Immutable X marketplace.
Immutable X is growing quickly and developing more name recognition. With their recent partnership with Gamestop, Immutable X could find themselves on the forefront of mass adoption for blockchain gaming!