Immutable X: 20% of the platform fee must be paid in IMX; Will be used as Immutable zkEVM core gas currency
According to official news, Ethereum NFT Layer 2 expansion plan Immutable X announced two IMX utility upgrades: 20% of the platform fee must be paid in IMX; IMX will become a native network token as the Immutable zkEVM core Gas currency.
Interpretation of this information:
The Ethereum-based Non-Fungible-Token (NFT) Layer 2 expansion plan, Immutable X, has made two significant updates to its utility infrastructure. Immutable X has announced that platform fees will now be charged and paid through Immutable X token (IMX). 20% of the platform fee charged in ETH will now be payable in IMX, making the token a critical means of payment on the platform. IMX will also function as a native network token, as it will be used as gas for the Immutable zkEVM core. These updates will facilitate ease of payment for platform fees and enhance the functionality of IMX on the network.
The Immutable X expansion plan aims to address scalability issues surrounding Ethereum, using zero-knowledge proofs to enable the creation of highly scalable and carbon-neutral NFT markets. Immutable X’s highly in-demand NFT infrastructure solution enables clients to use Ethereum without any gas fees, wait times, or transaction fees. It is also energy-efficient and solves a critical pain point for creators who want to trade NFTs but face significant scalability and high fees.
The announcement of the IMX update highlights the increased importance of the token on the network. The token’s role as a platform means of payment will encourage ecosystem growth and expanding utility for the IMX token. The update also signifies the flexibility and adaptability of the Immutable X team, always striving to provide the best user experience for their clients.
In conclusion, Immutable X’s announcement of two IMX utility upgrades is tremendous news for the Ethereum-based NFT ecosystem. These updates will make the platform fee payment process more efficient, and the use of IMX as native network token will enhance the scalability and speed of transactions on the network. Overall, this development is a testament to Innovative solutions and continued efforts to improve user experience by leveraging the groundbreaking technology.
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