Immutable Delays $67M Token Reward Release to 2024 for Long-Term Stability
Summary:
The creators of Ethereum's NFT scaling solution, Immutable, plan to postpone the release of 125 million IMX in token rewards, valued at about $67 million, until July 2024. This strategy aims to foster the long-term stability of Immutable. The company has over 200 financed games set to operate on its platform and enough funds to maintain its 270 employees for approximately four years. Immutable intends to launch its zero-knowledge Ethereum Virtual Machine and blockchain games as a part of its ecosystem, predicting user adoption inspired by popular games. In March 2022, the company raised $200 million in a Series C funding round.
The illustration of Ethereum layer-2 nonfungible tokens (NFT) scaling solution, Immutable (IMX), intends to postpone the unlocking of 125 million IMX in token rewards, sited at around $67 million at the press date, until July 2024. On October 17, Robbie Ferguson, co-founder of Immutable, declared that this strategy aims to fortify the long-term durability of Immutable. He further admitted that at the conclusion of this deferment period, the token allocation will be subjected to a monthly vesting arrangement rather than a one-off release.
Ferguson, a key figure in the blockchain world, also acknowledged the existence of more than 200 games financed to operate on the Immutable platform. Additionally, he assured that the company's treasury has sufficient funds required to maintain its 270-member workforce for about four years. As it stands, over half (52%) of Immutable's collected 2 billion tokens are set aside for the advancement of the project as well as incentives for the ecosystem.
On the subject of its future operations, the project plans to usher in its zero-knowledge Ethereum Virtual Machine (zkEVM) in tandem with cross-rollup liquidity. The introduction of blockchain games, form a part of its expansive ecosystem, is also anticipated. "Games funded 2 years ago are expected to be activated within the next 12 months. With this, broad user adoption of web3 is anticipated to be driven by powerhouse games rather than just influential exchanges," Ferguson revealed.
Cointelegraph brought it to attention in March 2022 that Immutable had procured $200 million through a Series C fundraising round, driven by Temasek, a Singaporean state investment company. Other participants included Animoca Brands, Tencent, Arrington Capital, and Princeville Capital. Developers displayed confidence that this capital influx would be instrumental in the enhancement of Immutable's layer-2 scaling solution on Ethereum and the expansion of the Immutable Gaming Studio.
Lastly, the Mt. Gox collapse reportedly was the birthplace of Chainanalysis as per a recent magazine article.
Published At
10/17/2023 3:54:09 PM
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