Immutable Delays Unlocking 125 Million IMX Tokens for Project Development
In a recent announcement, Immutable, the layer-2 solution for NFTs on the Ethereum blockchain, has revealed a significant decision regarding the unlocking of 125 million IMX tokens allocated for the project’s development team. Co-founder Robbie Ferguson made this announcement through a series of tweets on October 17, 2023, outlining the delay in unlocking and a change in the unlock mechanism.
Last year, Immutable committed to re-locking 125 million IMX tokens meant for the Project Development allocation for an additional year. These tokens were initially scheduled to unlock soon, but the team has now decided to extend this lockup period until at least July 2024. Robbie Ferguson’s tweet on the matter conveyed a commitment to the long-term success and sustainability of the project, stating, “We’re here for the long run.”
1/ We’re here for the long run.
Last year, we committed to re-locking 125M $IMX of @Immutable’s Project Dev allocation for another 1 year. A few weeks from now, these tokens are scheduled to unlock.
We’re proud to once again re-lock this allocation until July 2024 at a minimum.
— Robbie Ferguson 🅧 | Immutable (@0xferg) October 17, 2023
Moreover, Robbie Ferguson disclosed that they are updating the unlock mechanism to make it more gradual. When the decision to unlock these tokens is finally made, they will be released on a linear monthly vesting schedule rather than a single, large release.
This decision to delay the unlock and modify the unlock mechanism reflects Immutable’s dedication to ensuring the stability and longevity of the IMX token and the entire project. It is designed to prevent sudden and potentially destabilizing fluctuations in the token’s supply, which can affect the market and the value of IMX.
This move also aligns with Immutable’s strategic vision for the future. Robbie Ferguson emphasized that over the past year, Immutable has made significant progress, with over 200 well-funded games on its platform and a win rate that has doubled to over 60% following a partnership with Polygon. The imminent launch of Immutable zkEVM and plans for cross-rollup liquidity demonstrate the project’s ambitious goals.
Immutable currently enjoys a substantial runway with approximately four years to work on web3 gaming, and its team of 270 individuals is dedicated to pushing the boundaries of this industry. The organization has also scaled its presence in key markets such as Japan and Korea.
In terms of token supply, Immutable holds 25% of the IMX tokens on its balance sheet for long-term alignment. The original private sale tokens, mostly vested, have remained largely untouched, ensuring the majority of token holders are committed to the project’s success.
Immutable’s approach to grants focuses on time-vesting and milestone-driven allocation, which fosters protocol growth and safeguards the value of IMX tokens. This approach contributes to the efficiency and sustainability of the ecosystem.
Robbie Ferguson concluded by expressing his pride in Immutable’s efforts in the web3 gaming industry, stating that they won’t stop until digital ownership for 3 billion players is the norm. Immutable’s vision centers on the success of the games that have been funded over the past two years, highlighting that they will significantly impact web3’s user adoption curve.
Read more:
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- Immutable Unveils ZkEVM: A Revolutionary Step Towards Scalable Web3 Gaming