Immutable, an ethereum layer 2 non-fungible token (nft) scaling solution, will delay granting 125 million IMX in token rewards, worth $67 million at press time, until July 2024 .
According to an October 17 announcement from Immutable co-founder Robbie Ferguson, the move is intended to improve the long-term sustainability of Immutable. “At a minimum, when we eventually decide to allow these tokens to be unlocked, they will be on a linear monthly vesting schedule over time, rather than on a cliff,” Ferguson said.
The blockchain executive also revealed that there are over 200 funded games created on Immutable. Meanwhile, he said Immutable’s treasury has about four years of runway for its 270 employees. Currently, 52% of Immutable’s 2 billion tokens are reserved for project development and ecosystem incentives.
As for its roadmap, the project plans to launch its zero-knowledge ethereum virtual machine (zkEVM) along with cross-liquidity. Additionally, its blockchain gaming ecosystem is ready to debut. As Ferguson said:
“Games funded 2 years ago will be available over the next 12 months. We will see successes and web3 user adoption curves will be marked by the largest games, not just the largest exchanges.”
In March 2022, Immutable raised $200 million in a Series C funding round led by Singapore state investment firm Temasek, with participation from Animoca Brands, Tencent, Arrington Capital and Princeville Capital. The project said at the time that the funding would go toward improving Immutable’s Layer 2 scaling solution on ethereum and scaling Immutable Gaming Studio.
1/ We are here for the long term.
Last year, we committed to re-blocking 125 million $IMX of @ImmutableThe project development assignment for another year. In a few weeks, these tokens are scheduled to be unlocked.
We are proud to re-lock this allocation until July 2024 at the earliest.
—Robbie Ferguson | Immutable (@0xferg) October 17, 2023
Collect this item as nft to preserve this moment in history and show your support for independent journalism in the crypto space.
Magazine: The collapse of Mt. Gox saw the birth of Chainalysis
