Immutable (IMX)

System: Immutable — Consumer Platforms and Media

Immutable provides game studios with game-growth tools, player onboarding, embedded wallets, digital-asset contracts, non-fungible token trading and chain execution for game assets. Founded in 2018, Immutable combines entity-operated software, application programming interfaces and dashboards with Immutable Chain, a permissioned Ethereum Virtual Machine chain, Orderbook contracts, Passport wallet contracts and canonical bridge contracts. The current boundary includes Immutable zk Pty Ltd, relevant Immutable group components, the IMX Ecosystem Foundation staking mechanism, Immutable Chain, Orderbook, Passport and the bridge.

Market Data

Price$0.123215
Market Cap$108.38M
Fully Diluted Valuation$246.46M
30d Change-1.60%
365d Change-76.50%

Token Functionalities

Payments

  • Native Resource Fee (Weak)

    Right to consume Immutable Chain execution and child-to-root bridge execution by spending IMX as the system-enforced fee token. Strength is Weak because these payments cover only a subset of Immutable’s valuable products, and Passport can sponsor gas for players.

Value Distribution

  • Direct Entitlement (Discretionary but Regular)

    Right to receive a pro-rata share of the available staking reward pool by staking IMX and completing the required non-fungible token trade during the 14-day cycle. Strength is Discretionary but Regular because the reward cycle is repeatable yet remains Foundation- or operator-administered.

System Attributes

Operating Model

<p>Immutable&nbsp;operates&nbsp;as&nbsp;an&nbsp;Off-Chain&nbsp;Business.&nbsp;Its&nbsp;current&nbsp;service&nbsp;depends&nbsp;on&nbsp;entity-operated&nbsp;software,&nbsp;application&nbsp;programming&nbsp;interfaces,&nbsp;Passport&nbsp;guardian&nbsp;keys,&nbsp;official&nbsp;Remote&nbsp;Procedure&nbsp;Call&nbsp;endpoints,&nbsp;a&nbsp;single-sequencer&nbsp;chain&nbsp;stack&nbsp;and&nbsp;allowlisted&nbsp;private&nbsp;nodes&nbsp;for&nbsp;critical&nbsp;partners.&nbsp;Public&nbsp;nodes&nbsp;may&nbsp;be&nbsp;run&nbsp;permissionlessly,&nbsp;but&nbsp;they&nbsp;do&nbsp;not&nbsp;participate&nbsp;in&nbsp;transaction-pool&nbsp;gossip&nbsp;and&nbsp;forward&nbsp;transactions&nbsp;to&nbsp;the&nbsp;Immutable&nbsp;Remote&nbsp;Procedure&nbsp;Call&nbsp;endpoint.&nbsp;On-chain&nbsp;token&nbsp;contracts,&nbsp;Orderbook&nbsp;settlement&nbsp;and&nbsp;bridge&nbsp;contracts&nbsp;do&nbsp;not&nbsp;change&nbsp;the&nbsp;operating&nbsp;model&nbsp;because&nbsp;core&nbsp;transaction&nbsp;ingress,&nbsp;critical&nbsp;node&nbsp;access,&nbsp;Passport&nbsp;signing&nbsp;controls&nbsp;and&nbsp;product&nbsp;access&nbsp;remain&nbsp;materially&nbsp;dependent&nbsp;on&nbsp;Immutable-operated&nbsp;or&nbsp;permissioned&nbsp;components.</p>

Value Creation

<p>Immutable&nbsp;has&nbsp;Hybrid&nbsp;Value&nbsp;Creation.&nbsp;Off-chain&nbsp;value&nbsp;is&nbsp;created&nbsp;through&nbsp;Audience&nbsp;growth&nbsp;tools,&nbsp;Passport&nbsp;authentication&nbsp;and&nbsp;embedded&nbsp;wallets,&nbsp;Checkout&nbsp;payment&nbsp;and&nbsp;bridge&nbsp;interfaces,&nbsp;Indexer&nbsp;application&nbsp;programming&nbsp;interfaces,&nbsp;Hub&nbsp;dashboards&nbsp;and&nbsp;developer&nbsp;software&nbsp;development&nbsp;kits.&nbsp;On-chain&nbsp;value&nbsp;is&nbsp;created&nbsp;through&nbsp;Immutable&nbsp;Chain&nbsp;execution,&nbsp;game-asset&nbsp;state,&nbsp;Asset&nbsp;Contracts,&nbsp;Orderbook&nbsp;trade&nbsp;settlement&nbsp;and&nbsp;bridge&nbsp;contracts.&nbsp;The&nbsp;two&nbsp;sides&nbsp;are&nbsp;integrated:&nbsp;studios&nbsp;use&nbsp;off-chain&nbsp;tools&nbsp;to&nbsp;acquire&nbsp;and&nbsp;onboard&nbsp;players,&nbsp;while&nbsp;digital&nbsp;assets,&nbsp;non-fungible&nbsp;token&nbsp;trades&nbsp;and&nbsp;settlement&nbsp;state&nbsp;are&nbsp;recorded&nbsp;or&nbsp;executed&nbsp;through&nbsp;Immutable&nbsp;Chain&nbsp;and&nbsp;related&nbsp;contracts.&nbsp;Gas&nbsp;sponsorship&nbsp;and&nbsp;Passport&nbsp;wallet&nbsp;controls&nbsp;further&nbsp;combine&nbsp;off-chain&nbsp;product&nbsp;design&nbsp;with&nbsp;on-chain&nbsp;transaction&nbsp;execution.</p>

Value Capture

<p>Immutable&nbsp;has&nbsp;Hybrid&nbsp;Value&nbsp;Capture&nbsp;and&nbsp;Routing.&nbsp;On-chain,&nbsp;Orderbook&nbsp;trades&nbsp;route&nbsp;value&nbsp;to&nbsp;sellers,&nbsp;creator&nbsp;royalty&nbsp;recipients,&nbsp;marketplace&nbsp;fee&nbsp;recipients&nbsp;and&nbsp;an&nbsp;Immutable-configured&nbsp;protocol-fee&nbsp;recipient;&nbsp;part&nbsp;of&nbsp;the&nbsp;protocol-fee-linked&nbsp;reward&nbsp;pool&nbsp;is&nbsp;routed&nbsp;to&nbsp;eligible&nbsp;IMX&nbsp;stakers&nbsp;through&nbsp;the&nbsp;Foundation-administered&nbsp;staking&nbsp;mechanism.&nbsp;Off-chain,&nbsp;Immutable&nbsp;zk&nbsp;Pty&nbsp;Ltd&nbsp;is&nbsp;the&nbsp;contracting&nbsp;counterparty&nbsp;for&nbsp;websites,&nbsp;products,&nbsp;software,&nbsp;application&nbsp;programming&nbsp;interfaces,&nbsp;software&nbsp;development&nbsp;kits,&nbsp;smart&nbsp;contracts,&nbsp;infrastructure,&nbsp;portals,&nbsp;dashboards&nbsp;and&nbsp;services,&nbsp;and&nbsp;can&nbsp;introduce&nbsp;or&nbsp;change&nbsp;service&nbsp;fees.&nbsp;Chain&nbsp;gas&nbsp;is&nbsp;paid&nbsp;in&nbsp;IMX,&nbsp;but&nbsp;the&nbsp;final&nbsp;gas&nbsp;recipient&nbsp;or&nbsp;burn-versus-beneficiary&nbsp;split&nbsp;is&nbsp;unknown.</p>

Governance

Participant-Based: <p>Participant-Based&nbsp;Governance&nbsp;applies&nbsp;to&nbsp;role-gated&nbsp;components.&nbsp;Authorised&nbsp;Clique&nbsp;signers&nbsp;and&nbsp;sequencer/proposer&nbsp;actors&nbsp;participate&nbsp;in&nbsp;block&nbsp;production&nbsp;and&nbsp;consensus&nbsp;operation;&nbsp;bridge&nbsp;multisig&nbsp;signers&nbsp;and&nbsp;role-based&nbsp;access-control&nbsp;accounts&nbsp;can&nbsp;upgrade&nbsp;bridge&nbsp;contracts&nbsp;or&nbsp;change&nbsp;bridge&nbsp;limits,&nbsp;withdrawal&nbsp;queues,&nbsp;adaptors&nbsp;and&nbsp;pause&nbsp;states.&nbsp;Creator&nbsp;royalty&nbsp;settings&nbsp;and&nbsp;marketplace&nbsp;fee&nbsp;settings&nbsp;are&nbsp;also&nbsp;participant-controlled&nbsp;within&nbsp;Orderbook&nbsp;rules,&nbsp;but&nbsp;only&nbsp;for&nbsp;local&nbsp;trade&nbsp;routing.&nbsp;These&nbsp;powers&nbsp;depend&nbsp;on&nbsp;the&nbsp;appointed&nbsp;signer,&nbsp;authorised&nbsp;validator,&nbsp;marketplace&nbsp;or&nbsp;creator&nbsp;status,&nbsp;not&nbsp;open&nbsp;IMX&nbsp;holding&nbsp;or&nbsp;staking.</p> Entity-Based: <p>Immutable&nbsp;and&nbsp;related&nbsp;entities&nbsp;hold&nbsp;binding&nbsp;authority&nbsp;over&nbsp;material&nbsp;service&nbsp;components:&nbsp;the&nbsp;official&nbsp;chain&nbsp;client&nbsp;and&nbsp;Remote&nbsp;Procedure&nbsp;Call&nbsp;stack,&nbsp;sequencer&nbsp;transaction&nbsp;ingress,&nbsp;private-node&nbsp;access,&nbsp;Orderbook&nbsp;protocol-fee&nbsp;configuration,&nbsp;Passport&nbsp;guardian&nbsp;signing&nbsp;controls,&nbsp;gas-sponsorship&nbsp;eligibility,&nbsp;application&nbsp;programming&nbsp;interfaces,&nbsp;software&nbsp;development&nbsp;kits,&nbsp;dashboards,&nbsp;intellectual&nbsp;property&nbsp;and&nbsp;service&nbsp;access.&nbsp;The&nbsp;IMX&nbsp;Ecosystem&nbsp;Foundation&nbsp;controls&nbsp;the&nbsp;staking&nbsp;mechanism’s&nbsp;participation&nbsp;and&nbsp;distribution&nbsp;process.&nbsp;Some&nbsp;execution&nbsp;still&nbsp;depends&nbsp;on&nbsp;appointed&nbsp;signers&nbsp;or&nbsp;authorised&nbsp;operators.</p>