Immutable, a layer-2 nonfungible token (NFT) scaling solution built on Ethereum, has announced that it will be delaying the vesting of 125 million IMX tokens until July 2024. These tokens, currently worth $67 million, were initially scheduled to unlock in the near future. The decision to delay the vesting is aimed at enhancing the long-term sustainability of Immutable.
Co-founder Robbie Ferguson explained that when the tokens are eventually unlocked, they will be subject to a linear monthly vesting schedule over time, rather than being released all at once. This approach ensures a more controlled distribution and avoids potential market disruptions that could occur if all the tokens were suddenly made available.
In addition to the token vesting delay, Ferguson shared some key insights about Immutable’s progress. He revealed that over 200 funded games have been built on the platform, highlighting the high level of developer adoption. Furthermore, the company’s treasury currently has enough funds to support its 270 staff members for approximately four years.
Immutable has reserved 52% of its total token supply, which amounts to 2 billion tokens, for project development and ecosystem incentives. This allocation demonstrates the company’s commitment to fostering the growth and expansion of the platform.
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Looking ahead, Immutable has an ambitious roadmap in place. The project plans to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) alongside cross-rollup liquidity. These developments are expected to significantly enhance the scalability and performance of the platform. Additionally, Immutable is set to debut its ecosystem of blockchain games, with several games that were funded two years ago scheduled to go live within the next 12 months.
The funding for these initiatives came from a Series C funding round in March 2022, which raised $200 million. The round was led by Singaporean state-owned investment firm Temasek, with participation from notable investors such as Animoca Brands, Tencent, Arrington Capital, and Princeville Capital. The funds raised are being used to improve Immutable’s layer-2 scaling solution on Ethereum and to scale the Immutable Gaming Studio.
Immutable’s decision to delay the token vesting is seen as a strategic move to ensure the long-term sustainability of the platform. By carefully managing the distribution of tokens and extending the vesting period, the company aims to maintain stability and avoid potential market volatility.
In conclusion, Immutable’s announcement of delaying the vesting of 125 million IMX tokens demonstrates the company’s commitment to long-term sustainability. By implementing a linear monthly vesting schedule and extending the unlocking period, Immutable seeks to ensure a controlled distribution of tokens and avoid any potential market disruptions. With a strong treasury and a roadmap consisting of key developments and game launches, Immutable is well-positioned to continue its growth and success in the NFT space.
