Immutable Announces IMX Staking Launch on zkEVM
On June 12, Immutable announced that the IMX staking process will commence on Immutable zkEVM starting at 00:00 UTC on June 19. This date will also signal the conclusion of staking operations on Immutable X. Users currently staking on Immutable X will have their funds automatically unstaked and returned to them. To continue receiving rewards, users will need to manually migrate their tokens and restake them on zkEVM. This transition is part of the integration of Immutable X with zkEVM, with specific migration instructions varying based on the type of wallet used and the preferred bridging method.
IMX Staking Reward Structure and Eligibility Criteria on zkEVM
With the introduction of this new platform, the reward system will transition to a biweekly cycle starting June 19. To be eligible for rewards, holders of IMX tokens must stake and engage in trading at least one NFT during each cycle. The amount of rewards earned will depend on both the quantity of tokens staked and the duration they are kept staked. Additionally, the evaluation of rewards will consider trading volumes generated through zkEVM’s order book integrations. Each new cycle will reset eligibility for staking rewards. Stakers will receive 20% of the 2% trading fee collected from NFT sales, incentivizing active participation in staking and trading on zkEVM. While stakers can withdraw their funds at any time, doing so prematurely could diminish their reward potential. It’s important to note that only the staking duration within the current cycle will influence reward calculations, promoting longer-term commitments and increased market activity among token holders. Rewards will be distributed biweekly based on observed staking engagement, and users should remain active throughout the cycle to optimize their returns.
Migration Options for IMX to zkEVM Network
There are two methods available for transferring IMX from Immutable X to the zkEVM network. Users can utilize the Layerswap tool for direct transfers between networks or choose to bridge through the Ethereum mainnet before proceeding to zkEVM. After the assets arrive on zkEVM, staking can commence via the updated staking interface. Supported wallets for this migration include hardware wallets, Metamask, and the Immutable Passport, ensuring compatibility with various user preferences and security protocols. Each bridging option is designed to maintain the integrity of assets during the transition process. The time required for the bridging process may fluctuate depending on the level of network congestion.
Immutable Merge Seeks to Integrate Gaming and Token Ecosystems
The overarching goal of merging Immutable X and zkEVM is to create a cohesive environment for gaming assets, tokens, and user communities. Notable games, including Guild of Guardians, have already transitioned to zkEVM since its launch in early 2024, which has seen nearly 150 million transactions, indicating a robust increase in usage. The unified support for EVM smart contracts and ERC1155 tokens enhances the flexibility of asset trading. This integration allows developers to benefit from improved liquidity options and simpler deployment processes within the merged ecosystem, ultimately aiming to boost efficiency for both creators and users.
Asset Migration and Regulatory Developments Signal Important Transition for Immutable
Assets stored on Immutable X will be migrated automatically, contingent on the wallet being utilized. Users of the Immutable Passport will find their assets within their zkEVM Passport, while assets in other wallets will correspond to their original addresses. Users also have the option to bridge to Ethereum L1 before migration for greater control. Games and marketplaces operating on Immutable X must update their contracts to function on zkEVM, and Immutable will implement equivalent contracts for existing assets while covering associated gas fees. This unification effort follows a period of regulatory ambiguity, as the U.S. Securities and Exchange Commission has recently concluded its investigation into Immutable without taking any enforcement action. This resolution ends a five-month inquiry that commenced with a Notice issued in October 2024 regarding the IMX token.
