Friday, 19 July 2024

Crypto News

Immutable delays $67M token vesting by another year

Immutable delays $67M token vesting by another year

Developers of Ethereum layer-2 nonfungible tokens (NFT) scaling solution Immutable (IMX) will delay the vesting of 125 million IMX in token rewards, worth $67 million at the time of publication, to July 2024.

According to the October 17 announcement by Robbie Ferguson, Immutable’s co-founder, the move is to enhance Immutable’s long-term sustainability. “At a minimum, when we finally do decide to let these tokens unlock – they will be done on linear monthly vesting schedule over time, instead of a cliff,” said Ferguson.

The blockchain executive also revealed there are over 200 funded games built on Immutable. Meanwhile, Ferguson claimed Immutable’s treasury has approximately four years of runway for its 270 staff. Currently, 52% of Immutable’s 2 billion tokens are reserved for project development and ecosystem incentives.

For its roadmap, the project plans to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) alongside cross-rollup liquidity. In addition, its ecosystem blockchain games are set for debut, as told by Ferguson:

“The games funded 2 years ago are going live over the next 12 months. We will see hits, and web3’s user adoption curves will be drawn by the biggest games, not just the biggest exchanges.”

Cointelegraph reported in March 2022 that Immutable raised $200 million in its Series C funding round led by Singaporean state-owned investment firm Temasek, with participation from Animoca Brands, Tencent, Arrington Capital and Princeville Capital. Developers said at the time that the funding would go towards improving Immutable’s layer-2 scaling solution on Ethereum and scaling the Immutable Gaming Studio.

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