Immutable Delays Token Vesting
Immutable, an Ethereum layer-2 solution for nonfungible tokens (NFTs), has decided to delay the vesting of 125 million IMX tokens, equivalent to $67 million at the time of this announcement, to July 2024.
Robbie Ferguson, co-founder of Immutable, made the announcement on October 17. The purpose of this delay is to enhance the long-term sustainability of the project. Ferguson mentioned that when the tokens do eventually unlock, they will follow a linear monthly vesting schedule, rather than being available all at once.
Immutable has seen the development of over 200 funded games on its platform. The project’s treasury is reported to have a four-year runway for its 270 employees. Currently, 52% of Immutable’s 2 billion tokens are earmarked for project development and ecosystem incentives.
In terms of its roadmap, Immutable plans to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) in conjunction with cross-rollup liquidity. It also has plans for the release of ecosystem blockchain games. As Ferguson explained:
“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.”
In March 2022, Immutable secured $200 million in a Series C funding round led by the Singaporean state-owned investment firm Temasek, with contributions from Animoca Brands, Tencent, Arrington Capital, and Princeville Capital. The funding was intended to support the improvement of Immutable’s layer-2 scaling solution on Ethereum and the expansion of the Immutable Gaming Studio.
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