Ethereum NFT Layer 2 Expansion Plan Immutable X Announces Two IMX Utility Upgrades

According to official news, Ethereum NFT Layer 2 expansion plan Immutable X announced two IMX utility upgrades: 20% of the platform fee must be paid in IMX; IMX will become a native network token as the Immutable zkEVM core Gas currency.

Immutable X: 20% of the platform fee must be paid in IMX; Will be used as Immutable zkEVM core gas currency

**Introduction**
The decentralized world is buzzing with news of Ethereum Non-Fungible Tokens (NFTs) and Layer 2 expansion plan (L2) by Immutable X. Recently there has been an official news announcement from Immutable X, stating that it is launching two utility upgrades in IMX, improving the platform fee and providing a native network token as Immutable zkEVM core Gas currency. Let’s take a deep dive into what these two upgrades entail and how it goes in line with the much-awaited Ethereum L2.
**Table of Contents**
1. What is Immutable X?
2. The First Upgrade: 20% of the platform fee must be paid in IMX
3. The Second Upgrade: IMX will become a native network token as immutable zkEVM core Gas currency
4. Will the Upgrade Boost Ethereum NFTs and Layer 2 Expansion Plan?
5. Conclusion
6. FAQs

1. What is Immutable X?

Immutable X is a Layer 2 scaling solution designed for NFTs, powered by Ethereum. It is an open-source permissionless protocol that provides access to the most secure Layer 2 solution for any Ethereum-based application. Immutable X is built on zk-rollups, which is a Layer 2 scaling technology that optimizes the Ethereum blockchain’s scalability without lowering the security of the network. Immutable X’s design ensures lightning-fast transactions and zero gas fees, ensuring optimal user experience.

2. The First Upgrade: 20% of the platform fee must be paid in IMX

The first IMX utility upgrade announced by Immutable X ensures that 20% of the platform fee must now be paid in IMX. Previously the platform fee was only paid in ETH. At this moment, Immutable X’s platform fee is the lowest in the market, which is currently at 0.03%. With its latest upgrade, Immutable X aims to make it even easier and more convenient for their users to participate in one of the fastest-growing markets in blockchain.
Users who have IMX tokens will benefit from reduced platform fees, and to incentivize more users to hold IMX, a liquidity mining program has been launched. This incentivizes users for holding IMX and contributing it to the liquidity pool. This move also shows Immutable X’s commitment to decentralization, as it reduces the platform fees’ reliance on ETH and increases IMX’s use case.

3. The Second Upgrade: IMX will become a native network token as Immutable zkEVM core Gas currency

The second upgrade announced by Immutable X is that IMX will become a native network token as immutable zkEVM core Gas currency. This innovation is designed to improve the Layer 2 scaling technology that enables users to have access to zero gas fees, lightning-fast transactions, and the Ethereum blockchain’s security. The platform is equipped with an enhanced virtual machine that enables developers to have access to various benefits such as lower gas costs and instant settlement of transactions.
This move also improves the user experience, as it eliminates the need to purchase ETH or pay gas fees. IMX will now be used as the primary currency to pay for gas costs in the Immutable zkEVM core. This move also provides greater interoperability across Layer 2 solutions and NFT platforms.

4. Will the Upgrade Boost Ethereum NFTs and Layer 2 Expansion Plan?

Immutable X’s proposed upgrades to IMX will undoubtedly benefit Ethereum NFTs and Layer 2 expansion plan. These upgrades provide greater incentives for users to hold IMX, which will have a positive impact on the ecosystem. The 20% reduction in platform fees will provide greater accessibility to users looking to buy and sell NFTs, while IMX becoming the native network token will eliminate the need for users to buy ETH, thus making NFTs more affordable and accessible.
With these upgrades, Immutable X will continue to attract more developers and users, improving NFTs and the broader Ethereum ecosystem’s scalability and security. Additionally, zero gas fees and fast transaction speeds will attract more users to Ethereum Layer 2, resolving the issue of high gas fees on Ethereum.

5. Conclusion

Immutable X has demonstrated its dedication to improving the scalability and accessibility of the Ethereum blockchain’s Layer 2 scaling technology with these utility upgrades in IMX. The first upgrade of reducing the platform fees and the second upgrade of making IMX the native network token for gas payments in the Immutable zkEVM core is a big step towards NFTs’ mainstream adoption. With these upgrades, Immutable X aims to provide the best user experience for developers and users who appreciate affordable, fast, secure transactions.

6. FAQs

1. What is Ethereum Layer 2 scaling technology?
Ans. Ethereum Layer 2 is a solution that optimizes the scalability of the Ethereum blockchain without compromising the network’s security.
2. What is Immutable X?
Ans. Immutable X is an open-source permissionless protocol built on zk-rollups, providing access to the most secure Layer 2 scaling solution available for NFTs.
3. How does the second upgrade help with gas payments?
Ans. The second upgrade makes IMX the native network token for gas payments in the Immutable zkEVM core, eliminating the need to buy ETH, thus making NFTs more affordable and accessible.