Immutable Delays Vesting of $67 Million in Token Rewards
Ethereum layer-2 nonfungible token (NFT) scaling solution, Immutable, has announced that it will delay the vesting of 125 million IMX in token rewards, worth $67 million, until July 2024. The decision aims to improve the long-term sustainability of Immutable. Instead of a cliff, the tokens will unlock on a linear monthly vesting schedule over time. Immutable co-founder Robbie Ferguson also revealed that there are more than 200 funded games built on Immutable, and the company’s treasury has enough funding for its 270 staff for four years. Currently, 52% of Immutable’s tokens are reserved for project development and ecosystem incentives.
Immutable’s Roadmap and Future Plans
Immutable has outlined its roadmap for the future. The project intends to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) alongside cross-rollup liquidity. Additionally, its ecosystem blockchain games are set to be released. Ferguson emphasized that the games funded two years ago will go live within the next 12 months and will play a significant role in driving user adoption in the web3 space. The funding raised by Immutable in a Series C round in March 2022 will be used to enhance the layer-2 scaling solution on Ethereum and expand the Immutable Gaming Studio.
Hot Take: Immutable Delays Token Vesting to Ensure Long-Term Sustainability
Immutable’s decision to delay the vesting of $67 million worth of IMX tokens until July 2024 is aimed at ensuring the project’s long-term sustainability. By implementing a linear monthly vesting schedule instead of a cliff, Immutable seeks to manage token distribution effectively. With over 200 funded games built on its platform and four years of funding for its staff, Immutable is well-positioned in the market. The project’s roadmap includes launching the zero-knowledge Ethereum Virtual Machine and introducing cross-rollup liquidity. As the games funded by Immutable go live in the next 12 months, they are expected to drive user adoption and shape the future of web3.
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