- Immutable, an Ethereum NFT scaling solution, has delayed the vesting of $67 million worth of IMX token rewards until July 2024.
- The delay aims to improve the long-term sustainability of Immutable, which has a four-year runway based on its treasury and staff.
- Immutable plans to launch its zero-knowledge Ethereum Virtual Machine (EVM) and debut its ecosystem of blockchain games in the next year.
Immutable, an Ethereum non-fungible token (NFT) scaling solution, is pushing back the vesting of IMX token rewards worth $67 million until July 2024. The delay is intended to improve the long-term sustainability of Immutable.
The Delay and Token Vesting Schedule
Immutable co-founder Robbie Ferguson announced the delay to the vesting of 125 million IMX in token rewards, revealing that the tokens will not unlock until July 2024. The delayed token vesting will have an incremental monthly vesting schedule and not a cliff vesting schedule.
Immutable’s Financial and Development Status
Ferguson also shared that Immutable has approximately four years of runway based on its treasury and 270 staff, and over 200 funded games built on Immutable’s platform. At present, 52% of Immutable’s 2 billion tokens are reserved for project development and ecosystem incentives.
Immutable plans to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) alongside cross-rollup liquidity as per its roadmap. Its ecosystem of blockchain games is also set to debut: “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,” said Ferguson.
In March 2022, Immutable raised $200 million in a Series C funding round led by Singaporean state-owned investment firm Temasek, with participation from Animoca Brands, Tencent, Arrington Capital, and Princeville Capital. The funding was intended to improve Immutable’s layer-2 scaling solution on Ethereum and scale the Immutable Gaming Studio.
Immutable’s decision to delay the vesting of IMX token rewards until July 2024 is an indication of its commitment to long-term sustainability. Immutable will use the incremental monthly vesting schedule, instead of the cliff vesting schedule, for the token rewards. The company has a long runway based on its treasury and staff, and plans to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) and blockchain-based games in the coming months.