Companies Editor's Picks News

The Unstoppable Growth of Immutable in the Crypto World

The Unstoppable Growth of Immutable in the Crypto World

TL;DR

  • Immutable, an Ethereum Layer 2 focused on GameFi and NFTs, reaches new highs in TVL and IMX prices.
  • Immutable zkEVM, a new gaming rollup with zero-knowledge technology, launches on mainnet with over 200 games onboard.
  • Immutable partners with major companies like Ubisoft and Amazon, and hosts popular web3 games like Gods Unchained and Illuvium.

Immutable, an Ethereum Layer 2 focused on GameFi and NFTs, is enjoying an impressive run, with both the network’s Total Value Locked (TVL) and the price of its IMX token topping the rankings leaderboard this past week.

In the past week, Immutable has seen a significant increase in its Total Value Locked (TVL), with a growth rate of 27% as reported by L2beat. Earlier today, Immutable’s TVL reached a new record high of $271 million, surpassing its previous peak from two months ago by $1 million.

The native token of Immutable, IMX, has also been performing well. It is currently ranked as the fifth-best-performing cryptocurrency among the top 100, with a rally of 33.6% over the past week. The last recorded trading price for IMX was $2.90, which gives it a market capitalization of $3.93 billion and places it as the 24th largest cryptocurrency overall.

This impressive performance by Immutable comes on the heels of the early access mainnet launch of its new gaming-focused rollup, Immutable zkEVM, which leverages zero-knowledge technology from Polygon.

Zero-knowledge rollups offer superior performance among Layer 2 scaling solutions, providing speed and throughput advantages over other Layer 2 solutions. A key feature of Immutable zkEVM is its support for Ethereum Virtual Machine smart contracts, which allows developers to port code over from Ethereum easily.

Immutable’s Strategic Partnerships: A Winning Move

The Unstoppable Growth of Immutable in the Crypto World

Robbie Ferguson, the co-founder and president of Immutable, has announced that over 200 games have pledged to launch on the newly introduced zkEVM as the network expands. Despite the introduction of Immutable zkEVM, the original Immutable network continues to grow, demonstrating that Layer 2 continues to cater to a large community of developers and users.

Currently, Immutable is the platform for more than 220 web3 games, including popular titles such as Gods Unchained and Illuvium. It has also established partnerships with major companies like Ubisoft and Amazon. 

The past week has seen Immutable and its native token, IMX, leading the weekly leaderboards, with a 27% increase in Immutable’s Total Value Locked (TVL) and a 33% rally in the value of IMX.

Despite the impressive growth, it’s important to note that zkEVM development is progressing, but no zkEVM currently has huge adoption compared to existing blockchains. The continued success of Immutable will be a key indicator of the potential for zkEVMs in the future.

Related posts

XRP, BCH, LTC, Dash: technical analysis and forecast of the course on 15-16 January 2019

alfonso

White House Issues Crypto Regulatory Framework

Jai Hamid

Blockchain Transparency Institute identified 9 exchanges, not overestimating trading volumes

alfonso