After recently announcing an airdrop of IMX tokens, Immutable X has announced news. This week, the Layer 2 blockchain announced a new staking program.
Immutable X staking program
This program will offer rewards to those who trade on its market and also hold IMX tokens. As reported by the Immutable X team, the window for this first staking period ends on July 8th.
Immutable X has grown from an offshoot of Gods Unchained to be a major player in layer2 solutions. They launched their IMX token last year and have since implemented IMX as a payment option in their marketplace.
Also, they added IMX protocol fees for transactions.
A percentage of these protocol fees went towards the IMX staking rewards program.
Through the program, those who hold their IMX tokens on the Immutable X platform will automatically be considered part of the staking program.
Also, in the future. there will be a more formal panel to enable or disable staking.
For now, all the user needs to do is keep at least 10 IMX tokens in their Immutable X wallet and make at least one trade on the Immutable X market in the month of July. But tokens in external wallets do not count towards the program.
IMX rewards will be distributed based on the minimum token holdings during the staking period.
It doesn’t matter which NFT the user trades, it only takes one trade. And both purchases and sales count.
This first staking cycle runs until the end of July (July 30, 0:00 UTC). Staking rewards will be generated from protocol fees collected from the market.
Twenty percent of those fees go to the staking reward pool. And because the fees started in early June, this first cycle includes all fees charged since June 2nd.