Immutable X, a second-layer expansion plan for Ethereum, announced earlier today that it will start charging protocol fees in June, with 1% in June and 2% in the future. The official said that it will only be collected from actions that create value, not minting coins and transfers. The protocol’s native token $IMX rose by more than 15% within three hours. (Recap:V God admits: Ethereum cannot be commercialized on a large scale yet, and Layer 2 expansion is an urgent need) (background supplement:The savior of blockchain | What is “on-chain and off-chain expansion”? Layer 2 is the correct solution?)
Immutable X, the Ethereum Layer 2 expansion plan for NFT and Gamefi projects, said on Twitter earlier today (30th) that it will activate the “protocol fee” this week to pledge $IMX to be released in June. prepare. According to the official description, the protocol fee is not a gas fee, and users do not need to pay directly in $IMX; it is a simple transaction fee, which is paid in the currency of the user’s transaction.
Note: Immutable X features instant transaction confirmation, zero gas fee, and greater scalability, capable of executing 9,000 transactions per second.
Officially, the protocol fee will be a fixed 1% in June, followed by a 2% fee; part of the fee will be allocated to Immutable and the other part to the $IMX staking reward pool.
This is the final step before launching $IMX staking, which will allow next-generation web3 games to reach global scale with cheap, reliable, and incentive-aligned pricing.
Protocol fees are live! 🎉🎉🎉
This is the final step before launching $IMX staking and will allow the next generation of web3 games to reach planet scale with cheap, reliable, and incentive-aligned pricing.
Full blog here: https://t.co/b9ykgLyptS
— Immutable | $IMX ⓧ (@Immutable) May 30, 2022
When will transaction fees be incurred?
The Immutable X team said that most projects hope to have lower transaction costs, but they emphasize that the main goal of the project should not just be to reduce fees, but to maximize the creation of large and sustainable economic opportunities. The official example is that too low network costs can lead to a flood of spam, as Polygon last year raised the minimum gas fee by 30 times to stop spam.
Immutable X said it would charge a 2% “protocol fee” for all secondary transactions and no longer charge a flat fee per transaction. A more detailed fee mechanism is detailed below:
Charge fees for transactions that move value (e.g. primary and secondary sales) and charge for the value itself rather than additional native tokens Do not charge for transactions that do not move value (e.g. minting, transfers) Use anti-spam technology to prevent Abuse of these free transactions to subsidize free transactions with transaction fees that generate value
$IMX up over 15% in three hours
Although the official said that the protocol fee charged later will not be charged to IMX, but will be paid in the currency of the transaction. However, the market seems to be inclined to believe that this change is good news for the overall ecology. The price of IMX ushered in a wave of rise shortly after the announcement, rising by more than 15% within three hours, and is currently at $1.14.
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