Immutable
IMX
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
IMX (Immutable) scores a weighted average of 5.68/10 across all fundamental and technical areas. Immutable maintains active engineering efforts, having transitioned its architecture from StarkEx to Immutable zkEVM in early 2026, backed by ongoing repository updates and an audit by Nethermind Security for the migration. The tokenomics profile is relatively stable with fully vested supply (2.00B hard cap) and dual fee/gas utility, though past unlock emissions created historical selling pressure. Market performance reflects broader cyclical headwinds in Web3 gaming, marked by an unrecovered drawdown exceeding 75% over the past year. Governance and team pedigree remain strong with established leadership and over 240 staff, although on-chain DAO mechanisms remain limited. On the security and regulatory side, an SEC Wells Notice issued in late 2024 was officially closed in March 2025 without enforcement actions or findings of wrongdoing, and no exploits or protocol failures have been recorded. No qualifying red-flag events apply.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Immutable (IMX)
IMX is the native ERC-20 token of Immutable, an Australia-founded Web3 gaming and non-fungible token (NFT) scaling platform co-founded in 2018 by James Ferguson, Robbie Ferguson, and Alex Connolly. Built as a Layer-2 scaling network utilizing zk-rollups, Immutable originally operated on a StarkEx-based infrastructure before sunsetting the legacy chain on February 11, 2026, and completing a chain migration to Immutable zkEVM in March 2026. The migration was audited by Nethermind Security, and the project maintains developer tooling across multiple game engines.
The IMX token has a fixed maximum supply of 2.00 billion tokens, with vesting schedules concluding in late 2025. Within the platform, IMX is utilized to pay a mandatory 20% protocol fee and serves as gas on the Immutable zkEVM network. Governance arrangements allow token holders to vote on treasury allocations, grants, and reward distributions, though the platform retains centralized administrative controls rather than operating as a fully decentralized on-chain DAO.
Immutable has faced regulatory scrutiny and market headwinds. In October and November 2024, the United States Securities and Exchange Commission (SEC) issued a Wells Notice to Immutable regarding its 2021 token sales; the SEC formally closed the investigation in March 2025 with no enforcement action or findings of wrongdoing. In the market, IMX has experienced a severe price drawdown, declining more than 75% over a one-year period and remaining down substantially from its all-time high of approximately $9.50.