Immutable delays $67M token vesting by another year

Immutable, an Ethereum Layer 2 non-fungible token (NFT) scaling solution, will delay the vesting of 125 million IMX token rewards, worth $67 million at launch, until July 2024.

According to an October 17 announcement from Immutable co-founder Robbie Ferguson, the move is to on purpose Enhance Immutable’s long-term sustainability. “At least when we finally decide to have these tokens unlock, they will be done on a linear monthly vesting schedule over time, rather than on a cliff,” Ferguson said.

The blockchain executive also revealed that more than 200 funded games are built on Immutable. At the same time, he claimed that Immutable’s finance department provided its 270 employees with approximately four years of operations. Currently, 52% of Immutable’s 2 billion tokens are reserved for project development and ecosystem incentives.

Regarding its roadmap, the project plans to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) as well as cross-aggregated liquidity. In addition, its ecological blockchain game will also make its debut. As Ferguson said:

“Games funded two years ago will be online in the next 12 months. We will see hot products, and the user adoption curve for web3 will be drawn by the largest games, not just the largest exchanges.”

In March 2022, Immutable raised $200 million in a Series C round led by Singapore state-owned investment company Temasek, with participation from Animoca Brands, Tencent, Arrington Capital and Princeville Capital. The project said at the time that the funds would be used to improve Immutable’s layer 2 scaling solutions on Ethereum and expand Immutable Gaming Studio.

1/ We are here for the long term.

Last year we committed to re-locking 125M $IMX of @immutableproject development funding for another year. The tokens are expected to be unlocked in a few weeks.

We are proud to have re-locked this allocation again until at least July 2024.

— Robbie Ferguson | Immutable (@0xferg) October 17, 2023