Immutable delays $67M token vesting by another year
Immutable, an Ethereum layer-2 nonfungible token (NFT) scaling resolution, will delay the vesting of 125 million IMX in token rewards, value $67 million on the time of publication, to July 2024.
According to an Oct. 17 announcement by Immutable co-founder Robbie Ferguson, the transfer is intended to boost Immutable’s long-term sustainability. “At a minimum, when we finally do decide to let these tokens unlock – they will be done on linear monthly vesting schedule over time, instead of a cliff,” mentioned Ferguson.
The blockchain govt additionally revealed there are over 200 funded video games constructed on Immutable. Meanwhile, he claimed that Immutable’s treasury has roughly 4 years of runway for its 270 employees. Currently, 52% of Immutable’s 2 billion tokens are reserved for mission improvement and ecosystem incentives.
Regarding its roadmap, the mission plans to launch its zero-knowledge Ethereum Virtual Machine (zkEVM) alongside cross-rollup liquidity. In addition, its ecosystem blockchain video games are set for debut. As mentioned by Ferguson:
“The games funded 2 years ago are going live over the next 12 months. We will see hits, and web3’s user adoption curves will be drawn by the biggest games, not just the biggest exchanges.”
In March 2022, Immutable raised $200 million in a Series C funding spherical led by Singaporean state-owned funding agency Temasek, with participation from Animoca Brands, Tencent, Arrington Capital and Princeville Capital. The mission mentioned on the time that the funding would go towards bettering Immutable’s layer-2 scaling resolution on Ethereum and scaling the Immutable Gaming Studio.
1/ We’re right here for the long term.
Last year, we dedicated to re-locking 125M $IMX of @Immutable’s Project Dev allocation for another 1 year. Just a few weeks from now, these tokens are scheduled to unlock.
We’re proud to as soon as once more re-lock this allocation till July 2024 at a minimal.
— Robbie Ferguson | Immutable (@0xferg) October 17, 2023
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