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Immutable X Staking Dashboard – Play to Earn

Immutable X Staking Dashboard – Play to Earn

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Two months after launching the soft staking system, Immutable X is making things official with the staking dashboard. Users who wish to participate in the stake rewards must lock the tokens for two weekly periods, with rewards automatically paid out at the end of each period.

Immutable X has already awarded IMX tokens in a passive staking system. Now they are moving to a more formal system. While the previous system only required participants to hold IMX tokens in a Layer 2 wallet, this new system requires IMX token holders to lock the tokens for staking. Tokens must be in your IMX wallet. To be eligible for rewards, bettors must trade at least one NFT during the staking period.

You can trade anywhere that uses IMX Global order books. This includes not only the official marketplace, but also third-party sites such as Token Trove and OKX. And some of the NFTS available, such as Undead Blocks and Gods Unchained, can potentially lead to play and earn opportunities!

Stake IMX Tokens

IMX dashboard

The betting periods are two weeks. Bettors receive rewards based on the percentage of betting tokens they hold. To encourage and reward early adopters, Immutable promises that in the first campaign period, they will add additional tokens to the staking pool to ensure that the APY percentage of the 30% stake offered is at least 5%.

All tokens added to the betting program will be locked until the end of the current period. After each round, the prizes are sent to the Punter’s L2 wallet. They can then stake those tokens for additional rewards in the next session, transfer them to Ethereum for trading, or use them to buy NFTs on the IMX marketplace!

Prize calculations are based on the number of staked tokens and the length of the stake time. Here is the prize formula.

Rewards = (IMX staked * average time staked in cycle) / total IMX stake for cycle

Immutable X continues to step up its game as an L2 NFT marketplace and is already attracting several high-profile projects. The new contribution system should encourage increased community engagement and activity.

The official staking site is https://imx.community/staking

What is the invariant X?

Immutable X is an Ethereum layer 2 scaling solution for NFTs. Immutable X, developed as a spinoff of Gods Unchained, has quickly grown into a significant NFT marketplace. Over the past year, Immutable X has managed to attract a growing number of projects to its platform. Some notable names include Gods Unchained, Guild of Guardians, Illuvium, and Ember Sword. But it’s not just about NFT games. Immutable X also hosts dozens of other NFT projects.

Unchanged X-banner

The platform was introduced in 2021 and released its token later that year. In IMX, there are no gas fees in the store. However, a 2% protocol fee is charged for each transaction and sometimes also market fees for projects. The platform supports multiple tokens including ETH, IMX, GODS and GOG tokens. Most of the available tokens can be purchased on the Immutable X marketplace.

Immutable X is growing fast and developing name recognition. With a recent partnership with Gamestop, Immutable X can find itself at the forefront of mass adoption of blockchain gaming!

Phil Hall has been a gamer since birth and a crypto enthusiast since 2017. He enjoys making new discoveries and sharing them with others through blogging and photography. You can follow him on Twitter or read his other articles on Medium.



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