Immutable X New Staking program rewards IMX token holders

Immutable X introduced a new token staking program which offers rewards to those who trade on their marketplace and also holds IMX tokens on Immutable X. This is to note that the window for this first staking period closes on July 8th.

Jul 4, 2022
by Anvi Saini
Immutable X New Staking program rewards IMX token holders
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The company's IMX token came out for the first time last year. Since then, they have added IMX as a way to pay in their marketplace and added fees for using the IMX protocol. Some of these protocol fees were set aside for an IMX staking rewards pool.

IMX Staking: Everything You Need to know

Those that store IMX tokens on the Immutable X platform are instantly enrolled in the staking program. In the future, there will be a more formal dashboard that requires interaction. To qualify, you must have at least 10 IMX tokens in your Immutable X wallet and conduct at least one trade on the Immutable X marketplace in the month of July. Recently, the deposit period was extended. Users have until July 8th at 00:00 UTC to transfer their tokens to IMX in order to be counted for this inaugural staking period. Whereas, tokens stored in external wallets are disregarded.

During the staking period, IMX rewards are given based on your minimum token holdings. Therefore, users are advised not to attempt to rig the system by transferring tokens in and out.

Until the end of July, this first staking cycle will continue (July 30th, 0:00 UTC). Visit this link to check your current staking eligibility (use the in-page search feature and look for ONLY the last four characters of your linked ETH wallet).

The protocol fees collected from the marketplace are used to fund staking rewards. Twenty per cent (20%) of these costs go toward the pool for staking rewards. This first cycle covers all fees collected since June 2nd, as fee collecting began at the beginning of June.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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