Provide a concise narrative that clearly states each of (a)–(e) below.
Immutable X was built to address low scalability, poor user experience, slow developer experience, and illiquidity in Ethereum NFT markets. The current platform describes Immutable Chain as a gaming-optimized blockchain built on Ethereum with fast confirmations and gas sponsorship for players.
(Source: Immutable Whitepaper, Immutable Chain Docs)
IMX is designed to support growth across Immutable X and Immutable zkEVM by incentivizing adoption, trading activity, development, rewards, and governance participation. The protocol targets instant trading, large-scale throughput, and zero-gas minting and trading without compromising asset security.
(Source: Immutable Whitepaper, IMX Token Overview)
The project began with Immutable X, Immutable's first rollup, built with StarkWare as a customized StarkEx deployment. In early 2026, Immutable X was deprecated and merged into Immutable Chain through a non-custodial bridge contract upgrade. Immutable Chain is EVM-compatible, uses approximately two-second block times and finality, and operates live, audited, and monitored bridge contracts.
(Source: Immutable Chain Docs, Immutable X Deprecation Guide)
IMX is the native ERC-20 utility token used across Immutable X and Immutable zkEVM for transaction-fee payments, staking, developer incentives, and governance participation. The whitepaper states that IMX can be used to pay protocol fees, stake on the protocol, and vote on token-related proposals. Per the token overview page, 20% of the protocol fee on every transaction on the Immutable Protocol must be paid in IMX, and those fees are reserved for rewards for active ecosystem participants.
(Source: Immutable Whitepaper, IMX Token Overview)
Token holders vote on token-related proposals covering allocation of token reserves, developer grants, activating daily rewards, and changes in token supply, via Snapshot. The public record does not identify a live on-chain governance executor, public vote thresholds, or a public multisig or pause-role framework for the current post-migration operating structure.
(Source: Immutable Whitepaper, IMX Token Overview)
For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the: (a) full names, (b) official titles, (c) and prior experience of key team members. For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.
Full Name | Entity | Official Title | Prior Experience |
|---|---|---|---|
Gill Findlay | Labs | Chief Operating Officer | Partner at AirTree Ventures; C-suite roles at Vamp and SafetyCulture. |
John Boris | Labs | Chief Growth Officer | CEO of IfOnly; CMO of Shutterfly; C-suite roles at LonelyPlanet and other U.S.-based tech-enabled companies. |
Justin Hulog | Labs | Chief Studio Officer | General Manager, Southeast Asia at Riot Games; leadership roles at Say Media. |
Katherine Rau | Labs | Chief People Officer | Leadership position at Culture Amp; roles at Unlockd and Catch.com.au. |
The IMX Ecosystem Foundation is a non-profit organization dedicated to the decentralization, growth, and security of blockchain gaming. Its stated mission is to issue leading tokens and token protocols for NFTs and blockchain games. Public materials identify it as the current IMX issuer for ecosystem growth, security, and reward programs. The foundation operates under Digital Worlds NFTS Ltd. The jurisdiction of incorporation for IMX Ecosystem Foundation is not separately disclosed in public sources; the original token-issuing entity, Digital World NFTS Ltd., is incorporated in the British Virgin Islands. | Foundation | ||
The project does not operate a constituted DAO legal entity or a documented on-chain governance body. Governance proposals are published on Snapshot and relate to the future development and expansion of the protocol. The governing token is IMX. No on-chain executor or formal DAO legal wrapper is publicly disclosed. | DAO | ||
Blockworks note: Immutable was founded in 2018 by James Ferguson, Robbie Ferguson, and Alex Connolly. |
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so. Address the lettered items below. Even if there is no DAO, there must be an answer to (d).
The public record does not disclose what IP, codebases, or trademarks the DAO controls or whether any IP is held in a DAO legal wrapper.
Token holders vote on token-related proposals covering token reserves, developer grants, daily rewards, and changes in token supply via Snapshot. The public record does not disclose vote thresholds, a governance executor contract, a public multisig address, or any on-chain pause or upgrade mechanism attributable to token holder governance.
(Source: Immutable Whitepaper, IMX Token Overview)
The whitepaper states that IMX tokens in the "Awaiting Cliff" state are unavailable to trade or withdraw but remain eligible to stake and vote. "Locked" tokens are unavailable to trade, stake, or withdraw. "Unlocked" tokens are available to trade, stake, and withdraw. As of October 31, 2025, all 2,000,000,000 IMX tokens completed their unlock schedule and are fully circulating; no further vesting cliffs remain.
(Source: Immutable Whitepaper, Immutable Full Circulation Announcement)
The whitepaper states that there is no entitlement, allocation, or right to protocol revenue purely from ownership of IMX. The legal notice states that IMX does not provide voting, distribution, redemption, liquidation, proprietary, or other financial or legal rights unless otherwise specified.
(Source: Immutable Whitepaper, Immutable X Token Legal Notice)
The public record does not identify who can dissolve or wind up any DAO-equivalent body or by what mechanism.
Blockworks note: The cited public sources describe governance functionality for IMX via Snapshot. No separately constituted DAO legal entity or currently documented DAO operating body exists in the public record.
For the Primary Foundation do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
Digital World NFTS Ltd. is a British Virgin Islands business company incorporated in the British Virgin Islands with limited liability, identified as the IMX token issuer in the legal notice. IMX Ecosystem Foundation is identified as a non-profit; its separate jurisdiction of incorporation is not publicly disclosed.
(Source: Immutable X Token Legal Notice, IMX Ecosystem Foundation PR)
The public record does not disclose what IP, repos, or trademarks the foundation owns or controls, or whether subsidiary entities exist under it.
IMX Ecosystem Foundation administers staking rewards in partnership with Immutable, provides IMX rewards to liquidity providers on Immutable zkEVM (in partnership with Gauntlet and Merkl by Angle Labs), and, as the identified IMX issuer, controls token distribution programs. The thresholds, multisig configuration, and specific on-chain controls for treasury actions are not publicly disclosed.
(Source: IMX Ecosystem Foundation PR, Liquidity — IMX Ecosystem Foundation)
The public record does not disclose whether the Foundation can exert direct or indirect influence over Immutable Pty. Ltd. or any other DevCo entity.
Pause, upgrade, and governance-executor authorities for the Foundation are not publicly disclosed.
The Foundation directs IMX token distributions for staking rewards, liquidity provider rewards, and ecosystem participation programs, including the Immutable Play Perpetual Rewards program. The 20% of protocol fees paid in IMX is reserved for rewards for active ecosystem participants and is managed in partnership with the Foundation and Immutable. The specific contractual or governance-approved mechanisms governing these flows are not publicly disclosed beyond the descriptions above.
(Source: IMX Token Overview, Liquidity — IMX Ecosystem Foundation, IMX Ecosystem Foundation PR)
Blockworks note: The IMX Ecosystem Foundation is a non-profit organization, with Digital Worlds NFTS Ltd. identified in public materials as the entity through which it operates. Digital World NFTS Ltd. is a British Virgin Islands business company incorporated in the British Virgin Islands with limited liability, and is the legal issuer of the IMX token per the published legal notice. Public materials also separately reference "Digital Worlds Foundation" in a February 2024 liquidity rewards announcement on digitalworldsnfts.com. The relationship between "Digital Worlds Foundation," "Digital Worlds NFTS Ltd.," and "IMX Ecosystem Foundation" is not fully disentangled in the public record.
(Source: Immutable X Token Legal Notice, IMX Ecosystem Foundation PR, Liquidity — IMX Ecosystem Foundation)
For the Primary DevCo do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
Immutable Pty. Ltd. is an Australian proprietary limited company. Immutable X Pty Ltd and Immutable zk Pty Ltd are separately referenced in public-facing legal documents as Australian entities.
(Source: Immutable X Token Legal Notice, Immutable Website Terms)
The public record does not disclose what IP, codebases, or trademarks Immutable Pty. Ltd. or its affiliates own or control, or the structure of subsidiary entities.
The public record describes the DevCo as a service provider to the token issuer but does not disclose the DevCo's powers over treasury actions, token administration, or reward parameters.
The public record does not disclose whether Immutable Pty. Ltd. or its affiliates can exert direct or indirect influence over IMX Ecosystem Foundation or Digital World NFTS Ltd.
Pause, upgrade, and governance-executor authorities for the DevCo are not publicly disclosed.
The DevCo operates under a service-provider agreement with the token issuer. The specific contractual terms, any revenue-sharing or token-distribution mechanisms directed to Immutable Pty. Ltd. or its equityholders, and any governance-approved economic arrangements are not publicly disclosed.
(Source: Immutable X Token Legal Notice)
Blockworks note: The primary DevCo is Immutable Pty. Ltd., an Australian company. The IMX legal notice identifies Immutable Pty. Ltd. as an independent service provider to Digital World NFTS Ltd., providing exclusive technology and related services for the project. The current trading rewards page identifies Immutable X Pty Ltd as an independent service provider to IMX Ecosystem Foundation. Website terms of service are published by Immutable zk Pty Ltd.
(Source: Immutable X Token Legal Notice, Immutable Website Terms)
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch.
The total token supply is 2,000,000,000 IMX. All 2,000,000,000 IMX completed their unlock schedule on October 31, 2025, and are fully circulating. The whitepaper-level aggregate split between locked and unlocked tokens at launch is not disclosed in a single public document.
The whitepaper allocates IMX supply as: 51.72% ecosystem development (pro-network activity rewards including trading, depositing, minting, and developer grants); 25% project development (team and company operations); 13.86% private sale (investors); 5.42% public sale (CoinList participants); and 4% foundation reserve.
CoinList disclosed two public-sale options on September 8, 2021: Option 1 priced IMX at $10.00 per token for up to 400,000 tokens; Option 2 priced IMX at $15.00 per token for up to 600,000 tokens. Private-sale investors acquired IMX at approximately $0.10 per token, per CryptoRank data reported by CoinDesk.
IMX
IMX is a capped ERC-20 utility token with a fixed maximum supply of 2,000,000,000 tokens. No new IMX tokens can enter circulation. As of October 31, 2025, all tokens are fully unlocked and circulating.
Private-sale tokens: one-year cliff, 2.5-year unlock period. CoinList Option 1 (discounted public sale): six-month linear release from approximately October 19, 2021. CoinList Option 2 (public sale): three-month linear release from approximately October 19, 2021. Project-development tokens: one-year cliff, four-year unlock period. Ecosystem development daily rewards: 66.66% of each daily reward subject to a six-month linear unlock. Developer grants: contract-specific schedules. Foundation-reserve tokens: not subject to lock at launch. The final unlock event occurred on October 31, 2025, releasing approximately 27.31 million IMX (1.37% of total supply).
Blockworks note: (Source: Immutable Whitepaper, CoinList IMX Sale, Immutable Full Circulation Announcement, CoinDesk IMX Unlock Coverage)
Address each of the following sub-items based on the project's airdrop status. If a sub-item does not apply to the project's situation, state that explicitly.
Planned but not yet executed airdrop: Not applicable. No TGE airdrop is planned or pending as of the date of this filing, and no future airdrop has been announced by Immutable, IMX Ecosystem Foundation, or Digital World NFTS Ltd. in the public sources reviewed. The quarterly recipient-list commitment described in this sub-item therefore does not apply.
Executed airdrop: No airdrop was conducted at or around TGE. IMX distributions to users have been executed post-launch through ongoing ecosystem reward programs rather than a one-time claim event. Covered segments and allocation methods are as follows:
No airdrop planned or conducted: Immutable has never conducted an airdrop of IMX and does not plan to execute one. All IMX distributed to users has been distributed through ongoing, activity-based ecosystem reward programs — daily pro-network activity rewards, the Foundation's points-based trading rewards program, and Immutable Play Perpetual Rewards — which require qualifying activity rather than a snapshot claim, and which remain open rather than being one-time events. The June 2025 distribution of 0.2% of Treeverse $END supply to IMX stakers was a third-party token distribution and did not involve IMX.
Blockworks note: (Source: Immutable Whitepaper, IMX Ecosystem Foundation PR, IMX Token Overview)
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table:
If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
Blockworks note: Market-making agreements are not disclosed in public sources.
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.
Blockworks note: CEX/DEX listing agreements and any associated token allocations or fees are not disclosed in public sources.
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
Blockworks note: (Source: Immutable Whitepaper, CoinList IMX Sale, Blockworks Series C Coverage, CoinDesk IMX Unlock Coverage)
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
None as of 09-01-2026.
N/A
N/A
N/A
N/A
N/A
Blockworks note: No exploits affecting tokenholders or protocol funds are identified in the public sources reviewed for this filing as of 09-01-2026. Immutable maintains a tested incident-response protocol and a public bug bounty program through Bugcrowd, Immunefi, and security@immutable.com. The February 2026 Immutable X-to-Immutable Chain migration contracts were independently audited by Nethermind Security.
(Source: Immutable Trust Page, Immutable Migration Audit)
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
(a) Regulatory, Legal & Tax Risks — Describe how evolving laws and regulations could affect the project by answering, at a minimum, questions like:
Impact of Regulatory Change on TGE and Listings: (If applicable) How could evolving or conflicting laws and regulations affect your ability to complete the TGE, deliver tokens to purchasers, and list or maintain the token on trading venues in key jurisdictions?
Entity-Level Regulatory Impact: (If applicable) How could regulatory or legal changes impact your core entities (Foundation, DevCo, DAO, affiliated service providers), including enforcement actions, licensing requirements, or forced changes to structure or operations?
Tokenholder Tax Treatment: (If applicable) What uncertainties exist around how tokenholders may be taxed, and make clear that tokenholders are responsible for understanding their own tax obligations?
Jurisdictional & User Access Restrictions: (If applicable) If the project restricts access for certain jurisdictions or user types (e.g., U.S. persons, sanctioned countries, retail vs. professional), what are those restrictions and what risks do they create for users and for the project?
(b) Protocol, Technology & Security Risks — Describe risks to network and contract reliability, correctness, and safety by answering, at a minimum, questions like:
Bugs and Design Flaws: (If applicable) What bugs, design flaws, or implementation errors could exist in your core protocol code, smart contracts, and any bridges, rollups, or oracles that you depend on, and how could these lead to loss of funds or disruption of the protocol?
Security Measures & Their Limitations: (If applicable) What security measures have you taken (audits, formal verification, bug bounties), and what types of failures might these measures still fail to detect or prevent?
(c) Token Economics, Unlocks & Incentive Risks — Describe how the token's economic design and supply schedule could affect holders by answering, at a minimum, questions like:
Critical Economic Assumptions: (If applicable) Which economic assumptions (e.g., staking yields, fee revenue, liquidity incentives, MEV capture, demand for blockspace) are critical for protocol security, utility, and governance, and what happens if those assumptions fail?
Governance Control over Monetary Policy & Rewards: (If applicable) To what extent can governance change monetary policy, fee parameters, or reward allocations (e.g., inflation rate, treasury flows, incentive programs), and how could such changes adversely affect tokenholders?
The IMX legal notice states that the token is not an investment or security, that it has not been and will not be registered under the U.S. Securities Act of 1933, and that it may not be offered or sold within the United States or to U.S. persons. In November 2024, Immutable received a Wells Notice from the SEC alleging potential violations of securities laws related to the listing and private sales of IMX in 2021. On March 26, 2025, the SEC formally closed its investigation into Immutable and related parties with no findings of wrongdoing and no enforcement action. Sanctioned-person and sanctioned-jurisdiction restrictions apply. Current terms require sanctions representations, allow KYC requirements, and permit suspension or termination of access for compliance purposes. Public materials state that nothing in them constitutes business, legal, financial, investment, or tax advice; tokenholders are responsible for assessing jurisdiction-specific tax and legal treatment independently. EU MiCA regulation creates additional compliance considerations for European users and the entities that serve them.
(Source: Immutable X Token Legal Notice, SEC Investigation Closure — CoinDesk, Immutable Website Terms)
The legal notice states that the project and related software are experimental, may contain bugs or vulnerabilities, and face risks from blockchain failures, cryptographic advances, and hacks or cyber-attacks. Bridge contracts on Immutable Chain are live, audited, and monitored. The February 2026 migration contracts were independently audited by Nethermind Security and rely on proof-based disbursement against the final StarkEx vault root. Immutable X was deprecated and merged into Immutable Chain in early 2026, creating operational migration risk for legacy users and collection-specific NFT handling that required active user action.
(Source: Immutable X Token Legal Notice, Immutable Chain Docs, Immutable X Deprecation Guide)
IMX has a fixed cap of 2,000,000,000 tokens with no further emissions. All tokens completed vesting on October 31, 2025. The initial allocations were 51.72% ecosystem development, 25% project development, 13.86% private sale, 5.42% public sale, and 4% foundation reserve. With all tokens now circulating, future supply-release risk from vesting schedules is eliminated. However, ongoing distribution of ecosystem rewards, staking rewards, and liquidity incentives by the Foundation represents continued programmatic token flows from pre-allocated ecosystem buckets. IMX staking eligibility requires active participation (staking plus at least one NFT trade per cycle on Immutable zkEVM) rather than passive holding. Governance can modify reward parameters, fee structures, and incentive program terms, which could adversely affect tokenholder returns and protocol economics.
(Source: Immutable Whitepaper, Immutable Full Circulation Announcement, IMX Token Overview)
This Token Transparency Filing is provided for general informational purposes only and does not verify or warrant the accuracy of individual answers.
