What is IMX coin? What can IMX coins do? How to store IMX coins?

IMX coins facilitate transactions, staking, and governance within the Immutable X gaming platform, enabling user participation and platform security.

Oct 21, 2024 at 12:12 pm

1. What is IMX Coin?

IMX coin is the native token of the Immutable X platform, a Layer-2 solution built on Ethereum specifically designed for gaming. It is a decentralized protocol that allows the creation, issuance, and trading of non-fungible tokens (NFTs) for gaming applications.

2. What Can IMX Coins Do?

IMX coins are used for various functionalities within the Immutable X platform, including:

Transaction fees: Users pay transaction fees in IMX when interacting with the Immutable X platform, such as creating or transferring NFTs.
Staking: IMX holders can stake their tokens to earn rewards and support the network's security.
Governance: IMX holders have voting rights to participate in the governance of the Immutable X ecosystem, including proposing and voting on changes to the platform.

3. How to Store IMX Coins?

IMX coins can be stored in several ways:

Hardware wallets: These physical devices, such as Ledger and Trezor, provide secure offline storage for your IMX coins.
Software wallets: Mobile or desktop wallets, such as MetaMask and Exodus, allow you to store and manage IMX coins conveniently.
Centralized exchanges: Exchanges like Binance and Coinbase offer IMX storage services, but these may not provide the same level of security as hardware or software wallets.

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