Dominating 70% of the blockchain gaming market! What’s so impressive about Immutable’s zkEVM mainnet?
Immutable, the leading blockchain gaming company, launched its latest Ethereum Layer 2 mainnet, Immutable zkEVM, earlier this week on Monday (29th). The initial access to the network was limited to specific game studios and ecosystem partners, with plans to open it to the public later in 2024.
Layer 2:
Also known as “off-chain scaling,” Layer 2 solutions are built outside of the Ethereum network. They utilize sidechains, rollups, or any other related technology that can expedite transaction speed and processing capacity to resolve transactions and computations on a separate chain. This reduces the burden on the Ethereum mainnet, enhances Ethereum’s scalability, and increases the number of transactions per second.
In March 2023, Australia-based blockchain gaming company Immutable announced its partnership with Polygon, a developer focused on Ethereum Layer 2 solutions. They aimed to create a dedicated Layer 2 network, Immutable zkEVM, for blockchain gaming operators using Polygon’s zero-knowledge Ethereum Virtual Machine (zkEVM) technology.
Zero-Knowledge:
It allows one party (the prover) to prove the truth of a statement to another party (the verifier) without revealing any information other than the statement’s truth.
Ethereum Virtual Machine (EVM):
A simulated machine built on the Ethereum blockchain that mimics the software and hardware resources of actual physical computers. A simpler way to understand it is to imagine Ethereum as a “decentralized computer” operating on the host machines of decentralized nodes.
By combining zk-rollup technology, the vast Ethereum ecosystem, and the advantages of Immutable’s game development system, Immutable zkEVM offers a solution that is EVM-compatible, cost-effective, quick to build, scalable, and ensures Ethereum’s security for blockchain game developers.
Rollup:
Refers to compressing and bundling thousands of transaction data on the blockchain, then synchronizing the compressed data onto the Ethereum network. Hence, it is sometimes translated as “bundling.”
Robbie Ferguson, Co-founder and CEO of Immutable, stated, “Immutable zkEVM makes it easier to develop excellent games. Our mission has always been to reduce operational friction in games. The launch of Immutable zkEVM marks a significant milestone, representing the next step for the ecosystem that benefits game players, game studios, and developers.”
Currently, over 200 games have committed to launching on this network, including “Guild of Guardians,” “Metalcore,” “Cool Cats,” and “Shardbound.” Ferguson estimates that once these games go live, Immutable will capture 70% of the market share in the Web3 gaming sector.
What is Immutable, the blockchain gaming company?
Immutable, a Sydney-based crypto unicorn founded in 2018 by James Ferguson, Robbie Ferguson, and Alex Connolly, is dedicated to reducing the development complexity for Web3 game developers and providing smoother gaming experiences for players.
In terms of lowering development complexity, Immutable offers a complete end-to-end development platform. It provides default software templates that allow developers to quickly create and launch games. It also assists in solving the most challenging Ethereum game security issues that developers face.
In terms of reducing friction in games, Immutable has built a robust infrastructure and created a comprehensive ecosystem. This includes the payment product “Checkout,” which allows developers to integrate it into games, reducing interruptions caused by early players needing to exit the game to pay gas fees or waiting for long transaction confirmations to receive in-game items.
Their Web3 wallet and identity verification service, “Passport,” provide a one-click game login system, allowing players to link their wallets automatically and register for games using a single email and one-time password, similar to using Microsoft’s Xbox.
Immutable’s efforts have garnered support from prominent crypto venture capital funds, including Temasek from Singapore, Coinbase Ventures, and Chinese gaming giant Tencent. After securing a $200 million Series C funding led by Temasek in March 2023, Immutable’s valuation reached $2.5 billion.
According to CoinGecko, Immutable’s token $IMX is currently the second-largest GameFi token, with a market capitalization of $2.7 billion and a total locked value of $190 million. It ranks 36th among all cryptocurrencies. As the crypto industry gradually recovers from the bear market, $IMX has seen a growth of over 200% in the past year.
Sources:
The Defiant, Decrypt, Cointelegraph, Immutable
Proofread by: Gao Jingyuan