Immutable X (IMX)
Web3 gaming ZK-rollup with major game studio partnerships; gaming L2 narrative still alive but token vesting pressure is severe
Ranked 77th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
IMX scores 117 of 250 across the 25-variable framework, which places it 77th of 251 rated tokens and inside the upper half of the set. The framework verdict is WATCH.
The score rests on Catalyst Calendar 6/10, 29th of 251, Team Execution 6/10, 30th of 251, TVL Trend 5/10, 30th of 251 and Network Growth 6/10, 32nd of 251.
Against the same universe, IMX sits in the bottom third on BTC Alpha Potential 1/10, 240th of 251, Vesting Schedule 3/10, 204th of 251 and Supply Inflation 3/10, 199th of 251. These are the variables that would have to move for the verdict to change.
100% of eventual supply is already circulating, so vesting is not a live risk for IMX. Price has to be justified by demand rather than absorbed against a cliff.
IMX trades 98.8% below its all-time high of $9.52. Recovering that level is a 83.3x move, not a 98.8% one, which is the arithmetic most drawdown charts hide.
The framework score gained 5 points against the previous pass (112 to 117). Revisions of this size follow a change in the underlying variables, not a change in price.
$52.0M sits in the protocol. Each dollar of value locked carries 4.27 dollars of token market cap.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 4 | 60th of 251 | |
| Revenue Trend | 4 | 71st of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 4 | 82nd of 251 |
Supply
| Supply Inflation | 3 | 199th of 251 | |
| Vesting Schedule | 3 | 204th of 251 | |
| Circulating / FDV Ratio | 5 | 135th of 251 | |
| Buyback and Burn | 3 | 63rd of 251 |
Ownership
| Smart Money Flows | 5 | 48th of 251 | |
| Insider Selling | 4 | 151st of 251 | |
| Holder Concentration | 4 | 58th of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 6 | 33rd of 251 | |
| Network Growth | 6 | 32nd of 251 |
Position
| Market Share | 5 | 52nd of 251 | |
| Competitive Moat | 5 | 57th of 251 | |
| Institutional Adoption | 5 | 36th of 251 | |
| Exchange Depth | 6 | 37th of 251 | |
| Social Mindshare | 5 | 41st of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 6 | 29th of 251 | |
| BTC Alpha Potential | 1 | 240th of 251 | |
| Team Execution | 6 | 30th of 251 | |
| Treasury Runway | 6 | 33rd of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Gods Unchained, Guild of Guardians, and 300+ game titles on IMX; Polygon zkEVM partnership and gaming bull cycle
Principal risk
45% supply still opening (team/investor vesting through 2027), gaming crypto narrative fickle, competition from Ronin and Arbitrum Orbit
Market and supply
| Price | $0.1111 |
| Market cap | $222.1Mrank 269 |
| All-time high | $9.5226 Nov 2021 |
| Circulating supply | 2,000,000,000 |
| Eventual supply (max supply) | 2,000,000,000 |
| Dilution to full supply | 1x |
| Total value locked | $52.0M |
| Listed on | Binance, Bybit, Coinbase |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to IMX measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Immutable X] Immutable X partners with 300+ Web3 game studios including major titles via Immutable zkEVM
- [CoinGecko] IMX ATH $9.52 in Nov 2021; 45% of supply still locked with investor/team vesting through 2027
- [Immutable Blog] Immutable partnered with Polygon for zkEVM technology, gaining ZK-proof security for gaming transactionslink dead, claim unverified
One source link above no longer resolves, so we stripped the hyperlink rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 6 Aug 2026.
Common questions
- What is the Early Thunder score for Immutable X (IMX)?
- IMX scores 117 out of 250 on the 25-variable framework, ranking 77th of 251 rated tokens (upper half). The framework verdict is WATCH.
- What are IMX's strongest fundamentals?
- IMX ranks highest on Catalyst Calendar 6/10, 29th of 251, Team Execution 6/10, 30th of 251, TVL Trend 5/10, 30th of 251 and Network Growth 6/10, 32nd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the IMX thesis?
- IMX scores in the bottom third of the universe on BTC Alpha Potential 1/10, 240th of 251, Vesting Schedule 3/10, 204th of 251 and Supply Inflation 3/10, 199th of 251. The single risk carried on the scorecard is: 45% supply still opening (team/investor vesting through 2027), gaming crypto narrative fickle, competition from Ronin and Arbitrum Orbit
- How much IMX supply is still to enter circulation?
- 100% of eventual IMX supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- How far is IMX from its all-time high?
- IMX trades 98.8% below its all-time high of $9.52. Returning to that high requires a 83.3x move from the level used in this scoring pass.
- Which tokens have a similar profile to IMX?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to IMX are POL (123), FIL (101), LINK (165) and ARB (134). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for IMX?
- Gods Unchained, Guild of Guardians, and 300+ game titles on IMX; Polygon zkEVM partnership and gaming bull cycle
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.