WATCH

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.

Score
117/250
77th of 251
Percentile
69.7%
of the rated universe
Circulating
100%
0% of value still to vest
Off all-time high
-98.8%
83.3x to recover
EthereumERC-20+5 since last pass
01

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.

02

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

Cash flow variables for IMX, scored 1 to 10 and ranked against 251 tokens
Protocol Revenue
460th of 251
Revenue Trend
471st of 251
P/S Multiple
538th of 251
Real Staking Yield
482nd of 251

Supply

Supply variables for IMX, scored 1 to 10 and ranked against 251 tokens
Supply Inflation
3199th of 251
Vesting Schedule
3204th of 251
Circulating / FDV Ratio
5135th of 251
Buyback and Burn
363rd of 251

Ownership

Ownership variables for IMX, scored 1 to 10 and ranked against 251 tokens
Smart Money Flows
548th of 251
Insider Selling
4151st of 251
Holder Concentration
458th of 251

Traction

Traction variables for IMX, scored 1 to 10 and ranked against 251 tokens
TVL Trend
530th of 251
Active Users
538th of 251
Developer Activity
633rd of 251
Network Growth
632nd of 251

Position

Position variables for IMX, scored 1 to 10 and ranked against 251 tokens
Market Share
552nd of 251
Competitive Moat
557th of 251
Institutional Adoption
536th of 251
Exchange Depth
637th of 251
Social Mindshare
541st of 251

Risk

Risk variables for IMX, scored 1 to 10 and ranked against 251 tokens
Regulatory Safety
652nd of 251
Catalyst Calendar
629th of 251
BTC Alpha Potential
1240th of 251
Team Execution
630th of 251
Treasury Runway
633rd 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.

03

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

04

Market and supply

Price$0.1111
Market cap$222.1Mrank 269
All-time high$9.5226 Nov 2021
Circulating supply2,000,000,000
Eventual supply (max supply)2,000,000,000
Dilution to full supply1x
Total value locked$52.0M
Listed onBinance, 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.

05

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.

06

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.

07

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.