IMX Surges after Polygon Partnership and Upcoming zkEVM Mainnet Launch; Eclipse Merges Solana and Ethereum Features in New L2 Architecture for Optimized Speed and Lower Fees

Daily Top Performer — Immutable (IMX)

The SPX index is down 0.94%, the Fed decided to pause its rate hike cycle, signaling a hawkish stance with one more 25 bps rate hike planned this year. The broader cryptocurrency market is down, with Bitcoin and Ether dropping 0.42% and 1.19% respectively, in the past 24 hours. 

Today’s outperformer is IMX, which surged 34.2% in the past 24 hours after recent key developments for IMX: Polygon Partnership, and their zkEVM Testnet.

Immutable (IMX), launched in 2018, is a blockchain focused on enhancing gaming on Ethereum. Its main product, Immutable X, is an L2 solution that speeds up transactions and reduces gas fees, making it more practical for blockchain gaming, and also has its own crypto wallet and developer tools. IMX token is used for fees, staking, and governance on Immutable X. Recently, IMX highlighted its partnership with Polygon and the live testnet for Immutable zkEVM. The mainnet is expected to launch in Q4. Upcoming AAA games are set to go live in the next 3-12 months, and IMX is well-positioned in the Asia-Pacific region. The tone suggests that these developments are significant, yet possibly underappreciated.

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Talk of the Town:

Eclipse has announced a new L2 architecture that combines features of Solana and Ethereum to optimize transaction speeds and reduce fees. The architecture uses the Solana Virtual Machine (SVM) for parallel execution and reduced chain-wide fees, while also maintaining full Ethereum Virtual Machine (EVM) compatibility via Neon EVM. The platform aims to tackle some of EVM's limitations concerning state growth and will settle its transactions on the Ethereum network for added security. MetaMask Snaps technology will help onboard EVM users without requiring them to switch wallets. The new architecture also includes data availability through Celestia for higher throughput and uses a fraud-proof proving mechanism similar to Anatoly's SVM. The initiative aims to redefine L2 scaling and is expected to support popular Ethereum assets like DeFi and NFTs.