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In a super-dynamic crypto market updated news is created almost every day. Here's one. Now, thanks to Immutable X, Ethereum (ETH) holders can receive dollars on withdrawals of the cryptocurrency. Immutable X is a next-generation protocol for trading Ethereum NFTs. The proceeds of the exchange will be going directly to the bank account.
The exchange process allows crypto investors to sell cryptocurrency held on L2 on the Immutable X platform directly for fiat funds. What is also important is that there is no gas fee for such cryptocurrency transactions. Immutable X, however, charges a transaction fee for this purpose. It is called the Moonpay transaction fee as the transactions take place through Moonpay accounts only. The withdrawal service is currently available only for crypto investors in the European Union, the U.K., and in select states of the U.S.
Immutable and StarkWare partnered to create Immutable X, combining StarkWare's top-end layer-2 scaling knowledge with Immutable's "deep understanding" of the NFT space. It also boasts massive scalability without compromising the user's custody of Ethereum. The network currently supports approximately 150,000 non-fungible token (NFT) transactions per day at 30% network usage. Over the years Immutable X has established itself as a prominent player in the NFT market.
The cryptocurrency transaction process involves a decentralized layer 2 system which is supposed to be much faster, cheaper, and more energy-efficient than the ETH mainnet. Immutable X affirms that it is able to process more than 9,000 transactions per second. Compared to this, the ETH network has an average of 10.54 transactions per second.
On the evening of 10 July 2022, the exchange value of 1 ETH stands at around US$1,156. It is well-known that Ethereum is among the cryptocurrencies which are facing a great downward trend in value. Bitcoin, despite having witnessed a fall, has greater value than ETH. What makes Immutable choose it over other cryptos? Immutable explains that it has chosen ETH because the cryptocurrency is the largest and most secure blockchain, with the greatest network effects. It also adds that choosing Ethereum cryptocurrency enables the deployment of smart contracts and decentralized applications to be built and run without any downtime, fraud, control, or interference from a third party. Incidentally, a smart contract is a program that runs on the ETH blockchain. It's a collection of code (its functions) and data (its state) that resides at a specific address on the blockchain.
Despite the geographical restrictions that it has some experts and professional crypto investors welcome this development on the ground that it serves the purpose of greater decentralization which the crypto market is demanding for a considerable period of time for the cryptocurrency.
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