Introducing IMX Staking

Last month we announced that the IMX token buyback had started and that we would have distributed the protocol profits to IMX holders through a staking program. During the last few weeks we were able to buy around 750,000 IMX from the market and we are currently buying around 15,000 IMX each day as the protocol revenues are around $1500 per day.

Today, we are happy to announce that IMX Staking will officially go live on Wednesday, July 21st at 2pm CET.

Profits Distribution to IMX Holders

Impermax is a profit generator. Up to 20% of all the interest paid on Impermax is kept by the protocol as profit. The IMX token gives the right of ownership of the Impermax protocol, and for this reason the main users that will benefit from Impermax revenue stream are IMX holders. Protocol profits are used to buy IMX from the market, creating buying pressure, and these IMX are then distributed to holders through IMX Staking.

How to Stake IMX

You can already start staking by navigating to the staking section of our Web3 app. The staking process is immediate and you can stake and unstake your IMX at any time. By staking IMX you will obtain xIMX, a fully composable ERC20 token representing your share of the staking pool. Staking rewards will be automatically compounded to your IMX balance. Please notice that IMX Staking will be initially available only on Ethereum mainnet.

How Does it Work?

Staking is implemented through 2 main smart contracts.

At launch the reserves distributor will hold the 750,000 IMX bought back so far and therefore the distribution rate will be set at 8,333 IMX per day or 3,041,000 IMX per year (25% of the current circulating supply).

xIMX Ethereum address: 0x363B2DEaC84F0100d63C7427335F8350f596bf59

ReservesDistributor Ethereum address: 0xa6f3c27f1b503221f3a3c9d34f587252ecfb3160

Using Chainlink Keepers

Staking reward is transferred from the reserves distributor to the staking pool whenever someone calls the claim() function. In order to ensure that the function is called periodically we have decided to use Chainlink Keepers, a decentralized service that ensures that certain actions are performed on the blockchain whenever some conditions are met.

We're developing a DeFi ecosystem that will enable investors to leverage their LP Tokens