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Immutable extends token vesting period another year

source-logo  crypto.news 17 October 2023 13:59, UTC

In an Oct. 17 post on X, Immutable co-founder Robbie Ferguson shares the news that the vesting of $67 million in token rewards will be delayed until July 2024.

The move is said to enhance the Web3 game development platform’s long-term sustainability.

Token unlock postponed

According to the post, Immutable committed to re-locking 125M $IMX of the project’s dev allocation for another year, meaning that it would be just a few weeks from now the tokens were scheduled to unlock. In a follow-up post, Ferguson stated that when the tokens do unlock in July, they will be done on a linear monthly vesting schedule over time rather than a cliff.

1/ We're here for the long run.

Last year, we committed to re-locking 125M $IMX of @Immutable’s Project Dev allocation for another 1 year. A few weeks from now, these tokens are scheduled to unlock.

We’re proud to once again re-lock this allocation until July 2024 at a minimum.

— Robbie Ferguson 🅧 | Immutable (@0xferg) October 17, 2023

At the same time, the thread on X highlights that Immutable holds 25% of supply of the IMX token on the platform’s balance sheet, quoting “long-term alignment.” Many of the tokens are said to still be held by long-term aligned token holders – with 90% said to never have been sold.

You might also like: Immutable taps Amazon to boost web3 gaming adoption

Immutable is said to have roughly four years of runway with 270 employees, alongside significant scaling of their headcount in Japan and Korea.

Expanding strategic partnerships

These actions continue to show that, in Ferguson’s words, “bear runs are for building.”

Just days earlier, on Oct. 11, Immutable announced its partnership with Amazon Web Services (AWS) in a move that would make it easier for game developers to launch products on blockchain networks, showing their development to long-term growth.

Read more: Immutable X (IMX) price rises amid Upbit listing
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