TechFlow news — According to the official Twitter, Immutable X, an NFT Layer 2 solution, will launch IMX staking at 8:00 AM Beijing time on July 1. Before then, users need to transfer their IMX tokens to the Immutable X Layer 2 wallet.
The first phase of staking will automatically reward active IMX users at the end of each cycle, followed by a quick transition in the second phase to a self-custodial staking process with an interactive dashboard.
To qualify for rewards in the first phase, users' Immutable X L2 wallets must hold at least 10 IMX tokens throughout the entire cycle and complete at least one NFT trade during the staking period. The first staking cycle runs from July 1 to July 30. Rewards will be distributed to eligible Immutable X L2 wallets at the end of the cycle. Staking rewards for each cycle will be funded from a portion of protocol fees collected. Phase two staking will launch in September.
