IMX Token Launch Review
Certik Audit Published
Although the Impermax core contract was complete in early April, the team chose not to release the IMX token until Certik had completed the core contract security audit and confirmed there were no major issues. As soon as this audit was complete on April 27, the team announced the IMX release date April 29.
IMX TGE And Airdrops
The IMX Token Generating Event was carried out on time and according to plan, releasing with a starting supply of 1m IMX tokens on Uniswap V2.
Simultaneously with the token launch, 14,000,000 IMX tokens were airdropped to 35,000 Uniswap liquidity providers. This represents 14% of the IMX max supply of 100m tokens. Each airdrop recipient each got 400 IMX. This token distribution was a way to get the tokens into the hands of those most likely to use them and create an immediate market of users, buyers, and sellers, who were already familiar with the value of liquidity providing.
Impermax also airdropped 500,000 IMX to users who borrowed or leveraged tokens on the Impermax platform in the first two months after the app launch before the IMX release.
Total Value Locked Skyrocketed At Launch
In the two weeks after token launch, TVL increased from about $2m to peak at over $30m. In particular, TVL increased from a little over $2m to $20m in only 5 days.
May 2021 Crypto Market Volatility
IMX launched about two weeks ahead of a major crypto price downturn that affected the entire market. Usage of the Impermax app held up well, especially for a new project. Falling token prices of ETH and others decreased the total value locked numbers, but the number of users and amount of funds on the platform remained promising. Even more importantly, Impermax’s economic system passed this stress test, protecting lenders and performing as designed with flying colors.
The Best Interest Rates In Crypto
Throughout this market volatility, Impermax proved its ability to provide users with outstanding interest rates for lenders and borrowers. Through the month of May, no other DeFi lending platform was able to match Impermax’s returns for stablecoin pairs like the USDT/USDC pair on Impermax.
Projected interest per year generated by the platform for users is calculated with a one-year projection of daily interest income. It’s a way to measure how much value the platform is generating for lenders and borrowers across all funds and all pairs.
The Impermax protocol keeps a portion of all interest payment for its reserves. When the full governance feature set is added later this year, IMX token holders will have full voting control over these reserves to receive as income and to allocate for funding growth.
In the two weeks after launch, the Impermax reserves grew from about $3,000 to over $50,000 held in USDT, USDC, ETH, and all other supported tokens. This is a great demonstration of the potential for the platform to generate fee income to sustain itself and reward holders.
Reserves generated from fees April 19 to May 18, 2021
Integration With DeFi and Crypto Tracking Sites
IMX has begun to establish its reputation in the industry and is now being tracked by numerous sites, including:
Simultaneously with the IMX token launch, Impermax has been growing behind the scenes. We have added developers, marketing staff, and lots of new features in development, resulting in excellent progress on road map items. We’re looking forward to a lot of exciting updates to share with you in the next couple of months.
We're developing a DeFi ecosystem that will enable investors to leverage their LP Token.