Immutable recorded steady growth in daily network usage in the first quarter of 2025. According to research by crypto analytics firm Messari, average daily transactions on Immutable zkEVM rose by 5.7% quarter-over-quarter, increasing from around 469,000 to 498,000.
The growth is notable as it came during a broader downturn in the Web3 gaming space. Immutable zkEVM, a Layer-2 scaling solution for Ethereum, continues to play a key role in supporting blockchain-based games and NFT transactions.
Immutable Chain Merger Scheduled for 2025
According to the report, Immutable is preparing to merge its two core networks, Immutable X and Immutable zkEVM, into a single chain called “Immutable”. Although no launch date has been confirmed, the integration will be completed by late 2025.
The unified chain is designed to streamline activity across the ecosystem. It combines the scalability of zkEVM with Immutable Xs existing infrastructure. The merger is expected to simplify development for gaming studios and enhance user experience.
NFT Market Softens, But Volume Holds Steady
While daily users declined in Q1, overall NFT transaction volumes held up. NFT sales across Immutable X and zkEVM fell 1.6% to $78.3 million. Average daily sellers dropped 14.9% to 751, and buyers declined 17.8% to 662.
Despite the dip in participants, consistent volume points to increased transaction sizes. The Guild of Guardians NFT series dominated the quarter, accounting for 99% of all sales through Heroes and Avatars collections. Heroes NFTs declined 8.5% QoQ, while Avatars rose 40.4% QoQ.
Meanwhile, Immutables gaming ecosystem continued to grow. The global launch of RavenQuest contributed to user engagement, and Immortal Rising 2 introduced the IMT token, expanding in-game economic activity.
Additionally, game publisher MARBLEX announced seven new titles to be launched on Immutable zkEVM in 2025. These releases are expected to drive more traffic and utility for the platform in the coming months.
IMX Token Sees Sharp Price Decline
While the network records steady growth, Immutables native token, IMX, saw its price fall by 60.1% over the quarter. The token dropped from $1.32 to $0.53, bringing its circulating market capitalization down by 58.4% to $946.4 million. As of this press time, IMX trades at $0.624, following a 2.2% dip in the past day, although it has gained 32% in the past month.
The market cap ranking for IMX also slipped, moving from 53rd to 64th place. The decline reflects overall bearish sentiment in the Web3 gaming and crypto markets during the period. Active addresses on zkEVM declined 31.5%, and new addresses fell 36.1%
SEC Closes Investigation Without Action
In a positive regulatory development, the U.S. Securities and Exchange Commission (SEC) concluded its investigation into Immutable. A Wells Notice issued in November 2024 was closed in Q1 2025, with the agency deciding not to pursue enforcement action.
The closure removes a major source of uncertainty for the platform and strengthens its regulatory standing ahead of further developments.
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