Immutable operates a full-stack infrastructure platform for web3 gaming that includes blockchains, namely Immutable zkEVM and Immutable X, and other products, such as Passport and Orderbook. Creators & users sell NFTs on Immutable. They receive royalties from secondary sales (supply-side fees).

Immutable is a platform for building web3 games. Immutable was founded by James Ferguson, Robbie Ferguson, Alex Connolly, and launched in 2018. This dashboard includes data from Immutable Orderbook, Immutable zkEVM, and Immutable X.

IMX holders own and govern the protocol. They currently take a cut of the total trading fees paid by NFT buyers on Immutable Orderbook and the total transaction fees paid by transaction senders on Immutable zkEVM (revenue). Immutable's investors include ParaFi Capital, GameStop Digital Ventures, Fabric Ventures, etc.

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# Immutable Fees Methodology

## 1. Overview

The Immutable fees metric measures the total fees generated across Immutable's ecosystem, combining blockchain gas fees from Immutable zkEVM L2 transactions with marketplace fees from NFT trading activity on ImmutableOrderbook. This metric answers the business question: "How much total fee revenue is Immutable generating from both its blockchain infrastructure and NFT marketplace operations?" The calculation approach involves two parallel streams - gas fees calculated from transaction execution costs, and marketplace fees calculated as a percentage of NFT trading volume - which are then unified into a single daily fee metric.

## 2. Data sources

The calculation draws from several underlying raw data sources:
- **Immutable zkEVM transaction records**: Complete transaction data including gas usage, gas prices, addresses, and execution details
- **Seaport OrderFulfilled events**: Parsed event logs from Immutable zkEVM containing NFT marketplace trade data with complex offer and consideration structures  
- **Immutable X NFT trade records**: Trading activity data from the Immutable X scraper API including token amounts, addresses, and trade metadata
- **End-of-day token price feeds**: Daily closing prices for tokens used in gas payments and NFT trades to enable USD conversion
- **Token metadata**: Information about token decimal places and contract addresses needed for proper amount calculations

## 3. Step-by-step calculation

### Component A: Immutable zkEVM blockchain gas fees
- **Purpose**: Calculate gas fees paid by users for transaction execution on the Immutable zkEVM L2 blockchain
- **Logic**: Extract transaction records from Immutable zkEVM blockchain data. For each transaction, multiply the `gas_used` by the `effective_gas_price` to get the gas fee amount. The IMX token address (0xf57e7e7c23978c3caec3c3548e3d615c346e79ff) is used as the fee token. Gas fees are aggregated by day and converted to USD using end-of-day price feeds. The chain ID is temporarily set to 'ethereum' for price conversion purposes, then changed back to 'Immutable zkEVM' for final classification. Business classification assigns these fees to the 'blockchains_l2' market sector and 'blockchain' business segment.
- **Key fields**: `gas_used`, `effective_gas_price`, `block_timestamp` for daily aggregation, `token_address` for price conversion

### Component B: ImmutableOrderbook marketplace fees  
- **Purpose**: Calculate marketplace fees collected from NFT trading activity across both Immutable X and Immutable zkEVM trading venues
- **Logic**: This component processes trading volume from two sources and applies a 2% fee rate. For Immutable X trades, extract trading amounts from scraped NFT trade data, identifying non-NFT token amounts and defaulting to WETH address when no specific token is provided. For Immutable zkEVM trades, parse complex Seaport `OrderFulfilled` events by unnesting offer and consideration arrays, identifying token types (0,1 for ETH/ERC20, 2,3 for ERC721/ERC1155), detecting volume amounts based on trade direction and whether orders are matched, and handling null addresses by converting to WIMX address. Both trading volume streams are aggregated daily, converted to USD with decimal corrections, then multiplied by 0.02 to calculate the 2% marketplace fee. The component assigns Immutable X trades to 'starkex' chain and Immutable zkEVM trades to 'Immutable zkEVM' chain, both classified under 'nfts' market sector and 'marketplace' business segment.
- **Key fields**: `trading_volume` from both venues, `timestamp` for daily aggregation, `token_address` for price conversion, hardcoded 0.02 fee rate

### Final aggregation
- **Combining components**: The two fee components are combined using a union operation, maintaining separate records for each fee type while preserving their respective business classifications and chain assignments
- **Currency conversion**: USD conversion occurs within each component using the `convert_to_usd_and_correct_decimals` macro, which applies end-of-day price feeds and corrects for token decimal places. Gas fees skip decimal correction while trading volumes include decimal correction
- **Time aggregation**: All fees are truncated to daily timestamps using `timestamp_trunc(timestamp, day)` with 'day' as the `timestamp_grain`
- **Final calculation**: The unified fee data is processed through the `finalize_metric_fees` macro with a 'fill_zeros' strategy to ensure consistent daily reporting, and filtered by chain availability to include only active chains in the final output

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value users pay to use a protocol (gross fees, user-paid fees).

ImmutableIMX

Fees

Fees

Competitive landscape

Chain breakdown