IMX Inflation Analysis · October 2026 · Supply growing · projected to keep growing
IMX supply is growing, and none of it is new minting. Immutable's treasury paid out 33.0M IMX in the 90 days to Oct 3 2026, against 0 bought back or burned, so the circulating float of 904.47M IMX grew by net +3.65%; the treasury's one-year pace points to about +3.48% in the next 90 days. The IMX token is capped at 2B and every coin already exists, so the ceiling is the 1.10B IMX still held in two Immutable treasury safes.
The verdict, in one paragraph
Over the last 90 days (Jul 5 to Oct 3 2026) Immutable's treasury released 33.0M IMX into circulation and nothing took IMX out, so the Pressure Framework reads +3.65% net supply growth, with +3.48% projected for the next 90 days. The inflation monitor reads a higher +7.38%, a gap of 3.74 percentage points, large enough that the coin page shows a warning chip. We traced it: the supply figure the monitor reads sat still near 842.4M IMX until Aug 3 2026 and then reset to 879.6M IMX on Aug 13 2026, a recount of coins that had left the treasury earlier, not new coins. Our number stays. In one line: IMX is a fixed-supply token whose float grows as the treasury pays out.
Sell pressure: where new IMX comes from
Protocol inflation is 0, and it cannot change. The IMX token contract on Ethereum has a fixed cap of 2,000,000,000 written in at launch, all 2B IMX already exist, and any further mint is refused by the contract itself. Immutable's own chain, Immutable zkEVM, uses IMX for gas, but the IMX spent there is IMX that was already bridged in, so the chain adds no new coins either.
Vesting unlocks are 0. Every published IMX unlock schedule, for the ecosystem reserve, project development, the public sale and the private sale, ended by Oct 31 2025. The two wallets that fed those 28-day vesting steps into Immutable's treasury now hold nothing; the last step, 11.03M IMX, arrived on Mar 30 2026.
Foundation and unscheduled unlocks are the whole story: 33.0M IMXin 90 days. The ecosystem reserve safe sent 3M IMX on Jul 22, 5M on Aug 11 and 25M on Sep 29 2026 to an Immutable payout wallet, and the safe's balance fell by exactly 33.0M across the window. Coins in that safe are not counted as circulating; once they reach the payout wallet they are. The payout wallet then moves IMX into the bridge to Immutable zkEVM and on to partners. These payouts have no published dates, but they are steady: over the last year the two treasury safes paid out 127.5M IMX, about 31.4M IMX every 90 days, which is the figure we carry forward.
Long-term locked or bankruptcy supply is 0. No estate or trustee holds IMX. A reserve wallet on Immutable zkEVM holds 1.90B IMX made there as a mirror of the Ethereum token, and it did not move at all in these 90 days.
Buy pressure: where new IMX goes
The programmatic buyback is 0. Nothing buys IMX back. The share of Immutable trading fees that must be paid in IMX goes to rewards for active users, so those coins stay in circulation.
The protocol fee burn is 0. The IMX token has no burn function, and the Ethereum dead address held the same 4.37 IMX at both ends of the window. On Immutable zkEVM the burned part of each gas fee is set close to zero, and only about 14.3K IMX has been burned there since the chain launched, too small to show.
The Foundation buy is 0: no IMX went back into the treasury safes in the window, and Immutable announced no purchase. The new long-term lock is 0 as well. About 78.38M IMX now sit in the bridge to Immutable zkEVM, 2.43M more than 90 days ago, but bridged and staked IMX still count as circulating, so the bridge takes nothing off the market.
Foundation and overhang
The overhang is large next to the float. Immutable's ecosystem reserve safe holds 721.51M IMX and a second treasury safe holds 374.01M IMX, together 1.10B IMX, more than the 904.47M IMX that circulate today. Neither has a published release plan. The ecosystem reserve paid out 20 times in the last year; the second safe paid out 25.0M IMX between November 2025 and February 2026 and has been quiet since Feb 10 2026. The payout wallet that receives the reserve's coins holds 26.08M IMX, already counted as circulating. On Immutable zkEVM, a reserve wallet holds 1.90B mirror IMX and has not moved. We read all of these balances on-chain at every rebuild: if either treasury safe's balance falls between checks, the outflow enters Sell #3 at the next check.
How IMX compares to other gaming and app-chain tokens
IMX belongs to the group of fixed-cap tokens where the whole supply was created on day one and the float grows only when a team or treasury lets go of coins. That is a different shape from Layer-1 chains such as Ethereum or Solana, which mint new coins to pay validators every day, and from tokens with a buyback or burn tied to fees, which take coins back out as usage grows. IMX has neither new minting nor a buyback, so its supply path is set by one decision-maker: Immutable's treasury.
Among gaming tokens with a fixed cap, the usual pattern is a vesting calendar that ends, followed by a long tail of treasury and ecosystem spending. IMX is now in that tail. Its unlock calendar finished in October 2025, yet only 45.2%of the 2B cap counts as circulating, because more than half the supply still sits in treasury safes. Tokens whose calendars have ended with most coins already in the market grow far more slowly; IMX's pace depends on how fast the treasury spends.
The fee side is also thin compared with chains that burn. Immutable zkEVM charges small gas fees, and the burned part is close to zero, so heavy game activity does not reduce IMX supply the way a base-fee burn does on Ethereum.
What to watch in the next 90 days
First, the ecosystem reserve safe: its 25M IMX payout on Sep 29 2026 was its largest of the year, and a repeat would push the next 90 days above our 31.4M IMX estimate.
Second, the payout wallet's 26.08M IMX: it is already counted as circulating, so it adds no new supply, but where it goes (the zkEVM bridge, partners or exchanges) shows how the treasury spends.
Third, the second treasury safe, quiet since Feb 10 2026 with 374.01M IMX: any payout from it would be new supply on top of our estimate.
Fourth, any Immutable announcement of a buyback, burn or new lock-up for IMX. None exists as of Oct 3 2026, and the IMX governance vote portal has had no proposal since Dec 5 2022.
Summary
IMX, the token of Immutable, has a fixed supply of 2B that is fully minted, and its unlock schedules ended in October 2025. Its circulating supply still grows because Immutable's treasury pays out coins: 33.0M IMX in the last 90 days, or +3.65% of the float, with about +3.48% expected next. Nothing buys back or burns IMX to offset it. The key risk is the 1.10B IMX still in two treasury safes, more than the whole circulating float, released on no public schedule.
MrNasdog Pressure Framework analysis of IMX, Metric 1 — Inflation. Data + explanation only. Not financial advice. Checked Oct 3 2026.