Immutable X Protocol Orderbook — Solving Order Fragmentation

In-game trading: turn “right click save” into “right click buy”

The Immutable X Protocol Order Book

The Immutable X order book is a deceptively simple product. Currently, it’s four simple APIs, built and maintained by Immutable, which anyone in the world can use to:

How do I use it?

If you’re building a trading program or market maker, it’s easy. Retrieve active orders via API, retrieve historical trades via API, work your magic, and then create and submit your taker order to create a trade. If you’re building a marketplace, there are two main choices:

Is it mandatory to use the Immutable X order book?

Currently, the order book is implemented at a protocol level — you can’t submit trades without at least one of those orders already being present in the orderbook. This may change in future, but we’re reluctant to do anything which might fragment the liquidity of our games and marketplaces.

What’s in it for my marketplace?

Though the protocol orderbook will create massively improved trading experiences, our key customer for this product is actually marketplaces — if they don’t use it, it won’t actually improve liquidity. For emerging marketplaces, and for native experiences, the protocol orderbook is clearly beneficial — the hardest problem to solve is bootstrapping liquidity, and being able to show your users orders which originated elsewhere is crucial.

The Future of the IMX Orderbook

Right now, we are focused on integrating the Immutable X orderbook into as many marketplaces as possible, and ensuring we can handle the rapidly growing demand for the product. We’re also considering ways we can give marketplaces more information about how their orders are being consumed, to let them optimize their target audiences.



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Immutable X

Immutable X

Powering the next generation of web3 games on Ethereum L2.