Question 1

What is IMX used for?

Accepted Answer

IMX is used for gas-free NFT trading, staking, and governance on the Immutable X platform, ensuring scalability and low fees.

Question 2

Why is SOL popular in DeFi?

Accepted Answer

SOL is popular in DeFi due to its high transaction speeds, low fees, and robust infrastructure for decentralized applications.

Question 3

Can I trade IMX for SOL directly?

Accepted Answer

Yes, you can trade IMX for SOL directly on supported exchanges that list this trading pair.

Question 4

What makes Solana's blockchain unique?

Accepted Answer

Solana's blockchain is unique for its Proof of History consensus mechanism, enabling high throughput and low latency for transactions.

Question 5

Do I need KYC to use Instaswap? How are transactions secured?

Accepted Answer

No, Instaswap does not require KYC (Know Your Customer) for any swap amount or pair. However, we employ an advanced KYT system powered by a trusted third-party partner. This system automatically checks wallet addresses involved in transactions, ensuring they haven’t previously been flagged for illicit activities, keeping your swaps safe, secure, and private.

Question 6

Is Instaswap decentralized? Does it support centralized (CEX) swaps?

Accepted Answer

Yes, Instaswap is fully decentralized (DEX), meaning all transactions occur directly on the blockchain without centralized intermediaries. We do NOT offer centralized exchange (CEX) swaps, and your funds always remain fully under your control through our non-custodial platform.

Swap IMX (Ethereum) to SOL (Solana)

Description

Frequently Asked Questions