Token Swap FAQ

As the voting has now ended the next stage is the Token Swap process from STRAT to STRAX. We have received several questions we would like to address in this short FAQ.

 

When is the STRAX swap window?

The Strax Swap window is from the 15th of October 2020 until the 12th of November 2020 at 9 AM GMT.

To be eligible to receive STRAX Tokens on day one you will require to perform the token swap during this period.

 

Will there be an additional participation window to complete the swap?

Correct. An additional participation window will exist until the 15th of October 2021 at 5 PM GMT.

Token Swap requests during this period will be subject to a manual validation process.

Please note: Token Swaps made after the initial Token Swap window will be based upon a snapshot taken at 9AM on the 12th of November 2020. Any balance acquired after the snapshot will not be accepted in the Token Swap.

 

Will STRAX tokens be burned?

Correct. STRAX Tokens that remain unclaimed will be irreversibly destroyed on the 16th of October 2021.

 

I have tokens on Cirrus, Do they require to be swapped during the first participation window?

No, the tokens on cirrus can be swapped from Cirrus to STRAX once the STRAX blockchain is live.

 

When will a Block explorer be available on the STRAX blockchain?

On the 12th of November once the STRAX Mainnet is live.

 

How many STRAX will I receive?

STRAX are distributed on a 1:1 basis. 1 STRAT can be swapped for 1 STRAX.

 

Once I have swapped, when do I receive my STRAX Tokens?

On the 12th of November once the STRAX Mainnet is live.

 

Will STRAX have exchange support?

We are in contact with several exchanges. Those who are in support of the Token Swap will make their announcements and define their preferred processes.

 

What will happen to the name “Stratis” on exchanges?

The name Stratis will stay the same. Only the token ticker will change from STRAT to STRAX.

 

What happens if there are unclaimed balances after the swap window has passed?

STRAX Tokens that remain unclaimed will be irreversibly destroyed on the 16th of October 2021.

 

Where can I find a guide on how to swap my tokens?

The simple steps can be found here: https://www.stratisplatform.com/2020/10/15/strax-token-swap/.

 

How to find out how many STRAT has been swapped to STRAX till date?

The current Token Swap progress can viewed by running the Extraction Tool: https://github.com/stratisproject/StratisFullNode/blob/master/src/SwapExtractionTool/README.md

 

Please show an example of a swap transaction?

https://chainz.cryptoid.info/strat/tx.dws?f38158dd941882ee9d9bf70c19e52a9f36bcf74b6e1a354c664bb327f0ffcf54.htm

The ‘Raw transaction’ you will see that the exact amount of STRAT is added as the value on the vote of an OP_RETURN script. Look up OP_RETURN burn you will see that it is a legitimate way of making coins unspendable which leads to burning them.

 

When will STRAX trading markets be live?

 This will be announced by the respective Exchanges who support the Token Swap.

 

Can I still stake STRAT till the last day of he swap first participation windows?

 Yes, but you will require to swap from STRAT to STRAX before the 12th of November 2020 at 9 AM GMT to be eligible to receive STRAX from day one.

 

Why doesn’t my STRAX wallet sync?

The STRAX Mainnet is not operational until the 12th of November 2020.

 

After I have performed the swap, why haven’t I received my STRAX?

 You will receive the STRAX tokens once STRAX Mainnet is operational on the 12th of November.

 

Which blockchain enhancements will be integrated when STRAX Mainnet is live?

  • Block Reward Stake increase
  • Block Time Reduction
  • Chain Transactions
  • Cold Staking
  • Dynamic Membership
  • Removal of StratisX Legacy nodes
  • SegWit Activation
  • Sidechain Incentivization
  • Time reduction in Cross-Chain Transfers

 

Where can I receive additional support?

For further technical support on the swap procedure, you can join our support channel on Discord at https://discord.com/invite/9tDyfZs where we have personnel standing by to assist you.

 

As always, we would like to thank our community for their continued support.