Stratis is ecstatic to reveal that the wSTRAX (Wrapped STRAX) Token is now available on the Ethereum Blockchain! Wrapped tokens are a valuable source of liquidity and flexibility for blockchain interoperability. Over time, any network’s available throughput and general fee levels will fluctuate. Having wrapped tokens available on a separate blockchain network allows transacting to occur via alternate channels. Wrapped tokens also have access to the respective capabilities of the networks they exist on.
wSTRAX implements a wrapped token on the Ethereum network, leveraging the ubiquitous ERC-20 standard for token contracts. Each wSTRAX is equivalent in value to 1 STRAX. wSTRAX is created by the InterFlux MasterNodes collaboratively, rather than any single entity being responsible for minting the tokens. When a request is made to transfer STRAX to its wSTRAX equivalent on the Ethereum network, the transaction is autonomously detected and processed. Enabling the minting of required wSTRAX tokens and distribution handling to the respective Ethereum address to be undertaken seamlessly.
The deployment is made possible through the deployment of two contracts on the Ethereum Blockchain,
MultiSig Contract (Minting)
wSTRAX ERC-20 Contract
This process is made seamless through integration into the latest STRAX Wallet offerings. Simply navigate to the send pane and select InterFlux as a destination to simply swap STRAX for wSTRAX in a trustless manner.
The wallet will become publicly available once the required amount of InterFlux Masternodes become available to process requests to the Ethereum Blockchain. The codebase for the InterFlux functionality is now complete and can be viewed on our GitHub Project page here.