Stratis is thrilled to announce their plans for StratisEVM. A new blockchain that leverages an Ethereum. This is a huge step forward for Stratis, bringing their expertise products and future developments to the Ethereum ecosystem, enabling the availability of mature tooling and interoperable possibilities.
As outlined in the whitepaper, Stratis embarked on a mission to develop a blockchain platform from the ground up, utilising Microsoft’s .NET Core Framework. Throughout this journey, Stratis has successfully developed a functional platform with an innovative and market-first approach to Smart Contract execution, scaling solutions, and various products that leverage the Stratis Platform and introduce blockchain technology.
Working within a fast-paced environment, such as blockchain, has seen Stratis focus on many solutions, including Self-Sovereign Identity, Supply Chain, NFT Marketplace, ICO/STO Management and many more. The ultimate goal has been to gain adoption, both for the platform and the token, $STRAX.
This has presented challenges for Stratis in several business engagements, with concerns around interoperability and tooling availability. Stratis committed itself to building tooling around the platform, including developing SDKs for Unreal and Unity Gaming Engines and various programming languages, sponsoring .NET conferences and events, as well as projects such as DevEx, which provides static code analysis for Smart Contract development. Although best efforts were made, rivalling the tooling and innovative development of rival platforms, such as Ethereum, was almost impossible.
The primary focus for Stratis was to develop and deliver a Microsoft-focused blockchain platform, which has been delivered; however, during this time of development, platforms such as Ethereum have grown exponentially, with record-breaking usage and market capitalisations. Stratis has reviewed their goals, performed market research and utilised their knowledge of the space gained through business engagements and years of experience in blockchain. Something that became evident was how developing a new platform had inadvertently become a hindrance to adoption. This has resulted in a decision to migrate to an Ethereum-based blockchain. Enter StratisEVM.
As Stratis submerses itself into the Ethereum network, it unlocks a multitude of opportunities, including access to mature web3 tooling, streamlined entry to DeFi protocols, and a thriving ecosystem of dApps, while also becoming more accessible to a well-established developer community.
The StratisEVM Blockchain will be an advanced, web3-ready, Ethereum-based PoS (Proof-of-Stake) Blockchain, with the $STRAT being the native token. It will be an L1 (Layer 1) blockchain, with plans to introduce an L2 (Layer 2) solution specifically focusing on high-throughput and low finality, catering to gaming and DeFi solutions. This will replace the existing Stratis Blockchain(s). Stratis has been innovating within the blockchain space since 2016 and will continue to do so with the new StratisEVM. Initially, the focus is on further enhancing and tailoring the new blockchain to be ready for mass adoption. This not only positions Stratis as a welcoming blockchain for new developers but also offers a primed environment for the deployment of games and DeFi solutions.
What happens to STRAX?
As part of the StratisEVM vision, a token swap will enable holders of the existing $STRAX Token to exchange their tokens for the new $STRAT Token. In addition to the swap, there will also be a supply increase of 1:10, meaning that for every 1 STRAX Token, there will be 10 STRAT Tokens issued, bringing the token supply to just over 1.53B. The greater token supply aims to make the token more attractive, especially for its utilisation within gaming.
The current inflation rate will remain in place, with a percentage of the block reward being distributed to a Masternode Operator Reward Pool. StratisEVM will feature a Masternode Contract that will enable new and existing Masternodes to lock their collateral and continue to receive rewards as they do on the current blockchain. Additionally, as part of the StratisEVM launch, Stratis will honour reduced collateral requirements for the original Masternode operators (pre-STRAX) who remain federation members at the time of swap.
What will be the focus?
Stratis will continue to innovate and aim to focus on the gaming industry and their existing suite of products, primarily Stratisphere, Ticketsphere and the GBPT Stablecoin issuance. Stratis anticipates a surge in the gaming industry over the coming years, particularly in mobile gaming, and this remains a strong focus, evidenced by the recent announcement of Project Atlantis. Additionally, Stratis feels that deploying solutions on an Ethereum-based blockchain will be more appetising, given the presence of Ethereum-based solutions in enterprise environments. Stratis will also be a focus on rebranding, with the launch of a new website and corporate colours that align with the future vision of StratisEVM.
To further position themselves as the go-to for gaming development and GameFi, Stratis will migrate their Unreal and Unity SDKs to StratisEVM, along with accompanying documentation, and focus on a dedicated Layer-2 Solution, specifically for gaming. Stratis has already discussed the migration with the gaming development teams on Stratis and will support the migration of Dawn of Ships, Trivia Legends, MYXRGallery and Corgi Dash.
Stratis will continue offering Masternodes on the StratisEVM Blockchain and retain block rewards for Masternode Reward Distribution. Similarly, to staking, the focus will be placed on simplicity, with the vision of enabling token holders to lock their tokens and receive rewards on a regular and consistent basis.
Stratis Decentralised Accelerator (SDA)
The SDA enabled several companies, ranging from indie gaming studios to technology start-ups, to build and deploy on Stratis. Stratis will support these projects as they migrate to StratisEVM and will aim to increase the SDA Token Allocation to enable further growth for existing projects and incentivise the migration of stand-out projects on other Ethereum-based chains.
A simple and effective staking pool solution will be introduced, enabling holders of the $STRAT token to easily stake and be rewarded for securing the network. The focus here will be simplicity, as seen on the existing Stratis blockchain, ensuring the chain can be secured with ease and limited technical skills. Stratis will also explore Staking-as-a-Service to enable token holders to stake their tokens without maintaining any hardware.
In addition to the existing Stratis solutions and developments, a bridge to the Ethereum Mainchain and other EVM-based blockchains will be deployed. The bridge will amplify the $STRAT Token and StratisEVM blockchain’s interoperability and signifies a pivotal step towards an interconnected and versatile platform that is much needed within the space.
The move to an Ethereum-based blockchain brings an abundance of web3 tooling; as such, Stratis will focus on offering support for the leading tools and services, such as MetaMask, Remix and web3 development providers such as Chainstack.
When is this happening?
The community is imperative to the success of a platform, and Stratis understands this. As such, a vote will take place, enabling the community to decide the future of the platform and the tokenomics.
Keep an eye on the Stratis social channels and join our Discord Server for all the latest updates on the StratisEVM initiative. Your involvement is crucial, and Stratis is excited to move forward together with the community’s input.