Welcome to the latest StratisEVM update! Stratis is excited to share the progress of the migration from the existing STRAX Blockchain to the Ethereum-based StratisEVM ecosystem. As mentioned in previous blogs, the transition marks a significant milestone in Stratis’ journey, offering enhanced capability and greater opportunities for Stratis and its ever-growing community.
This blog will provide an update on the progress with exchanges, detail some of the significant changes to Masternodes, offer a look into the progress with Project Atlantis, and shed light on the upcoming Token Swap process.
The team at Stratis has been in contact with all exchanges that currently support pairings with the STRAX Token. The response has been wholly positive, and the focus lies on a smooth transition process, minimizing any downtime and impact on withdrawals and deposits.
The team at Stratis understands that receiving support from leading exchanges is pivotal to the success of the token, and as such, the team is progressing with providing the requested information, including legal opinions, security audits, and various regulatory requirements before aligning a timeline that suits the leading exchanges.
Initially, there will be some significant changes for Masternodes operators. Primarily regarding the requirement to run any software or infrastructure. Instead, all that will be required is to register and deposit your collateral to a Smart Contract, where rewards will accumulate over time.
Additionally, there will be a cooling period introduced, whereby you will only become active after a defined cooling period of approximately two weeks, once active, you will begin to accumulate rewards. This change is crucial in deterring inactivity due to removed collateral. A dApp will be made available to simplify the interaction between your wallet and the Masternode contract, simplifying registration and reward withdrawal.
In the future, there will be an introduction of infrastructure requirements, where Masternodes will have to operate a node to provide a service to the network. More information regarding these requirements will come at a later date once StratisEVM is operational.
We’re excited to share the latest progress on Stratis’ flagship game, Project Atlantis. The dedicated gaming arm of Stratis has been working diligently, and there are some exciting updates to share.
Frontend Development Advancements
The team is currently engaged in a critical phase of development: integrating the backend with the frontend. This integration is pivotal for ensuring smooth and responsive gameplay. Significant strides have been made in frontend development with the team successfully completing most of the client-side functionalities required for the alpha version of the game. This progress marks a major step forward in the game’s development journey.
Expanding the Team
In a strategic move to accelerate the game’s artistic development, Project Atlantis has welcomed two new artists to their team. These new additions are expected to significantly enhance the visual aspects of the game and expedite the art production timeline.
The team is targeting the alpha release for mid to end of January 2024. This phase will focus on testing core functionalities and gathering initial feedback.
The beta release is scheduled for the start of May 2024. During this phase, Project Atlantis will open its doors to initial players, providing an opportunity to experience the game and contribute to its refinement.
Token Swap Process
As the start date of the Token Swap looms, Stratis has created a short guide to prepare token holders for the upcoming Token Swap.
Obtain Ethereum Account
In order to receive the new StratisEVM Token (STRAT) you must obtain a compatible address. There are a variety of wallets that will be supported by the upcoming STRAT Token; however, the initial focus will be placed on supporting MetaMask.
It is strongly encouraged to use MetaMask for the Token Swap as support for other Ethereum-based wallets cannot be guaranteed.
New to MetaMask?
If you’re new to MetaMask, you can follow the below steps to safely and securely.
Please pay special attention to the dos and don’ts of securing your MetaMask account.
- Write down your Secret Recovery Phrase somewhere safe. We can’t tell you precisely where, as that depends on your circumstances.
- The importance of handwriting your Secret Recovery Phrase is that it cannot be stolen online. If you store it in a file in an internet-linked cloud storage folder, for example, it could theoretically be stolen.
- Double-check your spelling and that you wrote down every word in the same order they were given.
- Keep it in an easily discovered or easily hacked location; e.g. in a cloud-saved document or email titled “Seed Phrase”; on a post-it note stuck to your computer.
- Provide your seed phrase to anyone, even if they say they’re from MetaMask Support.
- Change the order of the words.
Create a new MetaMask Account (Optional)
You can create a new account within your MetaMask to manage the new STRAT Token, or alternatively, you can use your existing account.
Steps to create a new account can be found below:
Once the Token Swap is live, Stratis will be releasing a new version of the STRAX Wallet that will enable you to perform the Token Swap via an on-chain cryptographic burn of your tokens.
This migration marks the beginning of a new chapter in Stratis’ story. The team at Stratis deeply appreciates the continued community support and participation. Should you have any questions or need assistance, please reach out via our Discord Server, additionally a short FAQ can be found below answering commonly asked questions.
Will there be any fees for the Token Swap?
There will be a transactional cost to perform an on-chain burn, however, this will be very small.
How long will the Token Swap last?
There will be a period to perform the on-chain Token Swap. After this period ends, token holders will be able to perform the token swap using a proofing tool up until the 29th of December 2024.
Can I perform the Token Swap now?
Technically, you can cryptographically burn your STRAX Tokens now, however, you are strongly advised to wait for a new version of the wallet to become available.
What is the timeline?
Whilst we are technically able to begin, there are several activities that need to be undertaken prior to officially starting the Token Swap and Token Issuance. At this moment in time, Stratis cannot provide an exact date but is on track with the schedule of 4-6 weeks.
Will I be able to Stake on StratisEVM?
Yes, you will be able to stake. A setup tool and launchpad dApp will simplify the staking registration process.
What is the block reward?
The block time will be reduced to 16s, as a result, the block reward will be reduced to 60 STRAT per block, with 50% being distributed to the Masternode Reward Contract.