Stratis is thrilled to announce the upcoming launch of the first Stratis testnet named Auroria. The Auroria network is a public test network that mimics the properties of the upcoming mainnet that will be launched in March; more information regarding the mainnet launch can be found here: https://www.stratisplatform.com/2024/01/19/revised-token-schedule/
The Auroria network will be launched along with a series of quests on the 6th February 2024. An additional blog will detail how you can become involved and participate in quests to earn rewards.
Introducing Quests
In celebration of the launch, Stratis will be introducing a series of quests that consist of unique challenges that allow you to familiarise yourself with the new platform. The quests will range from basic social tasks to more involved activities such as sending tokens, staking and registering with the masternode smart contract. Each quest will be designed to be both fun and educational, providing hands-on experience with Stratis’ new features and tools.
Earn Airdrops by Participating
What’s a quest without treasure? As you complete each quest, you will become eligible for airdrop rewards once the Stratis mainnet is launched. A total of 500,000 STRAX will be available for airdrop. These airdrops are Stratis’ way of thanking you for your participation and contribution to the ecosystem. Whether you’re a blockchain novice or a seasoned expert, these quests offer everyone a chance to earn while learning about the exciting new features of Stratis.
How to get tokens?
To support your journey through these quests, Stratis has implemented a faucet feature on the testnet. This tool will provide you with tSTRAX tokens, enabling you to complete tasks without the need for real assets. It’s an excellent way for newcomers to become familiar with blockchain transactions and interactions in a risk-free environment.
Join the Community
Stratis’ journey is fuelled by their ever-growing community. Stratis encourages you to engage with their community through our social channels. Share your experiences, make suggestions and collaborate on this exciting adventure. Your insights and feedback are invaluable as we continue to refine and enhance the new Stratis platform.
Founded in 2016, Stratis has established itself as a pioneer in the blockchain space, developing a bespoke Microsoft-focused blockchain platform from the ground up, taking an industry-first approach to Smart Contract execution. At its peak, Stratis achieved a $2B market cap with over ~$800M TVL through their Proof-of-Stake algorithm.
In a strategic move, Stratis is now transitioning to an Ethereum-based ecosystem. This shift is not just a technological change but a pivotal change, aligning Stratis with the evolving demands of the blockchain space. By integrating with Ethereum’s mature and dynamic ecosystem, Stratis is set to expand its capabilities in interoperability, scalability, and ease of integration.
Stratis’s commitment to excellence, innovation and its ever-growing community continues to be a driving force behind its initiatives. As Stratis enters this new era, it remains dedicated to pushing the boundaries with Blockchain technology, aligning itself with the latest trends and innovations within the space.
Stratis invites developers and enthusiasts to join in their exciting journey as Stratis continues to define the potential of blockchain technology.
As Stratis reaches the final stages of deploying the StratisEVM platform, there are some important updates regarding the token swap schedule and the impending launch of StratisEVM. While deployment is nearing completion, the Token Swap Schedule has had to be adjusted to align with the schedules of our exchange partners. This collaboration is essential to ensure a smooth and seamless transition for token holders, reducing the time between the snapshot and launch of the pairings for the new token, minimising any period of deposits and withdrawals being disabled on exchanges.
While revising the token swap schedule was not an action Stratis wanted to take, it is a necessary step to ensure the support of leading exchanges. These collaborations are essential for the successful launch and long-term stability of StratisEVM. Stratis understands the impact of these changes on our community and is committed to making this transition as smooth and beneficial as possible for everyone involved.
Key Updates to the Token Swap Schedule
Extended On-Chain Token Swaps
To accommodate these changes and provide our community with ample opportunity to prepare, we are extending the deadline for on-chain token swaps to 6 PM GMT on the 20th March 2024.
Snapshot Time Adjustment
The snapshot time will now be at 6 PM GMT on the 20th March 2024.
StratisEVM Launch Date
The launch of StratisEVM is now scheduled for 21st March 2024.
Stratis wants to thank those who have already participated in the swap process with the premise of a deadline on the 31st of January. To acknowledge your support and offset any potential loss of staking rewards, Stratis will airdrop a number of additional tokens to all those who have performed the swap prior to this blog post to cover any potentially lost staking rewards.
This will be automatically handled by the team at Stratis, there is no further action required for those who have already swapped.
Introducing the Swap Portal
To enhance transparency and provide token holders with confirmation of their swap, Stratis is excited to announce the upcoming launch of the Swap Portal. This portal will serve as a platform where users can:
Verify their participation in the Token Swap
Check the number of tokens they will receive post-swap
The portal is designed to give token holders peace of mind and clarity throughout this transition period. Stratis will provide further details on the launch date of the Swap Portal in an upcoming blog.
This new date marks a significant milestone for Stratis, signalling a new chapter filled with immense potential and opportunities for our platform and community.
As Stratis embarks on a pivotal phase of their journey, the Stratis team is excited to announce the commencement of the Token Swap process. This crucial step marks the transition from the STRAX Blockchain to the new Ethereum-based StratisEVM ecosystem. This blog post will provide comprehensive instructions and essential information to navigate the Token Swap seamlessly. Stratis’ focus is to ensure a smooth and successful transition for the community, highlighting the steps necessary to participate in the $STRAX Token Swap.
Token Swap Schedule
On-Chain Token Swaps
NOW until 6 PM GMT 20th March 2024 (These Tokens will be distributed on Day 1 of the StratisEVM Launch)
STRAX Snapshot Time
6 PM GMT 20th March 2024
StratisEVM Launch
21st March 2024
Off-Chain Token Swaps
28th March until 9 AM GMT 29th December 2024
Token Swap Guide
Step 1
Obtain Ethereum Account
You must obtain a compatible address to receive the new StratisEVM Token ($STRAX). There are a variety of wallets that will be supported by the upcoming STRAX Token; however, the initial focus will be placed on supporting MetaMask.
We strongly encourage using 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.
Do
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.
Don’t
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 STRAX Token, or alternatively, you can use your existing account.
In addition to MetaMask, the Token Swap process accommodates users who prefer alternative wallet solutions. The chosen wallet must support custom RPC servers to ensure compatibility with the StratisEVM ecosystem. OneKey Wallet is an excellent example of such a wallet, offering the required functionality. This inclusivity ensures that everyone in the Stratis community can participate in the Token Swap, regardless of their preferred wallet.
Please perform your own research if you choose to use an alternative wallet.
Step 2
Obtain STRAX Wallet 1.7.0.0
STRAX Wallet 1.7.0.0 incorporates a new feature that enables the ability to participate in the StratisEVM Token Swap.
STRAX Wallet 1.7.0.0 is available for Windows, OS X and Linux operating systems. Installation files can be found here:
After installation of the STRAX Wallet, either open your existing wallet, restore using known secret words and passphrase, or, if you’re transferring from an exchange, create a new wallet to transfer your STRAX Tokens to
Once you have accessed the wallet, you will notice a Token Swap button.
Step 3
Perform Token Swap
Complete the relevant fields on the Token Swap screen, copying your new Ethereum account into the StratisEVM Address field.
The Ethereum Account can be copied from MetaMask by clicking the condensed address at the top of your MetaMask app, as seen below:
If you agree to the terms and conditions of the Token Swap, select the checkbox to enable the ‘SWAP’ button.
Upon clicking the SWAP button, all tokens will be sent a burn token address, rendering your STRAX Tokens unusable. The amount of burnt STRAX Tokens will be multiplied by ten and credited to the provided StratisEVM Address in STRAX Tokens.
Participation Windows
There will be two participation windows for performing the Token Swap:
Option A
On-Chain Burn
Participation Window: NOW until 6 PM GMT 20th March 2024
Option B
Off-Chain Proofing Tool
Participation Window: 28th March until 9 AM GMT 29th December 2024
Initially, you can perform the Token Swap via an on-chain burn mechanism. This will irreversibly burn your existing STRAX Tokens with a record of your new StratisEVM account. The StratisEVM On-Chain Token Swap window will begin from NOW until 6 PM GMT 20th March 2024. At 6 PM GMT 20th March 2024, a snapshot of the STRAX Blockchain will be utilized as the final point of truth for any future Token Swaps.
A “Proofing” tool will be available after the on-chain token swap period ends. The proofing tool enables STRAX Token Holders to create cryptographic proofs of their private keys and define a destination address for the Token Swap. The participation window for the token swap will close at 9 AM GMT on the 29th of December, 2024.
Important Considerations
The Token Swap functionality is only made possible through the Stratis Wallet 1.7.0.0. To perform the token swap via an on-chain burn, you must send STRAX tokens to the STRAX Wallet 1.7.0.0 and perform the Token Swap transaction.
Tokens are immediately burned when performing the on-chain Token Swap (Option A) transaction. This is irreversible. Please ensure that the StratisEVM Address is correct and that you have a safe record of your Secret Words and passphrases.
The distribution of STRAX Tokens for those who burned tokens via Option A (On-Chain Burn) will occur on Day 1 of the StratisEVM Launch.
Token Swaps that have been performed via Option B (Off-chain Proofing Tool) will be subject to a schedule and will not be immediately available at StratisEVM Launch.
The launch of the StratisEVM Network is scheduled for 21st March 2024.
Exchange Support
We are happy to announce that the Token Swap will be supported by the majority of exchanges currently supporting the STRAX Token. Announcements from the respective exchanges that are supporting the Token Swap will become available in due course, highlighting any deposit and withdrawal freezes of the STRAX Token.
In an ever-evolving blockchain landscape, Stratis has embraced a pivotal change in direction with the announcement and impending launch of StratisEVM. This strategic shift to an Ethereum-based blockchain platform signals a new era of possibilities and innovation. Aligned with this transformation, Stratis is excited to unveil plans for StratisEVM Bounties. This initiative is not just a testament to our commitment to progress and adaptability but also an invitation to our community to join us in this new chapter. By participating in the bounty program, contributors will play a crucial role in shaping the future of StratisEVM and exploring the untapped potential of blockchain technology.
The StratisEVM Bounties will be tailored to foster development and community engagement. With an initial allocation of 6 million $STRAT tokens to be airdropped or offered as a reward, Stratis is setting the stage for a vibrant ecosystem of contributors. This token allocation underlines Stratis’ commitment to attracting the brightest minds in the blockchain space and rewarding the ingenuity and hard work that will drive StratisEVM forward.
Stratis’ vision is to create a diverse and dynamic environment where developers, content creators, and blockchain enthusiasts can collaborate, innovate, and contribute to the growth of StratisEVM. Bounties will range from technical tasks, such as smart contract development and dApp creation, to community building, educational content creation, and even marketing initiatives. Each bounty is an opportunity to showcase skills, earn rewards, and become integral to the StratisEVM journey. Stratis believes that by providing these incentives, they are not only accelerating the development of StratisEVM but also nurturing a community where learning, sharing, and mutual growth are at the forefront. The bounties will serve as a cornerstone of Stratis’ strategy to cultivate a thriving, engaged, and innovative community ready to explore the new horizons that StratisEVM will unveil.
Bounty Categories
The Bounties will cater to a wide range of talents and interests, ensuring everyone has a chance to contribute and earn rewards. Stratis will feature several categories of bounties, each tailored to leverage community members’ unique strengths and passions. $STRAT Tokens will either be rewarded or airdropped for those participating in the various bounty categories.
Here’s a glimpse into the diverse bounty categories that will be offered:
Community Engagement Bounties
For the communicators, content creators, and social media moguls, these bounties are your stage. Engage with and grow the Stratis community, create educational and promotional content, or lead marketing campaigns. These bounties are designed to harness the power of community and narrative to spread the word about StratisEVM. Alongside these activities, airdrops will be integrated as rewards for contributions in this category. These airdrops are meant to further incentivize and recognize the impactful work done by our community members in distributing the StratisEVM message and expanding Stratis’s reach.
DeFi Engagement Bounties
As Stratis embarks on its journey with the StratisEVM initiative, a core objective is to significantly increase the Total Value Locked (TVL) of the $STRAT Token supply. To achieve this, Stratis has introduced the DeFi Engagement Bounties. Stratis’ strategy involves introducing $STRAT Token airdrops to users engaging with DeFi protocols. These DeFi Engagement Bounties are not just about financial incentives; they are about building lasting relationships within the DeFi ecosystem.
Project Atlantis-Specific Bounties
As part of the focus on gaming and AI, these bounties are centred around Project Atlantis. From gaming competitions to developing play-to-earn mechanisms, these bounties are perfect for those passionate about the intersection of gaming, blockchain, and AI. It’s an opportunity to be at the forefront of creating the next-gen blockchain gaming experiences.
Staking Bounties
In Stratis’ mission to strengthen and stabilize the StratisEVM ecosystem, Stratis is excited to introduce ‘Staking Bounties.’ This category is specially designed for those who contribute to securing the StratisEVM network by locking up their STRAT tokens in staking. Staking is not just a way to earn rewards; it’s a commitment to the health and security of the blockchain.
Development Bounties
These bounties are for the tech enthusiasts who love to delve into code and create. From developing cutting-edge dApps, or constructing robust smart contracts, these challenges will tap into the technical prowess of blockchain developers. Whether you’re a seasoned developer or a rising star in the blockchain world, these bounties offer the perfect platform to showcase your skills and contribute to the core functionalities of StratisEVM.
Stratis is on an exciting path with StratisEVM, and community growth and interaction are crucial to continued growth. Over the coming weeks, Stratis will be releasing a series of blog posts, each dedicated to a specific bounty category. These posts will delve into the nuances of each category, offering insights, guidelines, and tips to help you make the most of the opportunities available. Stay tuned to Stratis’s blog and social media channels for these updates, designed to inform and inspire you to engage with our platform more deeply. Stratis also invites you to join our ever-growing community Discord server to keep up with the latest news about Stratis and StratisEVM.
Stratis’s migration to StratisEVM marks a major advancement, integrating the platform into the extensive Ethereum ecosystem. This evolution brings access to advanced web3 tooling, streamlined DeFi protocols, a thriving ecosystem of dApps, and a dynamic developer community. The StratisEVM Blockchain will be an advanced, web3-ready, Ethereum-based PoS Blockchain, featuring $STRAT as the native token and offering a Layer 1 solution with plans for a Layer 2 solution tailored for gaming and DeFi applications.
As Stratis transitions to the StratisEVM platform, it’s important to highlight that the token swap period is fast approaching. This swap is a pivotal part of the migration, allowing $STRAX holders to exchange their tokens for the new $STRAT tokens. Full details and instructions on the token swap process will be provided, ensuring all community members can confidently navigate this important phase.
InterFlux Bridge Update
As Stratis prepares for its migration to StratisEVM, it’s important to note that the decentralized InterFlux bridge will be taken offline to facilitate this transition. This suspension will take place at the close of play on the 22nd of December. We strongly recommend that all users withdraw their InterFlux Tokens before this cutoff date. While there will be methods to withdraw tokens after the bridge is offline, these may involve delays. Therefore, to ensure the timely and safe retrieval of your assets, please act within the provided two-week window. This proactive measure will help avoid any potential inconveniences during the transition period.
Please be aware that this includes all wrapped tokens managed via InterFlux, including; wSTRAX on Ethereum and wETH, wBTC, wUSDT, wUSDC, wSHIB and wLINK on the Cirrus network.
As Stratis embarks on this significant transition to StratisEVM, the team extends an invitation to everyone to join their community Discord. The Discord server serves as a hub for the latest updates, vibrant discussions, and support from both the Stratis team and the wider community. Stratis values the involvement and insights of its members, recognizing their crucial role in this evolving journey.
The last two months have been incredibly busy here at Stratis. Not only have we announced new community projects like London Desserts Club and Space War, but we have hosted a community vote and decided to migrate to a layer-one Ethereum blockchain. With so much to discuss, it’s time to look at our milestones over the last two months.
Stratis migrates to Ethereum ecosystem, becoming StratisEVM
StratisEVM is a web3-ready Ethereum-based proof-of-stake (PoS) blockchain featuring the native $STRAT token. StratisEVM will be a layer one blockchain, with plans to introduce a layer two to deliver high-throughput and low-finality decentralised computing. These advanced capabilities are specifically designed to support gaming and DeFi applications.
The move to a one-layer Ethereum was not one taken lightly. The resolution was put to the community, who were then given two weeks to cast their vote, which resulted in 99.3% in favour of the migration. By moving to Ethereum, Stratis hopes to accelerate innovation by making it easier to develop blockchain solutions using more widely available tooling and the interoperability capabilities inherent to the Ethereum ecosystem.
For all of the web3 gamers, StratisEVM promises to bolster and support the expansion of our P2E ecosystem, as we’ve announced that Dawn of Ships, Space War, and London Desserts will all be released on StratisEVM Next year and utilize our Club Pass and $OVIA token.
We have written a series of blogs that go into the transition more fully — we welcome you to have a look.
Corgi Dash
Two months ago, we saw the final version of Corgi Dash submitted to Google Play. In the run-up to the global release of the game, developers have been working hard on new and exciting features. These additions were designed to make the game more enjoyable for NFT natives and casual players alike while continuing to increase the value of the game.
Two months on, feedback from players has been overwhelmingly positive, with many citing its enjoyability and smooth performance on their Google devices.
September welcomed the official release of the RPG game Dawn of Ships.
This latest version is a significant achievement for the developers, who have worked tirelessly to create an innovative game while bug patching and crowdsourcing feedback as they went.
Via the official discord, Dawn of Ships commented: ‘This release includes all the crucial features we promised to deliver to our community. It has been a lengthy journey, and I am delighted that we have delivered on our promises to build a massive 3D P2E game from scratch. I am also proud of all the tools and projects we have contributed to the Stratis Blockchain.”
The Dawn of Ships team aren’t slowing down anytime soon, with plans for game updates already in the works. The team is working towards players being able to burn ships in return for better vessels while improving performance and adding utilities. Plans are even in the works for the Dawn of Ships to release on the Epic Game Store.
London Desserts Club
We are also thrilled to unveil the upcoming web3 game, London Desserts, created in collaboration with the talented TinyLizard Studio. The game will be an immersive experience on StratisEVM, billed to launch in early 2024. London Desserts is a simulation game that puts you in charge of your own cafe, allowing you to nurture and expand the business.
Players work and manage their dessert shop to generate revenue that can be converted to $OVIA tokens. In this P2E time-management game, you need to serve your customers, upgrade your equipment, and shop to increase your revenue and earnings.
Ticketsphere
Last month, founder of Stratis Chris Trew joined Jill Malandrino, host of Nasdaq Trade Talks, to discuss the soft launch of Ticketsphere and web3 gaming.
Chris explained how Ticketsphere and NFT ticketing can resolve some of the main issues we see in the ticketing world. He went on to explain how we’re witnessing a growing trend of people buying tickets for popular events en-masse with the intention of reselling on third party sites. As a result, fans become priced out of going to their favourite shows and events and artists and organisers see none of this extra value.
Within Ticketsphere, it is possible to prevent this secondary market entirely if the artists wish. Alternatively, if artists are open to a secondary market, they have ways that they can program the tickets in line with their demands. For example, a ceiling might prevent tickets sold at an enormously inflated price and prevent fans from being priced out. Artists could also embed royalties into their tickets, which means that everytime a ticket is resold, the artist earns a percentage of the cost.
Ticketsphere is visible on our site for anyone eager to experience the future of ticketing.
That’s a wrap for the November monthly! Be sure to join the Stratis Discord to keep up to date with progress and become a member of the ever-growing community!
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.
Exchange Support
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.
Masternode Contract
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.
Project Atlantis
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.
Key Milestones
Alpha Release
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.
Beta Release
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.
Do
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.
Don’t
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.
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.
Future Outlook
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.
FAQ
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.
Stratis is excited to announce the outcome of the recent community vote for the StratisEVM initiative and extends gratitude to every community member who participated in the vote and demonstrated their support. The engagement and enthusiasm of the Stratis community continue to drive the project’s growth and success.
The community vote concluded with an overwhelming 99.33% of participants voting in favour of the new initiative.
Moving Forward
As a result of the successful community vote, the next phase will be the start of the token swap period, paving the way for the implementation of StratisEVM. Stratis acknowledges the community’s anticipation for the token swap period; however, at this moment, an exact start date cannot be defined. Stratis is working toward a 6-8 week timeline for the token swap period to begin, with the StratisEVM chain becoming active soon after, but this depends upon several factors, such as;
Exchange Readiness
Stratis has already begun discussions with the leading exchanges that support the pairs with the existing token. The team at Stratis is working diligently to ensure a smooth transition process when the STRAT token is launched.
Security Auditing
Stratis is dedicated to prioritising the security and integrity of its blockchain platform. To ensure maximum safety for the community, they will be collaborating with a leading web3 auditing firm to conduct comprehensive security audits. These audits are critical in identifying and addressing potential vulnerabilities or issues and instilling confidence before proceeding with the token swap.
What to Expect
There will be two phases where holders of the existing STRAX Token will have the opportunity to participate in the token swap. Initially, holders will be able to cryptographically burn their STRAX tokens for the token swap; this will only be possible before a communicated snapshot is taken.
Additionally, a ‘proofing tool’ will be provided, enabling token holders to swap their tokens in a non-custodial manner by providing cryptographic proof of their token balance before new tokens are issued on the StratisEVM blockchain.
The token swap period announcement will be accompanied by guides, documentation and dedicated support channels to assist with any questions or concerns with the processes.
If you have any questions or are seeking further clarification on any of the above points, please reach out via the Stratis Discord Server to speak with one of the team.
As mentioned in previous blogs, there will be a community vote to decide the future of Stratis and their plans for StratisEVM. If you haven’t already, be sure to read the recent blog posts regarding the StratisEVM initative. The voting period for the StratisEVM initative has now begun, to find out more about the voting period, and how to vote, continue reading below:
When is the voting period?
The voting period will last for approximately 14 days.
Votes will be accepted from block 1997000 (17th October 2023)
The voting period will end on block 2023880 (31st October 2023)
How can I vote?
Stratis has chosen an on-chain, weight-based voting method to facilitate the vote. The voting function keeps track of each voting wallet’s balance and voting choices (for or against proposed changes). A transaction is made for every address with a balance over 1 STRAX Token. If your wallet is very active, this might mean several transactions, each with a small fee.
When voting ends, all blockchain addresses will be checked within the set voting period, and the balances of those voting for will be added up and compared to those voting against. A simplified example can be found below:
Token Holder A votes ‘For’ with a STRAX Balance of 1000
Token Holder B votes ‘Against’ with a STRAX Balance of 500
Token Holder C doesn’t vote and has a STRAX Balance of 2000
In the above circumstance, the decision would be ‘For’.
Note that funds moved from the wallet won’t affect the voting decision. Also, if you make regular transactions, your addresses might change due to our wallet software’s privacy features, which could make your vote not count in the final decision.
Importantly, Masternode Operators can safely vote from their collateral address, providing they have more than a 100,000.0001 STRAX balance.
Since the announcement of Stratis’ plans to migrate to an Ethereum-based blockchain, there has been an overwhelmingly positive response from the community and the wider crypto space. As highlighted in their blog, Stratis is confident that adopting an Ethereum framework will unveil more opportunities and integrate them into a thriving development community.
In addition to the focuses Stratis highlighted in their previous blog, a list that included gaming, masternodes, web3 and more, it is key to highlight some of the core reasons that motivated this decision.
Integration
Choosing an Ethereum-based framework over a bespoke platform offers immediate integration with a robust and well-established ecosystem. This has presented challenges for Stratis in the past, particularly when liaising with exchanges and dApps in the crypto space. Leveraging the Ethereum codebase also means benefiting from continuous upgrades and innovations developed by a global community. Ethereum is consistently evolving, and by aligning with Ethereum, Stratis can leverage these advancements without having to independently develop similar technologies, which has been the case with the existing platform. This saves resources and ensures the platform remains at the forefront of blockchain technology advancements.
Interoperability
The shift towards an Ethereum-based framework opens doors to enhanced interoperability and compatibility with numerous existing decentralised applications (dApps) and protocols. The Ethereum blockchain hosts a multitude of dApps, ranging from decentralised exchanges to lending platforms, which Stratis can interact with or utilise for added functionality and value creation. Establishing such a wide range of interactions and partnerships on the existing platform has been challenging for Stratis and required additional development of complex and bespoke protocols.
Familiarity
Developers are more likely to migrate to a platform that offers familiar tooling; Ethereum dominates the market share of solutions leveraging blockchain technologies. Stratis’ recent blog details that a core focus is incentivising existing Ethereum-based projects to move to the StratisEVM platform. Leveraging an Ethereum-based blockchain makes the migration process effortless. It will enable projects to flourish on the StratisEVM platform, taking advantage of the SDA and scaling capabilities that will be introduced through the future L2 (Layer-2) solution.
Community Governance
Stratis is well-established within the blockchain industry and has attracted a substantial following since its launch in 2016. Stratis understands the importance of the community and token holders; without them, a decentralised and distributed blockchain would not be possible. Therefore, the proposal for StratisEVM will only progress on the result of a community vote. In addition to the fundamental changes incorporated into the move to the Ethereum-based blockchain, there will also be changes to token supply.
As described in the previous blog post, the proposal will introduce an increase in token supply, multiplying the existing token supply tenfold. This means that for every 1 STRAX, you will receive 10 STRAX Tokens on the StratisEVM blockchain. There will also be an additional minting of tokens to mobilise adoption efforts and future development of the StratisEVM.
Proposed Total STRAX Token Supply
The graph below considers the increase in token supply and incorporates the additional token minting. For simplicity, all graphs will be based upon a rounded figure and will change when the snapshot is defined.
Proposed STRAX Token Supply Breakdown
The graph below highlights how additionally minted tokens are distributed and the purpose of each distribution. Stratis also wants to clarify that existing SDA Tokens and company-owned tokens will form part of the Token Swap Fund pool. Additional pools of tokens are also proposed as part of the migration to StratisEVM.
Adoption Incentivisation
The “Adoption Incentivisation” pool plays a pivotal role in driving the innovation and utilisation of Stratis’s platform. This reserve of tokens incentivises developers to construct, innovate, and deploy their projects on Stratis’s platform. By providing tangible rewards and a pool for financial backing, Stratis aims to alleviate the initial burdens of blockchain development, such as operational costs, smart contract deployments, and dApp production. Furthermore, this pool aims to stimulate a vibrant developer community where the exchange of ideas, collaboration, and innovation is encouraged and rewarded. Stratis aims to spark creativity and development that aligns with the platform’s capabilities and future vision, enriching its ecosystem with diverse and innovative applications.
Stratis understands that its utilisation and on-chain activity define the inherent value of the platform. The existing model of the SDA (Stratis Decentralised Accelerator) initiative has already enabled several games and projects to be built and deployed on Stratis. As mentioned in the previous blog, these projects support the StratisEVM initiative and will actively begin their migration upon the vote succeeding.
It’s also worth highlighting that this pool of tokens and remaining SDA Tokens will be controlled by a Smart Contract that can be publicly queried. Stratis intends to deploy a governance dApp that will enable the community to easily control the issuance of tokens in a web3 manner.
Foundation
The “Foundation” pool is allocated to secure StratisEVM’s platform’s developmental and business relations. This fund is dedicated to propelling technological development, ensuring the platform is robust and secure and consistently evolving to meet the needs of users, developers and the community. It ensures that Stratis has the necessary resources to explore, innovate, and integrate cutting-edge blockchain technologies and features into its platform. Additionally, it supports Stratis’s business activities, including marketing, partnerships, and other strategic initiatives. These are crucial for expanding its reach, enhancing its community, and establishing its presence in the blockchain industry.
Developments will include the introduction of an L2 solution that caters for both the StratisEVM blockchain and the Ethereum blockchain. Akin to successful projects such as Arbitrum, Optimism and zksync era, Stratis will focus on introducing cutting-edge ZK (Zero Knowledge) technology, ensuring that their solutions leverage the latest innovations in the space.
Network Incentivisation
The “Network Incentivisation” pool aims to enhance Stratis’s platform’s liquidity, stability, and interoperability. This pool is instrumental in leveraging services such as bridges and market maker services, which are vital for improving interoperability and connectivity with other blockchains. By investing in established bridging technologies, Stratis aims to create a seamless and interconnected blockchain network where assets and data can flow freely between its platform and others, enriching the Stratis ecosystem and enhancing its users’ experience.
Stratis will be actively reaching out to established platforms within the crypto space, seeking to incorporate support for the StratisEVM blockchain. Projects of focus include Celer Network, which provides interoperability between several blockchains; Chainlink, which provides oracle services and secure cross-chain communications; and Stargate, which provides a plethora of DeFi bridging functionality.
Staggered Distribution
All additionally minted tokens will not be available at launch; the release of tokens will be staggered over a two-year period, as detailed below. The tokens will be locked within a Smart Contract, offering full visibility and transparency on the token release schedule.
How to vote?
Making sure the voting process can’t be unfairly influenced is crucial. Stratis has chosen an on-chain, weight-based voting method to facilitate the vote. The voting function keeps track of each voting wallet’s balance and voting choices (for or against proposed changes). A transaction is made for every address with a balance over 1 STRAX Token. If your wallet is very active, this might mean several transactions, each with a small fee.
When voting ends, all blockchain addresses will be checked within the set voting period, and the balances of those voting for will be added up and compared to those voting against. A simplified example can be found below:
• Token Holder A votes ‘For’ with a STRAX Balance of 1000
• Token Holder B votes ‘Against’ with a STRAX Balance of 500
• Token Holder C doesn’t vote and has a STRAX Balance of 2000
In the above circumstance, the decision would be ‘For’.
Note that funds moved from the wallet won’t affect the voting decision. Also, if you make regular transactions, your addresses might change due to our wallet software’s privacy features, which could make your vote not count in the final decision.
Voting is made easy with new Voting features in the latest wallet version that will be released on Tuesday, 17th October.
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