Cryptocurrency project Stratis has shared with Blockonomi that it is migrating to the Ethereum blockchain and launching StratisEVM, a new Ethereum-based blockchain. Stratis will be retiring its original blockchain platform in favor of leveraging Ethereum’s robust ecosystem and tooling.
Keypoints
- Stratis is launching StratisEVM, a new Ethereum-based blockchain, and retiring its existing blockchain.
- The move is designed to leverage Ethereum’s robust ecosystem, tooling, and interoperability capabilities.
- Key benefits include integration with Ethereum’s ecosystem, leveraging innovations from Ethereum developers, allowing Stratis to focus on interoperability and performance for gaming, DeFi, NFTs.
- The shift enables enhanced interoperability with existing Ethereum dApps and protocols.
- Familiar Ethereum tooling will boost developer activity building on StratisEVM.
- The Stratis community overwhelmingly voted in favor of the move to Ethereum.
- Existing STRAX tokens will be swapped for new STRAT tokens at 1:10 ratio, increasing supply for micro-payments and gaming use cases.
- StratisEVM will have a masternode contract to enable existing masternodes to continue receiving rewards.
- Stratis will continue working on projects like its NFT marketplace, ticketing app, and stablecoin plans.
The move comes after an overwhelming vote in favor by the Stratis community. Stratis cited various benefits to migrating to Ethereum, including greater interoperability with existing Ethereum dApps and protocols. The shift will also allow Stratis developers to benefit from innovations coming from the large Ethereum developer community.
By building on Ethereum’s familiar framework, Stratis aims to boost developer activity on its new StratisEVM blockchain. The company will now be able to focus more on enhancing interoperability and performance for key use cases like gaming, DeFi, and NFTs.
As part of the migration, existing STRAX tokens will be swapped for new STRAT tokens at a 1:10 ratio, increasing the supply to over 1.53 billion. Stratis indicated the higher supply will make the token more useful for micro-payments and gaming.
StratisEVM will also feature a masternode contract so current masternodes can continue receiving rewards. Stratis plans to honor reduced collateral requirements for early masternode operators.
The company reaffirmed it will continue working on planned projects, including its NFT marketplace Stratisphere, NFT ticketing application Ticketsphere, and a regulated GBP stablecoin.
Chris Trew, co-founder and CEO of Stratis, said: “Since 2016 our focus has been the delivery of a Microsoft-focused blockchain platform. However, Ethereum has grown exponentially, with record-breaking usage and capitalisation. We felt it was time to retire the Stratis blockchain so we can spend less time building tooling and more time optimizing the Ethereum infrastructure for new use cases like gaming and DeFi. It’s encouraging to see the community support for the new plans and we’ll be bringing a lot of experience, dApps and developers across to the Ethereum community.”
He continued: “We are continuing with our roadmap, including our NFT marketplace ‘Stratisphere’, our NFT ticketing application ‘Ticketsphere’ and plans to issue the first regulated GBP Stablecoin. We are particularly excited about the surge in mobile gaming and look forward to supporting upcoming projects via the new StratisEVM blockchain.”
The migration demonstrates Stratis’ commitment to leveraging Ethereum’s capabilities as the blockchain ecosystem’s clear leader. With a more interoperable and developer-friendly platform, Stratis is poised to accelerate innovation in key areas like gaming on its new StratisEVM blockchain.
