Stratis to make announcement on STRAX token swap

November 24, 2023 08:11 PM AEDT | By Invezz

Stratis to make announcement on STRAX token swap — Image source: Invezz

Why StratisEVM?

Launched in 2016, Stratis offers a blockchain platform from where businesses and organisations can test and deploy private blockchains.

While Stratis (STRAX) tapped into Microsoft‘s .NET Core Framework to offer market-first access to smart contract execution and scaling solutions among other services, the fast moving world of crypto means a shift was needed to address challenges.

Accordingly, self-sovereign identity, NFT marketplace, supply chain, and initial coin offering/security token offering (ICO/STO) management are solutions that highlight challenges with interoperability and tool availability.

Stratis said in an October 6 news release that it was embarking on a new journey with StratisEVM, an interoperable web3-ready blockchain platform on Ethereum. On Thursday, it noted it would release details on the STRAX to StratisEVM token swap.

‘Split stock’ token swap

StratisEVM will be powered by $STRAT as the base token of an Ethereum-based proof-of-stake (PoS) ecosystem.

Other than the highlighted use cases, the new chain is optimised for other solutions, including gaming and DeFi, the team said in the blog post. The current Stratis token STRAX will therefore be swapped via a stock split at the ratio of 1:10 – that’s 1 STRAX for 10 STRAT.

The team expects the inflation rate to remain unchanged, while a percentage of every block reward will go to the platform’s masternode operator reward pool.

The post Stratis to make announcement on STRAX token swap appeared first on Invezz

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