Stratis has shifted its focus to Ethereum with the upcoming launch of StratisEVM
Cryptocurrency project Stratis has shared with Blockeconomy that it is migrating to the Ethereum blockchain and launching its new Ethereum-based blockchain called StratisEVM. Stratis will retire the first blockchain platform to leverage Ethereum's robust ecosystem and tools.
Main points
Stratis is launching StrateVM, its new Ethereum-based blockchain, and is decommissioning its existing blockchain. The move is intended to leverage Ethereum's strong ecosystem, tools and interoperability capabilities. Key benefits include integration with the Ethereum ecosystem, leveraging innovations from Ethereum developers, allowing Stratis to focus on functionality and performance in gaming, DeFi, NFTs. The shift allows for improved interoperability with existing Ethereum dApps and protocols. The popular Ethereum tool boosts developer activity building on StratisEVM. The Stratis community has overwhelmingly supported the transition to Ethereum. Existing STRAX tokens will be exchanged for new STRAT tokens at a ratio of 1:10, increasing provision for micro-payments and in-game use cases. StratisEVM will have a masternode contract to allow existing masternodes to continue receiving rewards. Stratis will continue to work on projects such as an NFT marketplace, a ticketing app, and a stable coin.
The move comes after massive support from the Stratis community. Stratis cited various benefits to migrating to Ethereum, including interoperability with existing Ethereum dApps and protocols. The transition will allow Stratis developers to benefit from innovations from the large Ethereum developer community.
Building on Ethereum's iconic framework, Stratis aims to boost developer activity on the new StratisEVM blockchain. The company can now focus more on improving interoperability and performance in key use cases such as gaming, DeFi and NFTs.
As part of the migration, existing STRAX tokens will be exchanged for new STRAT tokens at a ratio of 1:10, increasing the supply to over 1.53 billion. Stratis points out that the higher supply makes the token more useful for micro-payments and gaming.
StratisEVM also offers a masternode contract so that current masternodes can continue to receive rewards. Stratis plans to honor reduced warranty requirements for previous masternode operators.
The company reaffirmed that it will continue to work on planned projects, including NFT marketplace Stratisphere, NFT ticketing Ticketfair and a regulated GBP stablecoin.
Stratis co-founder and CEO Chris Trew said, “Since 2016, our focus has been on delivering a Microsoft-centric blockchain platform. However, Ethereum has grown exponentially, with record-breaking usage and capitalization. We felt it was time to retire the Stratis blockchain so we could spend more time building tools and Ethereum. We can grow the infrastructure for new use cases like gaming and DeFi. It's encouraging to see the community support for the new plans and we bring a lot of experience, dApps and developers to the Ethereum community.
Next: “We continue with our roadmap including our NFT marketplace ‘Stratisphere', our NFT ticketing app ‘Ticketphere' and plans to issue our first GBP Stablecoin. We are especially excited about the boom in mobile gaming and look forward to supporting upcoming projects with the new StratisEVM blockchain.
The migration demonstrates Stratis' commitment to Ethereum's potential as a clear leader in the blockchain ecosystem. With a more interoperable and developer-friendly platform, Stratis is poised to accelerate innovation in key areas such as gaming on the new StratisEVM blockchain.
