Stratis to make announcement on STRAX token swap

on Nov 24, 2023
  • Stratis said it will announce more details on the STRAX to StratisEVM token swap today, November 24.
  • STRAX to new STRAT token will swapped at 1:10 ratio.
  • The price of STRAX rose after the news, reaching highs of $1.22 early Friday.

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Stratis, an enterprise grade layer-1 blockchain platform, will today, November 24, make an announcement with more information about its planned launch of an Ethereum-based StratisEVM and token swap from STRAX to STRAT.

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The platform revealed the plans via its X account, with this coming a little more than a month since it shared details of building the new blockchain. STRAX surged following Thursday’s post, trading to highs of $1.22 for its highest level since June 2022.

STRAX/USD was up 15% in the past 24 hours at the time of writing.

Why StratisEVM?

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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

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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.


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