Stratis Migrating to Ethereum
Cryptocurrency project Stratis has announced its move to migrate to the Ethereum blockchain and launch StratisEVM, a new Ethereum-based blockchain. This means that Stratis will be retiring its original blockchain platform in favor of leveraging Ethereum’s robust ecosystem and tooling.
Benefits of Migration
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.
Token Swap and Future Plans
The migration includes swapping existing STRAX tokens for new STRAT tokens at a 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.
Community Support and CEO Statement
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.
In a statement, Chris Trew, co-founder and CEO of Stratis, expressed confidence in the move, emphasizing the community support for the new plans. He reaffirmed the commitment to planned projects such as the NFT marketplace ‘Stratisphere’, NFT ticketing application ‘Ticketsphere’, and a regulated GBP stablecoin.
Hot Take: Accelerating Innovation
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.
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