Published
2 years ago on
October 25, 2021
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Blockchain tech platform Stratis has completed its long-awaited token burn, marking the removal of over 6.6 million STRAX from the circulating supply following near unanimous support from its community.
The decision to swap out old STRAT tokens in favor of STRAX was ratified by Stratis users last October, with 97.54% voting in favor of the proposal. Holders were given a one-year window to swap their STRAT following the completion of the vote; a window that slammed shut ended over the weekend, when unswapped tokens were burned.
Enter STRAX
A total of 93,423,236.40710960 STRAT tokens were swapped for the newly-formed STRAX, equating to 93% of the supply. The remainder was irreversibly destroyed in an op_return transaction, removing 6,608,122.592890440 tokens permanently.
The impetus for the token swap originates from the initial inception of the Stratis blockchain. The first iteration of Stratis employed a non-native node to secure the network, one that wasn’t constructed using Stratis' Blockchain Technologies in C# on the Microsoft .NET Framework.
As the Stratis project made technical advancements in subsequent months, developers experienced difficulty integrating them into the network due to the presence of the non-native node. Eventually, a plan was hatched to launch the updated tokenomics, incentivization schemes, improved block times, and other efficiency features on a new blockchain, incorporating a new token: STRAX.
STRAT token holders were given a range of mechanisms by which to conduct their token swaps, including the use of an on-chain solution to swap their assets in a trustless manner. Several centralized exchanges also announced support for the token swap, among them Binance, Bittrex and Bithumb. A year on from the initiation of the token swap, the brand-new STRAX token is live on its newly christened blockchain.
Dawn of a New Era
The swap, and subsequent burning of the unclaimed STRAX tokens, coincides with a flurry of exciting activity on the Stratis network. In recent months the team has made huge strides in bringing Stratis-based gaming features to the blockchain, including two soon-to-be-released NFT games, and an NFT-focused marketplace where users can buy and sell non-fungible tokens from directly within the Stratis ecosystem.
Stratis also provides software development kits for integrating NFTs into the Unity 3D gaming engine. Through its dedicated Decentralized Accelerator, Stratis provides its C# blockchain platform, Unity integration packages, documentation, ongoing support, and potential funding for developers who wish to marry NFT technology with an industry standard gaming engine in Unity 3D.
The coming months will also see the release of a Stratis-based browser wallet in the same vein as MetaMask, which will be configured to hold STRAX tokens, NFTs, and other tokens built on or associated with the eponymous platform.
The successful token swap marks the dawn of a new era for Stratis and its token holders, and acts as the bedrock for impending updates and releases due in the very near future. As with other major projects that underwent a slow-burn followed by sudden outbreaks of activity (Cardano, Tezos, Polkadot, etc), Stratis has successfully laid the foundation for all subsequent endeavours. From STRAT to STRAX – and from STRAX to the future.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
