News Report Technology
March 28, 2024

Binance Completes Stratis Token Swap and Redenomination, Initiates STRAX Trading and Borrowing Services

In Brief

Binance finalized the Stratis token swap and redenomination, deposit and withdrawal services for the new STRAX token are now open.

Binance Completes Stratis Token Swap and Redenomination, Initiates STRAX Trading and Borrowing Services

Cryptocurrency exchange Binance finalized the Blockchain-as-a-service platform Stratis (STRAX) token swap and redenomination. Following this, it has commenced deposit and withdrawal services for the new STRAX token. According to the announcement, spot trading for the STRAX-BTC, STRAX-USDT, and STRAX-TRY pairs is scheduled to commence on March 28th.

Additionally, Binance plans to introduce STRAX as a new borrowable asset on both Cross and Isolated Margin, along with the STRAX-USDT pair on Cross and Isolated Margin, starting from March 28th. Further, STRAX will become available as a new borrowable asset on Binance Loans from 08:00 UTC on March 29th.

Notably, the distribution process was carried out with a conversion ratio of 1 old STRAX, equivalent to 10 new STRAX.

Stratis Unveils EVM-Compatible Blockchain, Enhances Platform with zkSync Integration

Stratis revealed its EVM-compatible Stratis blockchain last week, signifying a notable shift towards an Ethereum-compatible platform. Stratis provides a decentralized blockchain platform that empowers developers to create blockchain solutions using well-known programming languages such as C# and .NET. Its architecture, rooted in Bitcoin, offers scalability and energy efficiency, leveraging sidechains to bolster its capabilities.

Meanwhile, STRAX functions as the platform’s native cryptocurrency, enabling the value transfer and execution of smart contracts. Holders of STRAX tokens have the opportunity to engage in staking and deploy masternodes for additional benefits.

The project is further preparing to enhance its platform by integrating zkSync technology, focusing on improving scalability and efficiency through a Layer 2 solution. This forthcoming update aims to boost transaction speeds, reduce operational costs, and strengthen security measures.

Additionally, Stratis plans to unveil the beta edition of stablecoin protocol in the coming month. This release will enable users to explore and engage with the tGBPT, offering them an opportunity to provide valuable feedback and insights regarding the capabilities and possibilities of the stablecoin platform.

Disclaimer

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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