Blockchain Platform Stratis Migrates to Ethereum-Based Ecosystem ‘StratisEVM’
In Brief
Stratis aims to focus on improving interoperability and performance, with emphasis on gaming, DeFi, NFTs and enterprise solutions.
UK-based Blockchain-as-a-Service (BaaS) platform Stratis, today announced that the firm has migrated its existing blockchain to an Ethereum-based ecosystem called StratisEVM, retiring its existing Stratis blockchain.
This decision follows a recent community vote, which has resoundingly endorsed the transition, and it aims to focus on improving interoperability and performance, with a particular emphasis on gaming, DeFi, NFTs (Non-Fungible Tokens), and enterprise solutions.
“Since 2016 our focus has been the delivery of a Microsoft-focused blockchain platform. However, Ethereum has grown exponentially, with record-breaking usage and capitalization,” Stratis’ co-founder and CEO, Chris Tew, said in a written statement. “We felt it was time to retire the Stratis blockchain so we could spend less time building tooling and more time optimizing the Ethereum infrastructure for new use cases like gaming and DeFi.”
“It’s encouraging to see the community support for the new plans and we’ll be bringing a lot of experience, dApps and developers across to the Ethereum community,” Tew added.
According to Stratis, the primary objective of this migration is to streamline the development of blockchain solutions by capitalizing on the more widely available tools and the inherent interoperability offered by the Ethereum ecosystem.
StratisEVM, a Web-3 ready Ethereum-based proof-of-stake (PoS) blockchain, will feature its native “$STRAT” token and operate as a layer one blockchain. The project also has plans to introduce a layer two solution, ensuring high-throughput and low-finality decentralised computing capabilities specifically designed to cater to the growing demand in the gaming and DeFi (Decentralized Finance) sectors.
Token holders can exchange their tokens for the new $STRAT at a rate of 1:10, effectively increasing the token supply to just over 1.53 billion. This adjustment aims to enhance the token’s utility, particularly for emerging use cases in gaming and other sectors.
Aims to Boost Developer Activity
Working with the Ethereum codebase will enable StratisEVM developers to benefit from the continuous upgrades and innovations developed by the largest decentralized developer community.
This shift means that Stratis’s core team will no longer need to allocate significant resources to building and maintaining developer toolkits designed for the Stratis blockchain. Instead, they can now focus on improving interoperability and performance.
Further, Ethereum’s ecosystem hosts a plethora of dApps, spanning from decentralized exchanges to lending platforms, all of which StratisEVM can seamlessly interact with or integrate for added functionality and value creation.
Startis notes that Ethereum dominates blockchain market share and moving to the ecosystem will boost developer activity.
Prior to this migration, establishing such a wide range of interactions and partnerships on the existing Stratis platform was a challenging task, often necessitating the development of complex and bespoke protocols.
Despite the move, the company will continue its ongoing projects. “We are continuing with our roadmap, including our NFT marketplace ‘Stratisphere’, our NFT ticketing application ‘Ticketsphere’ and plans to issue the first regulated GBP Stablecoin,” Stratis’s Tew said.
“We are particularly excited about the surge in mobile gaming and look forward to supporting upcoming projects via the new StratisEVM blockchain,” he added.
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About The Author
Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
