Since the announcement of Stratis' plans to transfer to an Ethereum-based blockchain, the community and the wider crypto ecosystem have been overwhelmingly favorable. Stratis is convinced that adopting an Ethereum foundation will open up more prospects and integrate them into a strong development community, as stated in their blog.
In addition to the areas of concentration outlined in Stratis' previous blog, which covered gaming, masternodes, web3, and more, it is important to highlight some of the primary reasons that motivated this decision.
Choosing an Ethereum-based framework versus a custom platform allows for instant interaction with a powerful and well-established ecosystem. This has previously posed difficulties for Stratis, particularly when interacting with crypto exchanges and dApps. Using the Ethereum codebase also means taking advantage of ongoing improvements and innovations made by a worldwide community. Ethereum is constantly growing, and by aligning with Ethereum, Stratis can benefit from these improvements without having to develop identical technology individually, as was the case with the old platform. This conserves resources while keeping the platform at the forefront of blockchain technology advancements.
The move to an Ethereum-based architecture allows for improved interoperability and compatibility with a wide range of existing decentralized apps (dApps) and protocols. The Ethereum blockchain contains a plethora of dApps, ranging from decentralized exchanges to lending systems, with which Stratis can engage and create value. Stratis had challenges in establishing such a diverse range of interactions and collaborations on the existing platform, which necessitated the development of new complicated, and unique protocols.
Developers are more likely to transfer to a platform that provides familiar tooling; Ethereum dominates the market share of blockchain-enabled applications. According to Stratis' most recent blog post, one of the company's primary goals is to encourage existing Ethereum-based projects to migrate to the StratisEVM platform. The use of an Ethereum-based blockchain facilitates the migration process. It will allow projects to thrive on the StratisEVM platform by leveraging the SDA and scalable capabilities given by the forthcoming L2 (Layer-2) solution.
Since its inception in 2016, Stratis has amassed a sizable following in the blockchain industry. Stratis recognizes the value of the community and token holders; without them, a decentralized and distributed blockchain would be impossible. As a result, the proposal for StratisEVM will only move forward if the community votes in favor of it. In addition to the fundamental changes brought about by the switch to the Ethereum-based blockchain, there will be modifications to the token supply.
As explained in the previous blog post, the plan will boost the token supply by tenfold, doubling the current token supply. On the StratisEVM blockchain, this means that for every 1 STRAX, you will receive 10 STRAT Tokens. There will also be an additional token minting to encourage acceptance and future development of the StratisEVM.
Proposed Total STRAT Token Supply
The graph below takes into account the rise in token supply and integrates the additional token minting. To keep things simple, all graphs will be based on a rounded figure and will alter as the snapshot is defined.
Proposed STRAT Token Supply Breakdown
The graph below depicts how newly created tokens are allocated, as well as the objective of each distribution. Stratis further clarifies that existing SDA Tokens and company-owned tokens will be included in the Token Swap Fund pool. Additional token pools are also planned as part of the StratisEVM migration.
The "Adoption Incentivisation" pool is critical in fostering Stratis' platform innovation and use. This token reserve incentivizes developers to build, innovate, and deploy projects on the Stratis platform. Stratis intends to relieve the initial difficulties of blockchain development, such as operational fees, smart contract deployments, and dApp production, by offering concrete benefits and a pool for financial backing. Furthermore, this pool strives to foster a thriving developer community where idea exchange, collaboration, and innovation are encouraged and rewarded. Stratis' goal is to inspire creativity and development that is aligned with the platform's capabilities and future vision, enhancing its ecosystem with different and unique applications.
Stratis recognizes that its usage and on-chain activity define the platform's inherent worth. The SDA (Stratis Decentralised Accelerator) initiative's existing methodology has already enabled various games and projects to be produced and deployed on Stratis. These projects, as described in the previous blog, support the StratisEVM proposal and will actively begin their migration if the vote is successful.
It's also worth noting that this pool of tokens and the remaining SDA Tokens will be managed by a Smart Contract that can be queried openly. Stratis plans to develop a governance dApp that will allow the community to easily control token issuance in a web3 manner.
The "Foundation" pool is used to secure the platform's development and corporate relationships. This fund is dedicated to accelerating technological advancement, guaranteeing the platform's robustness and security, and continuously growing to meet the demands of users, developers, and the community. It assures that Stratis has the resources it needs to investigate, create, and integrate cutting-edge blockchain technology and features onto its platform. It also helps Stratis' business efforts, such as marketing, collaborations, and other strategic initiatives. These are critical for broadening its reach, strengthening its community, and establishing its presence in the blockchain industry.
An L2 solution that supports both the Ethereum and StratisEVM blockchains will be one of the developments. In line with the achievements of projects like Arbitrum, Optimism, and zksync era, Stratis intends to introduce state-of-the-art ZK (Zero Knowledge) technology, making sure that their solutions make use of the most recent advancements in the industry.
The goal of the "Network Incentivization" pool is to improve the interoperability, liquidity, and stability of Stratis's platform. In order to increase interoperability and connectivity with other blockchains, this pool is essential for utilizing services like market maker services and bridges. Stratis hopes to build a smooth and integrated blockchain network where resources and information may move easily between its platform and others, boosting the Stratis ecosystem and improving user experience. To this end, it has invested in well-established bridging technologies.
Stratis plans to actively engage with well-known cryptocurrency platforms in an effort to integrate support for the StratisEVM network. Focused projects include Stargate, which offers a wide range of DeFi bridging functions, Chainlink, which offers Oracle services and safe cross-chain connections, and Celer Network, which facilitates interoperability between several blockchains.
All newly generated tokens will not be available at launch; the issuance of tokens will be staggered over a three-year period, as outlined below. The tokens will be locked within a Smart Contract, providing full visibility and transparency on the token distribution schedule.
What is the best way to vote?
Making certain that the voting process cannot be unjustly affected is critical. Stratis has chosen an on-chain, weighted voting technique to facilitate the vote. The voting mechanism keeps track of each voting wallet's balance and voting preferences (for or against suggested modifications). Every address with a balance of more than one STRAX Token receives a transaction. If your wallet is particularly busy, this could entail multiple transactions with a tiny cost.
When voting is finished, all blockchain addresses inside the voting period will be examined, and the balances of those voting for will be totaled together and compared to those voting against. Here's a simplified example:
- Token Holder A casts a 'For' vote with a STRAX balance of 1000.
- Token Holder B votes 'Against' and has an STRAX balance of 500.
- Token Holder C has a STRAX Balance of 2000 but does not vote.
In the example above, the decision would be 'For'.
It should be noted that cash transferred from the wallet has no effect on the voting choice. Also, if you make many transactions, your addresses may change owing to the privacy features of our wallet software, which may result in your vote not being counted in the final decision.
The Importance of the Stratis StratisEVM Vote
The Stratis StratisEVM Vote signifies a commitment to community-driven decision-making. It empowers the Stratis community to actively participate in shaping the platform's future. The vote, conducted using the Stratis blockchain's native governance system, lets STRAT token holders decide whether to proceed with the implementation of StratisEVM.
This decision isn't merely technical; it's about aligning the platform with the community's aspirations and industry trends. By enabling this vote, Stratis demonstrates its dedication to decentralization and consensus, core principles of the blockchain space.
- Community-Led Innovation: The Stratis StratisEVM Vote puts innovation and development decisions directly in the hands of the community. This fosters a sense of ownership and commitment to the project.
- Technical Advancements: StratisEVM has the potential to unlock new horizons for developers and users alike. It creates an environment where Ethereum-based DApps can seamlessly coexist with the Stratis ecosystem.
- Interoperability: The vote underscores the importance of interoperability in the blockchain sector. As blockchains become increasingly interconnected, this could pave the way for more cross-chain solutions.
- Economic Impact: The Stratis StratisEVM Vote can also have economic implications. The decision could influence the token's value and attractiveness to developers and investors.
The Stratis StratisEVM Vote is a significant event in the blockchain landscape. It showcases the commitment to community-driven governance and the belief in cross-chain compatibility. The decision, whatever it may be, will reverberate in the blockchain industry and may inspire similar governance initiatives in other projects.
As the blockchain space continues to mature, community-driven decisions like this are a testament to the decentralization principles that underpin the technology. They reinforce the notion that the future of blockchain is shaped collaboratively, and that innovation can be the result of collective efforts. The outcome of the Stratis StratisEVM Vote, set to be determined by the STRAT token holders, is eagerly awaited by the blockchain community at large.