Stratis Blockchain Platform Transitions to Ethereum Ecosystem 'StratisEVM'

Located in the UK, Stratis is known as a Blockchain-as-a-Service (BaaS) provider. Stratis The company has confirmed that it is transitioning its current blockchain to an Ethereum-based new ecosystem called StratisEVM, effectively phasing out its legacy Stratis blockchain.

This strategic decision came after a recent community voting that overwhelmingly supported the change, aiming to enhance interoperability and performance with a focus on gaming, NFTs, and enterprise solutions. DeFi , NFTs \"Since our inception in 2016, we've aimed to create a blockchain platform tailored for specific use cases. However, the rise of Ethereum with its unprecedented usage and market value led us to reevaluate,\" stated Chris Tew, co-founder and CEO of Stratis. \"The time has come to retire our original Stratis blockchain to concentrate on maximizing the Ethereum framework for innovative applications in gaming and DeFi.\"

"It's heartening to witness the community's backing for our new direction, and we look forward to bringing our experience, decentralized applications, and developers into the Ethereum ecosystem,\" Tew added. Microsoft Stratis has explained that the key goal behind this migration is to simplify the process of developing decentralized applications by leveraging the robust toolset and interoperability that the Ethereum ecosystem provides.

StratisEVM will operate as a proof-of-stake (PoS) blockchain, fully compatible with Web 3.0, featuring its native token '$STRAT' and functioning as a Layer 1 blockchain. Additionally, a Layer 2 solution is planned to ensure robust performance and rapid transaction finality, tailored to meet the increasing demands of the gaming and DeFi sectors.

Token holders will be able to convert their tokens to the new $STRAT at a conversion rate of 1:10, leading to an increase in total token supply to approximately 1.53 billion. This change is aimed at boosting the utility of the token, especially for emerging applications in gaming and beyond. blockchain solutions The incorporation of Ethereum's codebase will allow developers using StratisEVM to access the continuous enhancements and innovations provided by one of the largest decentralized developer networks.

This transition implies a significant change for Stratis's main team, allowing them to redirect their resources away from maintaining the original developer toolkit for Stratis blockchain to focusing on enhancing interoperability and efficiency. gaming Moreover, the Ethereum ecosystem boasts a vast array of decentralized applications ranging from exchanges to lending platforms, all of which will become accessible for StratisEVM to interact with seamlessly, enhancing functionality and adding value.

Stratis recognizes Ethereum's overwhelming market presence, suggesting that aligning with this ecosystem will invigorate developer momentum.

Aims to Boost Developer Activity

Working with the Ethereum Before this transition, it proved challenging to establish such extensive interactions and collaborations on the Stratis platform, often requiring the creation of custom protocols.

Despite this transition, the company remains committed to their ongoing initiatives. \"We are forging ahead with our agenda, including the NFT marketplace 'Stratisphere', our NFT ticketing service 'Ticketsphere', and our first regulated GBP Stablecoin,\" Chris Tew emphasized.

"We are particularly thrilled about the boom in mobile gaming and are eager to support new projects utilizing the StratisEVM blockchain,\" he added.

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