StratisEVM token swap Guide

Stratisplatform
6 min readJan 4, 2024

As Stratis embarks on a pivotal phase of their journey, the Stratis team is excited to announce the commencement of the Token Swap process. This crucial step marks the transition from the STRAX Blockchain to the new Ethereum-based StratisEVM ecosystem. This blog post will provide comprehensive instructions and essential information to navigate the Token Swap seamlessly. Stratis’ focus is to ensure a smooth and successful transition for the community, highlighting the steps necessary to participate in the $STRAT Token Swap.

Token Swap Schedule

On-Chain Token Swaps

NOW until 6 PM GMT 31st January 2024

STRAX Snapshot Time

6 PM GMT 31st January 2024

StratisEVM Launch

1st February 2024

Off-Chain Token Swaps

7th February until 9 AM GMT 29th December 2024

Token Swap Guide

Step 1

Obtain Ethereum Account

You must obtain a compatible address to receive the new StratisEVM Token ($STRAT). There are a variety of wallets that will be supported by the upcoming STRAT Token; however, the initial focus will be placed on supporting MetaMask.

We strongly encourage using MetaMask for the Token Swap, as support for other Ethereum-based wallets cannot be guaranteed.

New to MetaMask?

If you’re new to MetaMask, you can follow the below steps to safely and securely.

https://support.metamask.io/hc/en-us/articles/360015489531-Getting-started-with-MetaMask

Please pay special attention to the dos and don’ts of securing your MetaMask account.

Do

  • Write down your Secret Recovery Phrase somewhere safe. We can’t tell you precisely where, as that depends on your circumstances.
  • The importance of handwriting your Secret Recovery Phrase is that it cannot be stolen online. If you store it in a file in an internet-linked cloud storage folder, for example, it could theoretically be stolen.
  • Double-check your spelling and that you wrote down every word in the same order they were given.

Don’t

  • Keep it in an easily discovered or easily hacked location; e.g. in a cloud-saved document or email titled “Seed Phrase”; on a post-it note stuck to your computer.
  • Provide your seed phrase to anyone, even if they say they’re from MetaMask Support.
  • Change the order of the words.

Create a new MetaMask Account (Optional)

You can create a new account within your MetaMask to manage the new STRAT Token, or alternatively, you can use your existing account.

Steps to create a new account can be found below:
https://support.metamask.io/hc/en-us/articles/360015289452-How-to-add-accounts-in-your-wallet#:~:text=Click%20’Add%20account%20or%20hardware,hit%20’Create’%20to%20confirm.

Alternative Wallets

In addition to MetaMask, the Token Swap process accommodates users who prefer alternative wallet solutions. The chosen wallet must support custom RPC servers to ensure compatibility with the StratisEVM ecosystem. OneKey Wallet is an excellent example of such a wallet, offering the required functionality. This inclusivity ensures that everyone in the Stratis community can participate in the Token Swap, regardless of their preferred wallet.

Please perform your own research if you choose to use an alternative wallet.

Step 2

Obtain STRAX Wallet 1.7.0.0

STRAX Wallet 1.7.0.0 incorporates a new feature that enables the ability to participate in the StratisEVM Token Swap.

STRAX Wallet 1.7.0.0 is available for Windows, OS X and Linux operating systems. Installation files can be found here:

STRAX.Wallet-v1.7.0-linux-amd64.deb

STRAX.Wallet-v1.7.0-linux-x64.tar.gz

STRAX.Wallet-v1.7.0-mac.dmg

STRAX.Wallet-v1.7.0-setup-win-x64.exe

STRAX.Wallet-v1.7.0-setup-win-x86.exe

You can also download the wallet from the GitHub release page: https://github.com/stratisproject/StraxUI/releases/tag/1.7.0.0

Open, Restore or Create

After installation of the STRAX Wallet, either open your existing wallet, restore using known secret words and passphrase, or, if you’re transferring from an exchange, create a new wallet to transfer your STRAX Tokens to

Once you have accessed the wallet, you will notice a Token Swap button.

Step 3

Perform Token Swap

Complete the relevant fields on the Token Swap screen, copying your new Ethereum account into the StratisEVM Address field.

The Ethereum Account can be copied from MetaMask by clicking the condensed address at the top of your MetaMask app, as seen below:

If you agree to the terms and conditions of the Token Swap, select the checkbox to enable the ‘SWAP’ button.

Upon clicking the SWAP button, all tokens will be sent a burn token address, rendering your STRAX Tokens unusable. The amount of burnt STRAX Tokens will be multiplied by ten and credited to the provided StratisEVM Address in STRAT Tokens.

Participation Windows

There will be two participation windows for performing the Token Swap:

Option A

On-Chain Burn

Participation Window: NOW until 6 PM GMT 31st January 2024

Option B

Off-Chain Proofing Tool

Participation Window: 7th February until 9 AM GMT 29th December 2024

Initially, you can perform the Token Swap via an on-chain burn mechanism. This will irreversibly burn your existing STRAX Tokens with a record of your new StratisEVM account. The StratisEVM On-Chain Token Swap window will begin from NOW until 6 PM GMT 31st January 2024. At 6 PM GMT 31st January 2024, a snapshot of the STRAX Blockchain will be utilized as the final point of truth for any future Token Swaps.

A “Proofing” tool will be available after the on-chain token swap period ends. The proofing tool enables STRAX Token Holders to create cryptographic proofs of their private keys and define a destination address for the Token Swap. The participation window for the token swap will close at 9 AM GMT on the 29th of December, 2024.

Important Considerations

  • The Token Swap functionality is only made possible through the Stratis Wallet 1.7.0.0. To perform the token swap via an on-chain burn, you must send STRAX tokens to the STRAX Wallet 1.7.0.0 and perform the Token Swap transaction.
  • Tokens are immediately burned when performing the on-chain Token Swap (Option A) transaction. This is irreversible. Please ensure that the StratisEVM Address is correct and that you have a safe record of your Secret Words and passphrases.
  • By performing the Token Swap, you agree to the terms and conditions defined here: https://www.stratisplatform.com/wp-content/uploads/2024/01/STRAT-TokenSwap-Terms.pdf

$STRAT Token Distribution

The distribution of STRAT Tokens for those who burned tokens via Option A (On-Chain Burn) will occur on Day 1 of the StratisEVM Launch.

Token Swaps that have been performed via Option B (Off-chain Proofing Tool) will be subject to a schedule and will not be immediately available at StratisEVM Launch.

The launch of the StratisEVM Network is scheduled for 1st February 2024.

Exchange Support

We are happy to announce that the Token Swap will be supported by the majority of exchanges currently supporting the STRAX Token. Announcements from the respective exchanges that are supporting the Token Swap will become available in due course, highlighting any deposit and withdrawal freezes of the STRAX Token.

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Stratisplatform

Stratis is powerful and flexible Blockchain Development Platform designed for the needs of real world financial services and businesses.