STRAX Token Swap
The STRAX Token Proposal vote has now come to a close, resulting in a vast amount of token holders voting in favour of the STRAX proposition. You can find a summary of the final vote statistics below.
Total Weight: 7907384.1935404 STRAT
Total No Weight: 2.46% [194185.77115927]
Total Yes Weight: 97.54% [7713198.42238113]
We are now progressing with the Token Swap and are now able to detail the process further and publicize dates that the token swap will commence. We must clarify that the STRAX Token will supersede the existing STRAT Token. As such, all future development activity will be undertaken against the STRAX Blockchain on the StratisFullNode codebase.
Significant effort has gone into both the development and acceptance testing to ensure the Token Swap process is as smooth and seamless as possible. Rest assured that we have spent a great deal of time assessing the Token Swap procedure, ensuring that the end result brings the most benefit to the Stratis ecosystem.
The Token Swap process is just the beginning for the vision we have for the STRAX Blockchain. As mentioned in our previous announcement; no longer are we constrained by legacy codebase clients maintaining the network, allowing innovations and new feature integration to be achieved much more efficiently. Furthermore, the revised tokenomic structure and dynamic masternode membership will provide further incentive for token holders to participate in securing the network, further increasing levels of decentralization.
For further clarity, please refer to the below Token Release Schedule for the STRAX Token.
We must highlight that the above charts reflect the assumption that all STRAT Tokens are swapped for STRAX Tokens. STRAX Tokens that remain in the Token Swap Allocation will be burned after participation windows close.
Third-party services that are utilizing the STRAT Token are actively being encouraged to supersede any support of the STRAT Token for the STRAX Token at the end of the initial Token Swap period. If you are a service provider and have any questions or have not been contacted, please reach out to us via our Discord Server or at tokenswap@stratisplatform.com.
Swap Process
To participate in the Token Swap and acquire the STRAX Token, currently owned STRAT Tokens must be burned. The swap is achieved by creating a special transaction that defines the STRAX address that will be associated with the owner of the sending transaction, this is known as the “Token Swap Transaction”.
A high-level overview of the process can be found below.
Step 1
Download and Install the STRAX Wallet 0.9.0 by using one of the below links relevant to your Operating System.
The installation media is also available as GitHub Release.
Once installed, create a new wallet and generate an address. This will be the wallet that will receive the STRAX Tokens from the Token Swap.
Step 2
Download and Install Stratis Core 2.1 by using one of the below links relevant to your Operating System.
The installation media is also available as GitHub Release.
Login to your existing Stratis Core Wallet or create a new wallet that you will send your Stratis Tokens to. Once your wallet has a confirmed balance, you will be able to participate in the Token Swap by completing the necessary the Token Swap fields.
Important Considerations
- The Token Swap functionality is only made possible through the Stratis Core 2.1 Wallet. To participate, you must send tokens to the Stratis Core 2.1 Wallet and perform the Token Swap transaction.
- Tokens are immediately burned when performing the Token Swap transaction. This is irreversible. Please ensure that the specified STRAX Address is correct and have a safe record of your Secret Words and Passphrase.
- STRAX Tokens will only be available and be distributed after the close of the initial participation window.
Participation Windows
The STRAX Token Swap window will be from NOW (15th October 2020) until 9 AM GMT on 12th November 2020. To be eligible to receive the STRAX Token on Day 1 you will need to perform the Token Swap during this window.
A further participation window will be available until 5PM GMT on the 15th October 2021. Token Swap requests submitted during this period will be subject to a defined process. A detailed process guide for requesting a Token Swap after the STRAX Token Swap window will be released in due course.
The remaining Token Balance within the Token Swap Fund will be irreversibly burned on the 16th October 2021.
Token Distribution
STRAX distribution will be performed by an automated script that will be executed on 12th of November 2020 crediting those who have participated in the initial Token Swap period.
Token Swap requests after the initial Token Swap period (NOW (15th October 2020) until 9 AM GMT on 12th November 2020) will be subject to an additional defined manual process to prove ownership of funds instead process defined above.
Exchange Support
We are happy to announce that the Token Swap will be supported by several exchanges. 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 STRAT Token.
