The Stratis Platform is undergoing a significant transition, migrating from its own blockchain to the Ethereum blockchain. As part of this process, Stratis token holders must participate in a token swap, converting their STRAX tokens to the new StratisEVM token (STRAT) on the Ethereum network. If you're a Stratis holder navigating this transition, this article will guide you through the swap process in detail.
Understanding the Token Swap
Step 1. Get an Ethereum account
The new StratisEVM Token ($STRAT) can only be obtained by obtaining a compatible address. The upcoming STRAT Token will support many wallets, but MetaMask support will be the primary priority.
We strongly recommend using MetaMask for the Token Swap because support for other Ethereum-based wallets cannot be guaranteed.
New to MetaMask?
If you're new to MetaMask, the steps below will help you get started safely and securely.
https://support.metamask.io/hc/en-us/articles/360015489531-Getting-started-with-MetaMask
Please pay special attention to the guidelines for securing your MetaMask account.
Do
- Write down your Secret Recovery Phrase somewhere secure. We can't tell you exactly where because it depends on your circumstances.
- Handwriting your Secret Recovery Phrase ensures that it cannot be stolen online. It could theoretically be stolen if you keep it in an internet-linked cloud storage folder.
- Check your spelling and ensure that you wrote down each word in the same order it was given.
Don't
- Keep it in an easily discovered or hackable location, such as a cloud-saved document or email labeled "Seed Phrase" or a post-it note stuck to your computer.
- Provide your seed phrase to anyone, even if they claim to be from MetaMask Support.
- Change the order of the words.
Create a new account on MetaMask (Optional)
To manage the new STRAT Token, you can either use your current account or create a new one in your MetaMask.
Steps to create a new account can be found below:
How to add accounts to your wallet: Visit Here
Alternative wallets
In addition to MetaMask, the Token Swap process caters to users who prefer other wallet options. To be compatible with the StratisEVM ecosystem, the wallet you choose must support custom RPC servers. OneKey Wallet is a great example of a wallet that provides the necessary functionality. This inclusivity ensures that all members of the Stratis community, regardless of wallet preference, can participate in the Token Swap.
If you decide to use an alternative wallet, please do your own research.
Step 2. Get STRAX Wallet 1.7.0.0.
STRAX Wallet 1.7.0.0 introduces a new feature that allows users to participate in the StratisEVM Token Swap.
STRAX Wallet 1.7.0.0 is available for the Windows, OS X, and Linux operating systems. The installation files can be found here.
You can also get the wallet from the GitHub release page.
Open, Restore, or Create
After installing the STRAX Wallet, either open your existing wallet and restore using known secret words and passphrases or, if transferring from an exchange, create a new wallet to transfer your STRAX Tokens to.
Once you have accessed the wallet, you will see a Token Swap button.
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Step 3. Perform Token Swap
Complete the relevant fields on the Token Swap screen, including your new Ethereum account in the StratisEVM Address field.
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To copy the Ethereum Account from MetaMask, click the condensed address at the top of the MetaMask app, as shown below:
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If you agree to the Token Swap's terms and conditions, check the box to enable the 'SWAP' button.
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Upon clicking the SWAP button, all of your tokens will be sent to a burn token address, rendering them unusable. The number of burned STRAX Tokens will be multiplied by ten and credited to the StratisEVM Address in STRAT Tokens.
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Conclusion
Swapping Stratis tokens to Ethereum can open up new opportunities within the decentralized financial landscape and provide users with increased liquidity and compatibility. However, it is essential to approach such transactions with caution, understanding the steps involved, considering potential risks, and staying informed about market conditions. Always use reputable platforms and wallets to ensure the security of your assets throughout the swapping process.