What is wSTRAX?
wSTRAX is ChainPort's wrapped representation of Stratis' STRAX token. The token is compatible with any ChainPort-supported EVM. wSTRAX is backed 1:1 by STRAX, which is stored in cold storage vaults with MPC and multi-sig technology provided by Fireblocks and Gnosis Safe.
wSTRAX is Supported on
Coming Soon
Ethereum
Coming Soon
BNB Chain
Coming Soon
Polygon
Coming Soon
Stratis
wSTRAX & STRAX - Behind the Scenes
Stratis Blockchain
Stratis is a versatile blockchain development platform designed to build, test, and deploy blockchain applications. Now a Layer-1 blockchain with Ethereum’s codebase, it integrates zkSync for scaling. Stratis' native token is STRAX.
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STRAX Token
STRAX is the native cryptocurrency of the Sratis blockchain. STRAX facilitates transactions, pays fees, and allows staking for network security and rewards. With a maximum supply of 1.9 billion, STRAX is used mainly for smart contract interactions and the transfer of value.
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ChainPort Bridge
Established in 2021 by DcentraLab, ChainPort is an established and leading blockchain bridge with a heavy focus on security. ChainPort ensures the security of STRAX with the use of fund segregation and cold storage vaults with MPC protection provided by leading providers. This methodology ensures that approximately 98% of all STRAX is safe with only a small percentage in the bridge hot contracts. Read more about ChainPort’s security.
wSTRAX
Wrapped STRAX or wSTRAX mirrors STRAX’s value and can be deployed on any EVM chain supported by ChainPort, enabling its use in DeFi protocols and DEXs. wSTRAX allows users to get exposure to STRAX on Ethereum and EVM-compatible chains.
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How it Works
The process behind the creation of wSTRAX: For every STRAX deposited into ChainPort, there is one wSTRAX minted. Approximately 98% of all STRAX is stored in ChainPort’s battle-tested cold storage vaults with MPC protection provided by the industry leader Fireblocks.
ChainPort users can initiate the process by sending STRAX to the bridge’s secure smart contract. Wrapped STRAX or wSTRAX is minted on the user’s preferred chain.
Porting wSTRAX back to STRAX on Stratis is simple. The wSTRAX is burned by the bridge, which sends the tokens to a burn address.
After the wSTRAX has been confirmed as burnt, STRAX will be unlocked and sent to the user's Stratis address.
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How does wSTRAX maintain a price peg with STRAX?
wSTRAX maintains a price peg with STRAX because every wSTRAX token can be bridged back to Stratis and redeemed at a 1 to 1 ratio. As such, any time the price of wSTRAX deviates from the price of STRAX, investors, algo traders, and other sophisticated players can profit by keeping the price aligned. These mechanisms work together to ensure that wSTRAX’s value remains stable, linked to the value of STRAX, and will not fluctuate significantly.
How is wSTRAX secured?
wSTRAX is secured through a multi-layered approach. A small portion of native STRAX assets is kept in hot bridge contracts, while the majority is stored in cold storage vaults with advanced security features. These features include MPC and multi-sig technology provided by Fireblocks and Gnosis Safe. Additionally, ChainPort ensures the 1:1 ratio between locked STRAX and minted wSTRAX through transparent proof-of-reserves, enhancing the security and reliability of the token.
On which chains can I find wSTRAX?
ChainPort supports wSTRAX on any chain, but not every chain will offer a wSTRAX trading pair or liquidity. Do your research before bridging wSTRAX.
How can I get wSTRAX?
You can get wSTRAX easily by bridging STRAX to Ethereum, Polygon, or BNB Chain. Alternatively, you can purchase it on a supported DEX or CEX that lists a wSTRAX pair.
wSTRAX Benefits
EVM Compatible
wSTRAX is EVM compatible, allowing easy deployment on any ChainPort-supported blockchain.
Traded as an Altcoin
It is possible to list wSTRAX on DEXs and trade it like any other altcoin on that chain.
STRAX Mirroring Token
ChainPort's proof-of-reserves confirm that wSTRAX is 100% backed and is pegged to STRAX’s value.