An altcoin project built on Ethereum that has been relatively quiet for some time is in the middle of an explosive rally as it outperforms the rest of the crypto markets.
Stratis Platform is an Ethereum-based, decentralized blockchain platform aimed at enabling Microsoft developers to build applications on top.
The Stratis code is based on Bitcoin‘s (BTC) architecture but combines its own implementation of proof-of-stake (POS) to aim for a more energy-efficient blockchain.
Stratis’ native token STRAX shot up 103% in the last 24 hours, cooling off from a rally that at one point reached 160%.
While the precise cause of the Stratis Platform rally is unclear, STRAX took off minutes after the project announced a series of updates, including a new non-fungible token (NFT) ticketing system.
According to the announcement, Stratis is developing a ticketing management system through which NFTs will be used to validate entry and record perks for venues and events.
In addition, the project says a slew of new blockchain-powered video games are set to hit the Stratis mainnet this year.
Stratis’ announcement also included an update on the launch of a stablecoin pegged to the British pound called Great British Pound Token (GBPT).
“Plans to launch a Great British Pound Token (GBPT) stable coin using Stratis technology are progressing with ‘Stratis Investment Group Limited’, a new entity created that will be used for the Stratis GBP stable coin. Stratis is currently working with Price Waterhouse Coopers (PwC) to complete FCA Registration. We also expect this partnership to continue with PwC, whereby they provide auditing services for the GBPT stablecoin implementation.
With entities like Visa increasingly willing to accept stable coin payments, there’s a huge opportunity to simplify cross-border and wholesale payments using blockchain technology. We also expect more UK equities and securities to be digitally issued in the coming months and years. This will likely drive the need for these instruments to pay out to holders using a GBP-denominated crypto stablecoin like GBPS.”
At time of writing, STRAX is trading for $0.92, up 13% on the day.