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Sustainability: Polygon Lists Measures to Make Network Carbon Negative

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Polygon co-founder Sandeep Nailwal says that mitigating emissions around the Polygon ecosystem isn't nearly enough. The larger blockchain space must come together to find ways to support technology that helps preserve the earth rather than destroy it.

A ‘sustainable era' for Polygon

Nailwal's comments were seen in a blog post published earlier this week by the Polygon network, revealing an ambition to hit carbon negative status in 2022. The announcement came alongside the launch of The Green Manifesto – Polygon's smart contract with Planet Earth. The goal is to become climate positive by accounting for and offsetting the carbon emissions from each transaction on Polygon.

Towards this ambition, Polygon has allocated $20 million to go into community projects. The funds will support initiatives that employ technology used to remedy the scourge of climate change. Eventually, Polygon aims to match any carbon debt stretching as far back as the inception of the chain.

“Polygon's Green Manifesto announced today is part of a broader vision for sustainable development that includes the plan to achieve carbon-negative status in 2022. Polygon is also creating a climate offset vertical within its ecosystem and has pledged $20 million to a series of community initiatives, including funding projects that utilize technology to combat climate change.”

Carbon credits to offset emissions

In its first move towards this environmental sustainability effort, Polygon said it is purchasing $400,000 worth of top-grade MCO2 and BCT (Base Carbon Tonne) carbon credits. The offsets would then be retired into carbon token pools offering the best possible return value in terms of optimistic environmental change.

The tokenized credits offered by MCO2 and BCT are all approved by the carbon offset program Verified Carbon Standard.Also, KlimaDAO (offers the BCT tokenized credits), a Polygon partner in this initiative and a known champion of on-chain carbon markets, will sell Polygon the credits from its on-chain market for carbon – Klima Infinity. Its offset aggregator decentralized application will be used to retire the offsets.

KlimaDAO will also assist Polygon's strategy to manage and mitigate carbon emissions, in addition to providing analysis of the network's energy footprint. This would provide data on metrics such as energy consumption by staking and emissions from node hardware.

Polygon has also asked the Crypto Carbon Ratings Institute (CCRI) to assess its carbon footprint, which, combined with layer one Ethereum's transition into PoW, will launch Polygon into Carbon negative status. Reaching carbon negativity would add to Polygon's efforts toward sustainability with scalability solutions such as Polygon Avail.

To learn more about Polygon visit our Investing in Polygon guide.

ADA whales have been stacking ADA and just hit a two-year high in supply held

Elsewhere in the market, the value of Cardano's ADA token has continued falling in line with the general market sentiment. Current token prices indicate that its exchanging hands 69% off its $3.10 high reached on September 2, according to CoinMarketCap data.

However, recent statistics shared by blockchain analytics platform Santiment indicate that the lull prices aren't keeping Cardano whales at bay. As a sign of an extended buying spree, Santiment says that the supply of ADA held by the top-tier whales (more than 10 million ADA) of Cardano reached a two-year high on Monday, touching 46.6% of the total supply. Since then, the supply has slightly climbed down and is now at 46.08%.

Within the last year or so, this class of Cardano whales has grown the token supply held in their wallets fourfold, given that 14 months ago, they controlled a mere 10.2% of the pool.

The changes in supply control come a week after Santiment noted that the supply controlled by the ‘low-mid' and ‘high-mid' tiers of ADA holders had risen towards a record high proportion. On April 4, the analysis tool showed that these holders (having 100 to 100k ADA) had ballooned to an all-time high of 16.8% in supply held.

To learn more about Cardano visit our Investing in Cardano guide.

Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.