Carbon neutrality takes Polygon’s MATIC to the green
The decentralized Ethereum scaling platform ticked off its first sustainability milestone by achieving carbon neutrality this week. By investing $400,000 in carbon credits, Polygon is now one step closer to becoming carbon negative. With credits equivalent to 104.794 tons of greenhouse gases, the network has successfully settled its CO2 debt since inception.
Triggered by this news, MATIC was quick to react. The altcoin took to trade in the green as it registered a double-digit hike on the daily chart. Rallying by over 24% in a day, MATIC was changing hands at $0.5075 at press time.
The green milestone was a result of a number of strategic steps taken by the network. According to its official blog post, the achievement came after Polygon’s ‘Green Manifesto’, launched in mid-April. Tagged as ‘a smart contract with Planet Earth’, it is a part of the network’s broader vision for sustainable development.
Acknowledging that there is still more to be done, Co-Founder of Polygon, Sandeep Nailwal, was quoted –
“Our world is facing an environmental crisis, and the blockchain industry must do far more than promise to stop adding to the problem.”
Cryptocurrencies are very much in the kernel of energy consumption debate. According to the Cambridge Bitcoin Electricity Index, Bitcoin has consumed more electricity in a year than Sweden, Norway, or the United Arab Emirates. However, the energy consumption debate has often been challenged by the one spearheaded by the utility factor.
In a striking point of view laid out by the World Economic forum (WEF), energy consumption becomes less a question of morality than one of basic human necessity. When something provides utility, it’s often accepted despite its high energy levels as it adds value
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