Ethereum layer 2 scaling solution Polygon was among the biggest price gainers in the past 24 hours, as Polygon’s native token – MATIC, added 20% to its value after the project announced has achieved carbon neutrality by retiring $400,000 worth of carbon credits.
MATIC partners with KlimaDAO
Polygon announced a partnership with KlimaDAO, which translated into MATIC purchasing 104,794 tonnes of greenhouse gasses, equivalent to the Ethereum scaling solution’s debt since 2019. Polygon’s co-founder Sandeep Nailwal took the responsibility to make Polygon carbon neutral and transform the project net positive for the environment by pledging $20 million to utilize Web3 and create a sustainable future.
“Reaching carbon neutrality is an important first step, but there is more work ahead. Polygon will lead the way as the whole industry moves toward becoming a net positive for the environment,” Nailwal added.
KlimaDAO sparks a wave effect
KlimaDAO is a decentralized collective of environmentalists, developers, and entrepreneurs. Being such, the organization collaborated with Offsetra, a firm dedicated to finding and raising money for high-impact, certified carbon reduction projects. According to the findings from both companies, they pushed out a carbon footprint hotspot mitigation strategy, which reduced MATIC’s environmental impact by covering areas like emissions from staking node hardware, the energy consumption of staking operations, and smart contracts which are in direct contact with the Ethereum mainnet.
MATIC goes full steam into Web3
MATIC’s efforts of bringing a net positive environmental footprint for its projects were embraced by hundreds of blockchain projects like AAVE, QuickSwap, and Curve Finance. Furthermore, the company behind the eighteenth-largest crypto to date would be hosting The Green Blockchain Summit on July 13 where Web 3.0 and blockchain enthusiasts will brainstorm the major environmental issues that the industry is facing.
“Long-term Web3 remains mega-mega bullish, so newbies keep learning and builders keep building!”, Polygon’s co-founder noted, amid concerns of crypto winter and roaring inflation.
The crypto market rebounds
Polygon’s skyrocketing may seem like an exception, rather than a market trend, but the overall bullish wave pushed the crypto market up by almost 5% over the past 24 hours to levels above $950 billion. Crypto experts immediately began talking about a possible crypto winter ending, but indicators suggest that despite the uptick, there is still a long way to go.
Bitcoin, for example, is back above $21,000, but the recent move is still far behind the levels prior to the drop.
Ethereum’s price increase, however, is more prominent, with the second-largest crypto to date recording an eight percent price increase in the past 24 hours, making a weekly spike of 12%.
Other crypto projects are also seeing bullish sentiment, as the price increase sits between three and 10% for the most crypto projects, while Ripple, Axie Infinity, and Avalanche spiked over ten percent each.