Recent fight that Polygon initiated against climate change and the announcement that it has achieved carbon neutrality may give its native token the boost it needs to continue rising. The native token, MATIC, has been experiencing issues since the start of 2022. Its value has dropped by about 86.09 percent since hitting an all-time high of $2.92 on December 27 of last year.
The price of Polygon increased by 5.18 percent over the previous seven days, according to statistics from Coinmarketcap. Unfortunately, the price fell by 5.91 percent in the previous day. Furthermore, just in the previous hour, the price fell by 0.40 percent.
Powered by the MATIC token and formerly known as Matic Network, Ethereum’s Polygon Network was the first user-friendly infrastructure building platform for scaling Ethereum.
However, as ETH’s popularity develops, using the blockchain has grown difficult because of rising gas prices and traffic congestion. Due of the lack of a sovereign and such low efficiency, polygon was created.
MATIC Strives For Rising Peaks
On June 21, the Polygon team posted a blog entry to its website. They claimed that Polygon had taken the first tactical step toward carbon neutrality. Carbon credits worth $400,000, or 104.794 tonnes of greenhouse gases, were invested. This represents the entire network’s CO2 debt from the MATIC network’s inception.
The statement claims that they think this accomplishment happened after Polygon launched its Green Manifesto in mid-April.
Additionally, in recognition of the significant ecological situation, the co-founder of Polygon, Sandeep Nailwal, has allocated $20 million in order to use Web3 to build a more sustainable future for everyone for a wide range of community activities, such as innovative methods for on-chain carbon credit retirement.
Our world is facing an environmental crisis, and the blockchain industry must do far more than promise to stop adding to the problem.Sandeep Nailwal
He admitted that more work needs to be done but that the first step is to become carbon neutral. The network will then act as a role model for the industry as a whole as it changes into a net contributor to the environment.
Polygon Achieved Carbon Neutrality With the Help of KlimaDAO
Polygon was assisted in becoming carbon neutral by KlimaDAO. The article also stated that KlimaDAO examined the network’s energy footprint to identify the emission-producing regions. They then came up with a plan to aid in lowering those emissions.
Archimedes, a KlimaDAO representative, expressed their joy and pleasure at working with Polygon and said that:
It’s absolutely paramount that we continue to work together to advance the on-chain carbon market and establish KlimaDAO and Polygon as the leading innovators in this space.
The piece also serves as information for a Web3 leaders virtual discussion that Polygon will host as part of The Green Blockchain Summit on July 13 in order to address the most urgent environmental challenges facing the blockchain sector.