Polygon (MATIC): $20 million to go green

“A smart contract with the planet” – This is the motto of the Polygon network! Last February, Polygon (MATIC) carried out a fundraising of $450 million in a funding round notably led by Sequoia. This fundraiser is intended to expand its scaling solutions, as well as to drive the widespread adoption of Web 3 applications. In addition, part of these funds will be allocated to the development of a carbon neutral network. to create a positive blockchain for the climate, and therefore for the planet!

Polygon is committed to the climate

On April 12, 2022, Polygon released a document called “ Green manifesto: a smart contract with the planet » in which the MATIC network announces its commitment to become carbon neutral. In addition, the Polygon network pledged a stipend of $20 million designed to offset their past carbon footprint. These funds will also be used to support climate initiatives, and carry out donations for NGOs who take action against climate change.

Tweet from Polygon on the publication of its “Green Manifesto” – Source: Twitter

The company explains that the carbon footprint of each NFT or DeFi exchange carried out on its network will be counted, in order to offset its environmental impact. In the long term, Polygon wants its network to become the first blockchain “positive” for the climate.

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In addition, Polygon collaborates with KlimaDAO in order to benefit from a tool for analyzing the carbon footprint of its network. By analyzing its data, Polygon can develop a management strategy more suitable. Additionally, 99% of the Polygon network’s carbon emissions are due to checkpoints and bridging that involve transactions on Ethereum Mainnet.

Furthermore, over the period of February 2021 to February 2022Polygon notes that the total emissions on its network amount to 90,645 tonnes of CO2. These shows are slightly higher than PayPal (89,000 tons), but well below from those of large companies such as Microsoft (10,900,000 tonnes of CO2) or Deloitte.

In view of the IPCC report and the 3 years we have left to react in order to reverse the climate trend, this initiative of the Polygon network can only be encouraged. Especially since Polygon unveiled a new product last March: Polygon ID.

The Polygon teams seem to be working hard to provide an efficient and innovative Ethereum scaling solution. If you also want to participate in the Polygon adventure, register on Swissborg. Up to €200 in free cryptocurrencies await you (affiliate link, in return for a minimum deposit of €50).

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