Popcorn Network Chooses Patch to Execute Carbon-Neutral DeFi By DailyCoin
Popcorn Network has partnered with Patch, an API first platform for carbon removal, which enables businesses and individuals to reduce carbon emissions by implementing high-quality, high-impact carbon removal projects.
Popcorn developed a Smart Contract Emissions Dashboard, which is based on Patch-powered emissions data. This dashboard allows you to calculate the carbon impact from any smart contract execution. Patch then provides automatic contributions to a wide range of carbon offsets and removal projects. They include nature-based carbon sequestration and frontier negative emission technology.
As Proof of Work mining is known to be very energy-intensive, cryptocurrencies came under scrutiny in 2021. This was due to the presence of NFT and DeFi protocols in PoW Ethereum. These areas often faced criticism about their platform choice. Generally speaking, few cryptocurrency projects are interested in sharing the large amounts of revenue they generate with organizations that have a social purpose. These will have some carbon impact, as well as societal costs even if all NFT protocols and DeFi were to move to Proof of Stake.
Popcorn Network was established to offer an alternative way of providing DeFi. It diverts 50% of fees into a DAO-curated group of high impact organisations. Additionally, the original goal of the project was carbon neutrality. Popcorn is able to fulfill its promise thanks to Patch and open-source Smart Contract Emissions APIs.
The natural marriage of DeFi and green initiative is that users are more likely to be involved in social causes through sharing a greater share. By using HYSI, Popcorn’s high yield index set to be released in Q4, the users will be contributing more to social causes than a traditional bank would grant them in interest — while still keeping the vast majority of the yield from their own assets.
“Popcorn ensures eco-friendly performance by offsetting its carbon footprint thanks to Patch, regardless of how many users and TVL we expect to accumulate. This paradigm shift in banking is revolutionary. It allows us to make a bigger impact, while still generating high returns for our customers. We’re proud to be DeFi’s first yield optimizer to go green,”
said Michael Kisselgof, Co-Founder, Popcorn.
“DeFi has the potential to deliver significant social impact, while still generating returns for users,”
Brennan Spellacy is the co-founder of Patch and its CEO.
“Popcorn is working to make this potential a reality by offsetting their emissions mapped to running on Ethereum and allocating a meaningful portion of yield to high-impact carbon removal and offset projects.”
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