- The Popcorn Network has entered into a partnership with Patch.
- The company wants to achieve carbon neutrality by offsetting its emissions to run on Ethereum.
Achieving carbon neutrality is one of the staggering targets of the Popcorn Network. To achieve this milestone, Popcorn Network has announced its partnership with Patch — the first-ever API platform that allows businesses to neutralize their carbon emissions for a successful rollout.
To clarify, this collaboration intends to combat the presence of high energy consumption of Proof-of-Work (PoW) mining. With this, due to the existence and the continual evolution of DeFi and NFT protocols, however, the sector will not suffer in terms of its choice of platform.
Commenting on the matter, Popcorn’s Co-Founder, Michael Kisselgof said,
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 is a new paradigm for banking, allowing us to scale impact while generating competitive returns for our users. We’re proud to be DeFi’s first yield optimizer to go green.
Moreover, by expanding a wide range of services on Popcorn’s Smart Contract Emissions dashboard, Patch swiftly joins by offering a broad set of carbon offset and removal projects. To highlight, this includes but is not limited to frontier negative emission technology and natural carbon sequestration projects.
Even more, the high impact of high carbon emission accounts for how crypto projects sometimes fail to share their revenue and yield with social impact organizations. Emphatically, many even believe that if DeFi and NFT protocols adopt the PoW blockchain system, yet still, there will be an existence of carbon impact and societal cost.
Patch CEO Brennan Spellacy also affirmed that,
DeFi has the potential to deliver significant social impact, while still generating returns for users. 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.
In addition, users will be incentivized to share part of their yield and contribute to the social cause. Along with this, Popcorn’s high yield index would soon be released in Q4, this year. If this happens, users can contribute more to social causes than traditional banks’ interests. In essence, the users will be privileged to keep their yield from their own assets.