polygon has taken the first step in its long-term commitment to sustainability by becoming carbon neutral.
The central theses
- Polygon has partnered with KlimaDAO to offset its carbon emissions.
- That Blockchain-Startup has withdrawn $400,000 worth of carbon credits, equal to the total carbon debt of the MATIC network since its inception in 2019.
- MATIC could target $0.50 if it holds its current support level.
The recent news that Polygon’s MATIC network has achieved carbon neutrality could give its native token the power to move higher.
Polygon’s MATIC aims for higher highs
appears to be gearing up for another bullish impulse after Polygon announced it has made significant progress towards becoming carbon negative.
In a recent blog post, the blockchain startup announced that it has partnered with KlimaDAO as part of its eco-friendly Green Manifesto. In a first step, Polygon has purchased $400,000 worth of carbon credits, equivalent to 104,794 tons of greenhouse gases. This equates to the total carbon debt of the MATIC network since its inception in 2019.
Sandeep Nailwal, co-founder of Polygon, is taking the initiative to help the blockchain industry become a net positive for the environment. In the most recent post, he acknowledged the current environmental crisis. He pledged $20 million to help leverage Web3 to create a more sustainable future, including new solutions for on-chain carbon credit retirement. He said,
“Our world is facing an environmental crisis, and the blockchain industry needs to do far more than just promise not to aggravate the problem. Achieving carbon neutrality is an important first step, but we still have more work to do. Polygon will be at the forefront as the entire industry moves toward net positive environmental impact.”
The announcement of carbon neutrality appears to have been welcomed by investors. The MATIC token has broken from its 50 hourly moving average on the four-hour chart after a correction 13% recovered in the last 20 hours. The token could continue higher if it continues to hold above this critical support area.
Clearing the $0.42 resistance level could give MATIC the power to print higher highs and target its 100 hourly moving average, which currently stands around $0.50.
MATIC/USD four hour chart.
Source: Crypto News Deutsch