Main navigation

Popcorn Network (POP) Partners with Patch to Build Carbon-Neutral DeFi Product

News
Tue, 10/05/2021 - 14:00
article image
Vladislav Sopov
A new-gen blockchain product is going to neutralize its carbon emissions
Popcorn Network (POP) Partners with Patch to Build Carbon-Neutral DeFi Product
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

The two teams will collaborate to release a carbon-neutral decentralized finance (DeFi) ecosystem to allow crypto enthusiasts to earn while supporting charity initiatives.

Popcorn Network (POP) partners with Patch to reduce carbon footprint

According to the press release shared with U.Today, Popcorn Network (https://popcorn.network/), an eco-friendly DAO-governed DeFi ecosystem, has entered a long-term strategic collaboration with Patch, an Ethereum-based carbon removal marketplace.

Popcorn Network (POP) partners Patch
Image by Popcorn Network (https://popcorn.network/ )

Within this partnership, Patch will track the carbon emission of every smart contract involved in Popcorn Network's (POP) design. Then, Patch will distribute automated contributions from Popcorn Network to cutting-edge carbon offset and removal projects.

With a network of Smart Contract Emissions APIs, Popcorn Network will distribute 50% of fees raised by users to a DAO-curated list of climate charities.

Related
Ripple Joins Crypto Climate Accord to Decarbonize Blockchains

Michael Kisselgof, Popcorn Network co-founder, stresses that this is a pioneering attempt to introduce an eco-friendly ethos to the red-hot DeFi segment:

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.

Building sustainable autonomous DeFi product

Brennan Spellacy, co-founder and CEO of Patch, also stresses the positive social impact of this collaboration:

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.

At its core, Popcorn Network (POP) offers its users a high-yield account program.

Besides climate charities, fees raised are distributed between all holders of its native token, POP.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)