Saving the environment is the responsibility of every human. Carbon and greenhouse gas emissions and pollution have been a major discourse among environmentalists recently. Elk Finance (ELK), a peer-to-peer network for decentralized finance (DeFi), has partnered with SavePlanetEarth (SPE), a carbon sequestration project which is based on the Binance Smart Chain (BSC), to offer a first-of-its-kind Carbon Negative cross-chain bridge protocol.
Apart from its economic viability, cryptocurrencies were also favoured because of its impact on the environment. In fact, it is one of the edges that enhanced its adoption by both regulators and the public, which has created demand for transparency around the carbon footprint of individual blockchains. The Crypto Carbon Rating Institute (CCRI), for example, recently released a benchmark study ranking how various blockchains perform in terms of their climate impacts.
SPE was founded in early 2021 as a global environmental initiative registered in the U.K. Through partnership with SPE, Elk will become the first carbon neutral cross-chain protocol by offsetting its impact through Gold Standard certified carbon credits, which are registered with United Nations Framework Convention on Climate Change (UNFCCC).
This partnership will make it possible for SPE to calculate the net impact of monthly transactions on Elk’s decentralized exchange platform and ElkNet, the cross-chain bridge protocol that facilitates token transfers among 16 leading blockchains. In addition to offsetting the impact from protocol traffic, Elk will also use credits to cover the travel and accommodation impact for all members of its team.
As a component of the partnership, SPE will undertake to foot the bills of calculating, offsetting, consulting, certifying, validating and verifying total impact and offsets to give Elk Finance a carbon-negative footprint. Each month, SPE will issue a unique NFT certificate representing the total offset amount. The process is further strengthened as Sustainable Future Group (SFG), a sustainability validation service, is involved by conducting regular audits.
“SPE is leading the way on green blockchain technology,” said Baal, Founder of Elk Finance. “As a cross-chain service, our environmental impact could easily slip through the cracks, so we’re thrilled to be filling a key gap in sustainable blockchain innovation.”
About SavePlanetEarth
Founded in early 2021, SavePlanetEarth is a global environmental initiative registered in the U.K. with established government and organizational partnerships. SPE is developing what will be the first-ever Gold Standard certified carbon credit NFTs, a green blockchain entirely powered by renewable energy, and a carbon credit exchange that will use $SPE as its exclusive currency.
About Elk Finance
Elk Finance is a peer-to-peer network for cross-chain value transfers. ElkNet, its cutting-edge multi-chain protocol, makes it easy for anyone to move value and exchange cryptocurrencies across blockchains quickly and securely at a low cost. Start exploring the Elk ecosystem today at https://app.Elk.finance/.