Elk Finance (ELK), a peer-to-peer network for decentralized finance (DeFi), has partnered with SavePlanetEarth (SPE), a carbon sequestration project based on Binance Smart Chain (BSC), to offer a first-of-its-kind Carbon Negative cross-chain bridge protocol.
The environmental impact of cryptocurrencies is one of the flashpoints among regulators and the public about their adoption, 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, which was founded in early 2021, is a global environmental initiative registered in the U.K. It will assist Elk 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).
Through the partnership, SPE will 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 part of the partnership, SPE will take care of the costs of calculation, offsetting, consultation, certification, validation, and verification of 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. In order to verify the monthly calculations, SPE has partnered with the Sustainable Future Group (SFG), a sustainability validation service, which conducts 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.”
Founded in early 2021, SavePlanetEarth is a global environmental initiative registered in the U.K. with established government and organization partnerships. SPE is developing 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 the 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/.
Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.