ecoToken is honoured to assist the innovative Solana Foundation in achieving its 2022 carbon neutral commitment with the purchase of 5,000 MTCO2 (Metric Tons of Carbon Dioxide) in on chain offsets from our platform. This transaction marks the first time carbon offsets were purchased entirely on chain and for NFT verification of offset across blockchains. This partnership paves the way for wider adoption of sustainable practices in the blockchain community and advances the cause of fully on chain carbon credits.
The offset purchase by Solana Foundation was split between different types of credits and projects: City Forest credits in the United States, and REDD+ credits in Colombia, at the Mataven Forest Unified indigenous Reserve Project. The on chain offsets from these projects were independently verified by Regen Network, and involve both preservation of existing forests, and planting of new trees or reforesting depleted areas. Issued with the purchase of carbon offsets from ecoToken’s platform was an NFT Impact Certificate, verifying proof of offset and providing cross chain carbon credit retirement. ecoToken’s NFT Impact Certificates forge a link between Solana and Regen Ledger for credit retirement, marking the first time that carbon offsets have been retired from Solana on the Regen Network. Solana’s offset purchase marks a unique use case in the world of regenerative finance (ReFi) for cross chain impact verification.
“We hope the Solana Foundation’s efforts will inspire other blockchain networks and projects to take similar steps towards measuring their emissions and building a more regenerative on chain community.”
Acquiring an NFT Impact Certificate through ecoToken’s platform is simple and user-friendly. Users can select an environmental project they wish to support on the ecoToken platform, offset their environmental impact, and receive an NFT Impact Certificate as proof of their contribution. Here’s a simple guide to the process:
Users visit www.ecotoken.earth and log in with their Solana wallet and select a project they want to support.
Users fill in details on who is credited with offsetting emissions and choose the number of credits to retire.
Users pay for credits in USDC or SOL and confirm the transaction, which retires the credits on Regen Network and mints an NFT on Solana with the retirement hash from Regen Ledger embedded into the NFT as proof of offset.
The NFT Impact Certificate includes essential details such as the number of credits purchased, project name and location, producer of the credits, the user who retired the credits, date retired, and the Credit ID number for batch identification. Each NFT Impact Certificate also contains metadata that includes the transaction hash of credit retirement, ensuring transparency and accountability.
“Solana has been a true leader of blockchains in terms of both sustainability and their support of ReFi. This reaffirms their dedication not only to environmental sustainability, but also to nurturing the evolution of blockchain-based businesses with an ecological focus. Because of Solana’s support, there is a rapidly expanding ReFi movement taking place, one that we are incredibly proud to be a part of.”