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Wednesday, March 22, 2023

KlimaDAO Has Increased Its Carbon Offset By 50%

KlimaDAO, the protocol involved in Carbon offset, has now grossed over 14 million on-chain carbon offsets, which has been causing major waves in the more traditional industry of carbon offset. The main aim of this protocol is to collect as many offsets of carbon as it can to drive up the value while making offset-generating activities even more profitable for the masses.

The treasury for this project- which has been backed by Mark Cuban- has gone on to add around 5 million tokens of carbon offset since late November 2021, which has brought the total sum to 14.5 million currently. 

KlimaDAO Has Been Rising the Ranks Slowly

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The offsets of KlimaDAO have been tokenized and bridged to the protocol of Polygon in the form of Base Carbon Tonnes by Toucan Protocol and the new MCO2 tokens by Moss, which were one of the first to be added to the treasury on Thursday. The protocol currently has ownership of around 17 million BCCTs that are in existence. The decentralized autonomous institution is currently spending around $100 million simply on offsets. 

The rapid acquisition of carbon offsets by KlimaDAO has naturally caught the attention of the carbon offset firm Gold Standard. The CEO of this company, Margaret Kim, has criticized the protocol in the Wall Street Journal, suggesting that the anon team behind this project does post quite a few issues of transparency.

In the article, she also spoke about how the other companies are quite concerned about the fact that the founders are mostly anonymous, which runs contrary to the need for any form of transparency in climate action. 

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The team from KlimaDAO responded to this by stating that there are ways of providing assurances without needing to be doxxed. The founder of this protocol, Archimedes, has also addressed this issue of trust and anonymity in the podcast, Planet of the Klimates.

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