Powerledger, an Australian leader in blockchain-based sustainable energy solutions, has joined the Solana ecosystem. The company shared that they share common values with the blockchain network in the areas of Regenerative Finance (ReFi).
⏳ The clock is ticking! In just 5 minutes, Dr. Jemma Green will take the stage for the big announcement. You won’t want to miss this! Stay tuned for exciting news! 🌍🚀
Livestream here: https://t.co/XXCIMb1mLb#Breakpoint #Powerledger #Solana #BigAnnouncement
— Powerledger (@PowerLedger_io) September 21, 2024
Joining Forces with Solana for a Greener Future
Powerledger will stop using its Solana Virtual Machine blockchain and will now integrate its tech with the Solana mainnet. It is an important step for increasing clean energy discussions in blockchain tech. The company believes that crypto can promote planetary well-being by adopting a unified platform for supporting regenerative finance (ReFi).
A spokesperson stated that they aim to integrate the clean energy and sustainability narratives in the blockchain technology sector. They further addressed it as a significant step in aligning financial innovation with planetary well-being.
ReFi focuses on building economic systems that aim for more than just profits. It also works to improve social, environmental and economic well-being. According to CoinGecko, the total market capitalization of ReFi is $110.57 million at the time of writing.
Just around the strategic announcement, Powerledger’s token (POWR) has risen by 10.75% in the past 24 hours, trading at $0.23 while writing. The POWR token will stay available as an ERC-20 token and will also be native to Solana.
Previously, Powerledger operated on Ethereum but switched to Solana in 2021. They cited faster speeds and better scalability. Solana’s lower energy use also supports Powerledger’s sustainable energy focus.
The Rise of Eco-Friendly Tech
Powerledger’s latest step fits right in with the upswing trend of companies turning to blockchain for sustainable solutions. Agile Energy X in Japan, for example, is using surplus renewable energy to mine Bitcoin. It’s a clever approach that not only aligns with Japan’s push for carbon neutrality but also helps cut down on energy waste.
Paraguay Proposes Crypto Mining Ban to Tackle Severe Energy Crisis
Another major partnership in the space is between Polkadot and Energy Web. They’re working together to drive eco-friendly blockchain technologies forward. By using tools like the Digital Spine and Green Proofs, they’re able to track and improve energy efficiency across networks. It is a push for more sustainable practices in the blockchain world.Â
