Polygon Banks On Merge To Get Rid Of 60,000 Tons Of Carbon Footprint

Christian Encila

2 years ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Polygon expects to eliminate a considerable amount of carbon traces from its system as the Merge nears.

The Ethereum Merge is just around the corner. With a soft deadline set on September 15, the world will soon find out whether or not the developers’ hopes for a positive change are realized.

The Ethereum-based Polygon blockchain will also undergo changes as a result of the Merge. In a nutshell , the Merge is the transition from Proof-of-Work (PoW) to Proof-of-stake (PoS). With this update, the Ethereum network should use less energy in the future.

If you take Chile’s annual electricity consumption of 77.53 TWh and apply it to the current annual electricity usage of the Ethereum network, you get a pretty good idea of how much power is being used.

Polygon’s Burden: Cutting Carbon Footprint

The network’s carbon footprint is comparable to that of Hong Kong (which is 43.24 MT CO2), so it’s quite sizable.

Based on research by Polygon, the network is responsible for 0.48 percent of Ethereum’s total carbon footprint of 12,721,000 metric tons of carbon equivalent. This estimate is valid for the period beginning in August 2021 and ending in July 2022.

That’s the equivalent of creating 60,930 tons of carbon dioxide. Polygon also mentioned the difficulty in doing so, noting that it must also factor in the emissions of its L1 chain.

As a result, the progress Ethereum has made toward a (almost) emission-free system will have a significant effect on Polygon’s emission rates.

Polygon did the math for the post-merge as well. They believe that reducing energy consumption will result in Polygon having only 50.22 tons of carbon output.

To put the reduction into context, the projected post-merge annualized energy consumption is 0.82 percent of the pre-merge annualized energy consumption figures for 2021-2022.

Hype And Anticipation On The Merge Intensify

This connection with Ethereum may have an impact on the price of MATIC, Polygon’s native token. Traders have been speculating about the merger. This meant that if investor sentiment for Ethereum is low, investor confidence may be low as well.

According to Coingecko data, the Polygon team’s press day release of the blog post about the merger was met with fear.

The price has recovered from its recent drop the day after the announcement. MATIC’s price has exactly tracked the dip and surge in the price of ETH since Polygon’s blog post.

Confusion and hype are the forces propelling the ETH price surge and retreat.

The future of Ethereum-based networks and Ethereum itself is at stake as the Merge approaches.

MATIC total market cap at $6.5 billion on the daily chart | Source: TradingView.com
Image from Blockchain News, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.