A Market-Leading Move: DeFi Project Yieldly Goes Carbon Neutral
Yieldly is a future orientated company shaping the DeFi ecosystem, in more ways than one. Yieldly is bringing the first-of-its-kind suite of products to DeFi, and this week cemented its leadership by becoming the first DeFi project in the world to set a target of climate neutrality.
Last week, the Bitcoin ecosystem had cause to pause and reflect on its spiralling energy usage. This was thanks to Elon Musk’s viral tweet announcing that Tesla would no longer accept payments from Bitcoin, a network that produces 36.95 megatons of CO2 annually. Musk is now looking for alternative networks that “use <1% of Bitcoin’s energy per transaction.”
Yieldly Chooses a Greener Path
Since day one, Yieldly has taken a sustainable approach to building its disruptive DeFi technology. Yieldly was developed on the green blockchain, Algorand, which uses a carbon neutral pure proof of stake blockchain. Compared to other blockchains, transactions and digital asset creation on Algorand result in magnitudes less CO2 emissions, with initial analysis demonstrating around 2 million times less. Unlike other blockchains, the Algorand network does not trade sustainability for security, scalability nor for decentralization. In line with this uncompromising approach, Yieldly understands that sustainability is key to ensuring the long term success of its project roadmap.
Yieldly has the top tier financing and infrastructure to build on Algorand’s environmental goals. Yieldly has incorporated sustainability practices into its business model, and recently increased purchasing of carbon offset credits from Australia’s first carbon offset provider, Greenfleet. Greenfleet is a leading not-for-profit organisation that focuses on large-scale native reforestation to capture carbon emissions. Carbon neutrality is just one of the many firsts that Yieldly brings to the DeFi ecosystem.
Climate change remains a real problem, and the Yieldly team understands that individual companies have a significant role to play in today’s carbon-constrained world. CEO Sebastian Quinn commented “As we disrupt the financial industry and provide better products for users, we do so in a way that is also better for the environment. We are delighted to be committed to carbon neutrality and our partners will help us achieve this over the coming months.”