Solana has released 10,651 tonnes of carbon dioxide equivalent in the last 12 months Despite a pioneering initiative, SOL fell 3.48% in a 24-hour period
Carbon emissions from blockchain networks have become a hotly debated topic in recent years. With a large network of servers and computers, they devour massive amounts of electricity to transact and mint new tokens.
Bitcoin [BTC]for example, will emit a whopping 54 million tons of carbon dioxide equivalent (MtCO2e) by 2022, according to the Cambridge Bitcoin Electricity Consumption Index.
Ethereum [ETH] Last year’s move from proof-of-work (PoW) to proof-of-stake (PoS) was a step toward growing concerns about greenhouse gas emissions.
And now another PoS based network – Solana [SOL] – has introduced a feature to keep track of his footprints.
Read Solana’s [SOL] Price Forecast 2023-24
Real-time carbon data
The Solana Foundation has unveiled a data portal that tracks blockchain carbon emissions in real time and claims to become the first major smart contract platform to roll out such an initiative.
The dashboard will regularly update key metrics such as energy consumption, emissions and network power intensity, making it possible to examine network emissions from different angles.
The emissions tracker, developed in collaboration with carbon data platform Trycarbonara, retrieves data from validators and RPC nodes on the network. This helps teams examine how each user impacts the network’s carbon footprint.
Between April 1, 2022 and March 31, 2023, Solana emitted an equivalent of 10,651 tons of carbon dioxide. It also consumed more than 26,000 megawatt hours of electricity during the same period.
Source: solanaclimate.com
Solana activity spikes
Activity on the Solana chain increased as the number of daily active users increased by more than 7% over the past week. Its user base clocked a 30% monthly growth rate, indicating that the chain’s adoption is also on the rise.
As the number of users grew, trading volumes increased. Transaction fees paid to validators also rose 11% over the week.
Source: Token Terminal
How much are 1,10,100 SOLs worth today?
However, despite this groundbreaking initiative, SOL was down 3.48% over the past 24 hours. Still, the price drop did not detract from long position holders’ confidence as SOL funding rates were positive on most exchanges.
Source: Coinglass
The number of long positions taken for SOL has steadily increased over the past few days, as evidenced by the growing Longs/Shorts ratio. This lent more evidence to the prevailing bullish sentiment.
Source: Coinglass
This post Solana goes green, but can it help turn things around for SOL
was published first on https://ambcrypto.com/solana-goes-green-but-can-it-help-turn-things-for-sol/
