Polygon expects to eliminate a significant amount of carbon footprint from its system as the merger approaches.
The Ethereum merger is approaching. With a simple September 15 deadline, the world will soon find out if the developers’ hopes for positive change have been fulfilled.
The Ethereum-based Polygon blockchain will also undergo changes as a result of the merger. In short, consolidation is the transition from Proof of Work (PoW) to Proof of Stake (PoS). With this update, the Ethereum network should use less power 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 grid, you get a pretty good idea of how much energy is used.
Polygon Burden: Reduce Your Carbon Footprint
The carbon footprint of the grid is similar to that of Hong Kong (which is 43.24 million tons of carbon dioxide), so it is quite large.
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.
This is equivalent to producing 60,930 tons of carbon dioxide. Polygon also noted the difficulty of doing so, noting that it must also take into account its L1 series emissions.
As a result, Ethereum’s progress towards a (nearly) zero emissions system will have a significant impact on Polygon’s emission rates.
Polygon did the calculations for the subsequent merger as well. They believe that reduced energy consumption will produce only 50.22 tons of carbon in Polygon.
To put the reduction in context, the projected annual energy consumption after the merger is 0.82 percent of the pre-merger annual energy consumption figures for the period 2021-2022.
Noise intensification and anticipation upon merging
This connection with Ethereum could have an impact on the price of MATIC, Polygon’s original token. Traders were speculating about the merger. This means that if investor sentiment towards Ethereum is low, investor confidence may also be low.
According to Coingecko’s data, today’s press release by Team Polygon about the blog post about the merger was greeted with trepidation.
The price recovered from its recent decline the day after the announcement. MATIC price has exactly tracked the decline and rise of ETH price since Polygon’s blog post.
Confusion and hype are the two forces driving the rise and fall of the price of Ethereum.
The future of networks based on Ethereum and Ethereum itself is at risk as the merger approaches.
MATIC total market cap at $6.5 billion on the daily chart | Source: TradingView.com Image from Blockchain News, chart from TradingView.com