While reserve-based crypto assets like gold tokens and stablecoins have been able to weather the crypto market carnage over the last two weeks, rebase tokens like wonderland (TIME), and Olympus (OHM) have seen massive losses. Wonderland is down more than 96% since the crypto asset’s all-time high (ATH), and OHM is down over 95% since […]

OlympusDAO and its forks have suffered a rough stretch in the last week.

KlimaDAO, a cryptocurrency group focused on climate activism, is shaking up the carbon credit market by accumulating over 14 million on-chain carbon offsets. The decentralized autonomous organization now owns the majority of the 17 million BCTs and is spending $100 million on offsets. The project’s native KLIMA token is backed by at least 1 ton of Base Carbon Tonnes (BCT) credits by Toucan Protocol and the latest addition of the MCO2 tokens by Moss, which were first added to the treasury on Jan. 6. The value of the Klima token is determined by the valuation of the Klima treasury and is, therefore, dependent on the value of the BCT and the latest MCO2 token. In fact, the protocol’s rapid acquisition of carbon offsets has caught the attention of traditional carbon offset firms like Gold Standard, the Wall Street Journal reported. CEO Margaret Kim even criticized that the anonymous team behind the project poses transparency issues. “We are also concerned about the fact that the founders are anonymous, which runs contrary to the need for transparency in climate action generally and carbon markets more specifically,” said Margaret Kim. KlimaDao Responds to Its Carbon Credit Responding to a crypto media publication, the team clarified, “There are ways to provide assurances without being doxxed.” Being doxxed refers to revealing an anonymous individual’s true identity. They even argued that traditional firms like Gold Standard “may need more regulatory clarity into how a DAO works legally” to understand their potential for tremendous growth. In fact, anon founder Archimedes also addressed the issue of anonymity and trust on the Jan. 10 episode of the Planet of the Klimates: “Are we ever going to be at a point where we have to reveal who we are? At some point, maybe, Klima becomes so powerful that world governments demand to know who we are.” Klima DAO is a group of environmentalists, developers, and entrepreneurs that utilizes blockchain technology to accelerate the appreciation of carbon credits. The group launched the KLIMA token, a cryptocurrency whose value is linked to carbon credits on October 18.

The post KlimaDAO’s Carbon Offsets Catches the Attention of Traditional Firms appeared first on Cryptoknowmics-Crypto News and Media Platform.