The Hedera Hashgraph (CCC:HBAR-USD) network is coming into the spotlight this week for a couple reasons. Earlier in the week, it took a big leap into decentralized finance with its USD Coin (CCC:USDC-USD) partnership. Today, it’s gaining exposure by furthering its goals as a carbon-negative blockchain network. The news is helping to lift up the HBAR crypto; bulls think the coin is primed to go on a tear.
On Monday, Hedera Hashgraph added USDC to its network to help usher big, long-term development to its blockchain. The news is quite bullish for HBAR investors, as it helps to open the door for big DeFi projects that stand to bring swaths of users to the platform; HBAR Foundation CEO Shayne Higdon mentions the network’s non-fungible token (NFT) market, wallet and custodial service as three specific areas that will benefit from the partnership.
This news got investors talking about HBAR quite a bit. Furthermore, it is helping to push HBAR crypto prices near the 40-cent mark. While that’s still a far cry from the coin’s all-time high of 57 cents, which it reached just a month ago, investors think the news today will help push it back up toward this milestone.
Hedera Hashgraph Adds New Carbon Negative Incentives to Network, HBAR Crypto Lurches Toward 40 Cents
Being the greenest blockchain network in the world isn’t a new goal for the Hedera Hashgraph network. Noting the major energy consumption of proof-of-work crypto mining, HBAR announced its intent to go carbon negative back in August.
The network operates on a proof-of-stake consensus algorithm; proof-of-stake is far more energy efficient than proof-of-work, which is used by Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD). However, developers are firm in their stance that it’s not enough to be proof-of-stake. This morning, the network is rolling out the second phase of its environmental sustainability project on-chain.
With this project, the HBAR network is incentivizing projects that build on it by offering carbon credits. Companies that are anchoring projects to the network are more likely to better audit their carbon usage — and work to reverse it — thanks to these carbon credits.
Ultimately, the project should bring more projects to the network. It also will help to establish more scrutiny around how much energy a project uses on a blockchain, hopefully pushing other networks to follow. According to the sustainability ecosystem’s Github page, there are eight projects currently participating.
Investor sentiment on Hedera Hashgraph is quite high today as it continues to ride out a good week. The HBAR crypto is currently up by 9%, with trading volume exceeding its average.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.