Project Spotlight: Toucan(NCT)- on-chain carbon credit infrastructure on Celo.
Visit Ubeswap to check out the new NCT-mcUSD pool going live on 8/18! Note the ‘Project Spotlight’ is an Ubeswap community initiative and Toucan’s team is primarily responsible for the information contained in this article. The information in this post is for educational purposes only and should not be taken as financial advice.
Toucan is building accessible infrastructure for carbon markets and enabling a regenerative economy to run on the open web, with the goal of kickstarting a financial system that protects the earth as a key stakeholder. Toucan believes that current climate initiatives are moving in the right direction, but existing carbon markets need to be rapidly scaled up in magnitude, and run on a transparent, digital and neutral system.
Toucan’s infrastructure includes a Carbon Bridge, Carbon Pools, and a Carbon Meta-Registry, and Toucan is deployed on Celo and Polygon chains. All carbon tokens in the Meta-Registry follow the same token standard (TCO2).
Ubeswap will be launching a liquidity pool for NCT (nature-based carbon tonnes) paired with mcUSD, and provisioned with additional liquidity from the Climate Collective!
Q&A w/Toucan:
What inspired your team to work on this project?
To scale the voluntary carbon markets and create meaningful climate action
How can the community help or join?
Integrate carbon offsetting into your application, protocol, or web3 primitive, or use tools and dApps on Celo that have integrated carbon credits to automate climate action!
What’s the goal of this project?
Toucan aims to bring carbon markets on-chain to solve challenges in the current off-chain market, including the double counting problem and data integrity. This will help in order to scale the voluntary carbon markets and support meaningful climate action.
Why did you decide to build on Celo?
Toucan’s expansion to Celo supports Celo’s mission to create conditions for prosperity for everyone, to build out a thriving ReFi ecosystem and to create real-world impact with web3. A key part of this is to develop towards natural capital-backed currencies, so our money reflects what we value — clean water, healthy forests, and a stable climate. Our deployment on Celo will dramatically increase the supply of environmental assets on Celo, as well as the TVL and the number of new wallets being created. And it will bring new and existing ReFi projects over to Celo — to date, we have 100+ projects building on Toucan’s infrastructure.
How is this token tied to the project? (i.e Does it govern? Is it an accessory?)
Token is backed by a real world carbon credit that can be used for offsetting purposes.
How long will rewards be active? At what rate?
Rewards will be determined over the next few weeks.
Are there any disclaimers or risks users should be aware of?
The carbon credits on Celo (NCT) are deployed via the Abacus bridge. This is a new non-custodial bridging solution. Even though our dApp and bridging solution are audited, these are still in beta and users should proceed with caution and use at their own risk.
How is the protocol designed?
Below, you see the way from a real-world carbon credit to a tokenized and fungible carbon reference token.
The Carbon Bridge provides an on-ramp for carbon credits from these source registries onto the Toucan Registry, a set of smart contracts built on Polygon, an EVM-compatible blockchain running on an energy-efficient Proof of Stake consensus mechanism.
Once bridged, tokenized carbon credits (called TCO2 tokens) can be deposited in a Carbon Pool. These carbon reference pools only accept carbon tokens that contain a set of attributes, meaning every TCO2 token in the pool shares a set of gating attributes. By depositing TCO2 tokens into a pool, users receive carbon reference tokens, a fungible pool token that is backed by one carbon token held in the pool’s smart contract.
Toucan Cross-chain Messenger will allow users to bridge carbon pool tokens between EVM chains. For EVM-based cross-chain bridging and communication, the Abacus message-bridge system is being utilized.
Abacus is a generalized interchain messaging protocol that allows developers to send arbitrary data from one blockchain to another. Abacus provides an on-chain API to send and receive interchain messages. This API is secured by a delegated proof-of-stake protocol, combined with an application-specific approach to security called sovereign consensus.
More on Abacus here
Roadmap
At Toucan, the ultimate goal is to build and enable the tools that finance the world’s best climate solutions. Toucan is working on a more granular roadmap and will share it soon!
Team
- Haupt Raphaël, Founder and CEO of Toucan Protocol
- James Farrell, Chief Technological Officer and Co-Founder of Toucan Protocol
- Julian Sommer, Co-Founder, Chairman & CFO at Toucan Protocol
- John X, Co-founder, Strategy, and Ecosystem at Toucan Protocol
- Charlie Pool, Head of Business Development & Partnerships at Toucan Protocol
- Robert Schmitt, Co-founder & COO at Toucan Protocol
Introducing Nature Carbon Tonne ($NCT)
NCT is created when off-chain carbon credits from voluntary carbon market registries are bridged on-chain. Currently, off-to-on-chain bridges are paused during the Verra public consultation around tokenization of carbon credits.
Token Allocation
- Token Symbol: NCT
- Contract Address: 0x02De4766C272abc10Bc88c220D214A26960a7e92
- Audit
Disclaimer
DeFi comes with inherent risks and Toucan advises all users and stakeholders to do their own research before participating in any swaps or pools. We strongly suggest users only add or swap liquidity, that they can afford to lose. The views expressed in this post are not financial advice.
