- Powerledger integrates with Solana, enabling faster, cheaper renewable energy trading and environmental commodities transactions.
- POWR token now operates on both Ethereum and Solana, maintaining supply integrity through a dual-chain swap mechanism.
- Powerledger leverages Solana’s speed and low fees to enhance global sustainability efforts, scaling clean energy solutions efficiently.
Powerledger has officially integrated with the Solana blockchain to strengthen its capability to provide unique solutions in global sustainability markets. This integration is a major turning point for the company as its energy trading and environmental commodities platform has transitioned from its native blockchain to Solana’s efficient network.
🚀We are excited to announce that Powerledger has completed the integration with @Solana, accelerating the pace of innovation in global sustainability market.
⚡Read the full announcement here: https://t.co/Wci2fDtugs#POWRonSolana #Sustainability #DemocratisationofPower pic.twitter.com/5eElwQyFJ1
— Powerledger (@Powerledger_io) October 13, 2024
Powerledger’s POWR token, which started as an Ethereum-based token, adds efficiency to clean energy markets with Solana compatibility.
This decision is also anticipated to enable more tokenization and trades of renewable energy assets like excess clean energy, RE/CCs, and RE MOs. By utilizing Solana’s technology, Powerledger intends to enhance the efficiency of transaction processing and decrease costs to create a fair and inclusive international environmental marketplace.
POWR Token Transition and Dual-Chain Availability
The integration has seen Powerledger adopt the dual-chain mechanism for the POWR token to be accessible in Ethereum and Solana. It allows users to use POWR on the Ethereum chain but take advantage of the Solana chain’s enhanced speed and cheaper rates.
A token swap mechanism has been implemented to ensure that the circulated quantity of the POWR token stays constant; therefore, with the minting of the token on Solana, an equivalent quantity of token is anchored on the Ethereum blockchain. This prevents token inflation and means the standard of the tokenomics is maintained.
The POWR token will remain a payment method within the platform, encouraging more sustainable measures such as energy savings and carbon footprint neutralization. With the integration behind the Solana system, Powerledger’s platform is ready to execute large-scale transactions, enabling businesses to unlock their sustainability ambitions.
Improved Platform Functions and Prospective Development
The connection with SOLANA also suits Powerledger in terms of performance increase, expanding its platform, and improving trading in energy and E&EMs. These solutions, leveraging the Solana blockchain, are expected to improve performance and efficiency to match Powerledger’s goal of affordable clean energy.
According to John Bulich, the co-founder of Powerledger, the above integration is a milestone in realizing their dream of allowing consumers to access cheap, clean energy. With the new functionalities, Powerledger is set to become a critical catalyst for sustainability initiatives worldwide, democratizing energy markets worldwide.
