During the development of blockchain technology, climate impact wasn’t the primary concern then. Due to this, its sustainability issues carried over to the Decentralized Finance (DeFi) space. And when DeFi boomed into the mainstream space, it brought the sustainability challenges to the forefront.
If we look at the primary problem all the networks face in today’s age, sustainability would be at the top. The current implementations of Bitcoin and Ethereum aren’t suitable for longer periods into the future. Moreover, this will pose a significant issue on decentralized finance which is growing at a substantial pace.
According to a Harvard study, every $1 of cryptocurrency value created is responsible for $0.66 in health and climate damages. If this issue continues, the DeFi community will fail to address the sustainability issues.
Brokoli network aims to provide a solution for it. Let’s talk about it.
What is Brokoli Network?
Simply put, Brokoli aims itself as the optimal sustainability layer of multi-chain DeFi. It merges DeFi and GameFi, incentivizing users to make, own, and trade their positive impact. The project consists of three parts interconnected to one another:
- Brokoli’s core: It is the environmentally friendly gateway into the most popular DEXs and dApps.
- API: Any blockchain platform (centralised or decentralised) can implement the API to allow users to opt-in to a small climate fee that offsets their transaction’s footprint.
- Digital Forest / Brokoli Impact Credits: Users receive NFTs based on trees they funded. Digital NFT forests will be tradable as Brokoli Impact Credits. These are corporate social responsibility standard pegged to real forests and purchased by corporate partners.
Brokoli is world’s first climate-positive DEX with dApps support.
Through Brokoli’s DEX, users can enable carbon offsets as a part of every trade. All of this in a seamless manner without disrupting the user experience. The DEX builds upon the capital-efficient model of trading created by Uniswap v3. Here, slippage fees are used for climate positive action. This includes renewable energy project finance, planting trees, waste collection, and recycling.
What are slippage fees? Due to volatility and sharp price moments, liquidity providers aren’t able to execute the trade at the chosen price. So, an additional charge is added with the amount known as slippage. It is the difference between the expected price of a trade and the executed price of that trade.
Brokoli leverages the existing technical infrastructure, becoming a green gateway to other DEXs. In this case, the liquidity provider is in control of the price ranges in which their funds are used. Users can choose the fee range which is between 0.05% to 10% of the transaction to dedicate for a climate positive change.
If the fee for the transaction isn’t used to offset the price moments, then the fee is used in offsetting carbon footprint in a decentralized vote. Therefore, each trade can have a climate fee attached to it seamlessly without interrupting the liquidity providers’ experience.
Brokoli’s Decentralized Offsetting Process.
From every Climate Fee payment, three causes will receive the funds:
- Carbon footprint offsetting by planting trees.
- Renewable energy project investments in developing countries.
- Financing e-waste collection and recycling programmes.
Moreover, a snapshot-powered community vote will decide the allocation of funds to selected renewable projects and e-waste collection charities. Users can view the results of the community vote on the real-time dashboard. Moreover, the dashboard also shows the vote distribution, fund distribution, and allocation of funds to specific projects.
Also, Brokoli will provide grants to charity sector reuse organizations working with e-waste and pledge. By doing so, they can provide interest-free loans for electrical waste treatment facilities. As of now, they are in talks with several partners for effective e-waste collection and recycling in charities registered with the Reuse Network, U.K.
Brokoli’s Digital Forest: Play-to-Earn NFTs for Planting Trees.
Brokoli Network has also incorporated elements of Play-to-Earn through issues of digital trees as NFTs. Through this, users can own their impact. Digital Forests also function as tradeable assets. This means that users can buy & sell impact peer-to-peer. They can also buy and sell these digital assets to third parties (companies, charities, NGOs, influencers).
Users can build their digital forests and receive digital trees in the following ways:
- Use Brokoli DEX, lending, investment platform, yield farming layer -> receive digital trees,
- Complete daily quests (e.g. reply to a tweet about Brokoli) -> receive digital trees,
- Refer a friend -> Receive a share of trees your referred friend gets during the first month of the platform use,
- For verified influencers, sharing news about Brokoli on Instagram, TikTok, and other social media platforms -> receive digital trees on influencer-exclusive daily tasks.
Brokoli aims to cover all the DeFi needs via the Green DEX, dApps, Investments, and other products. Moreover, the received digital trees are pegged to the value of real-world forests planted as part of the DAO vote on climate projects. Also, users can:
- Navigate forests of other users,
- Grow your forest and compete on the real-time leaderboard,
- Buy and sell digital forests from other users with $BRKL token,
- Customize and level up your Brokoli avatar – as you advance, more outfits, hairstyles, facial features and other perks will become available to purchase.
A decentralized autonomous organization (DAO) will govern the Brokoli Network with the $BRKL token. Through this, token holders can cast their vote, deciding on the choice of renewable energy projects, e-waste collection, and recycling programs. Alongside this, Brokoli will also introduce a new type of governance called instant governance.
In this new type, the community can participate, benefit and vote for specific protocol settings without any barrier to entry. Members can propose changes to make the Brokoli Network fully community-governed, efficient, user-friendly, and transparent through this. Snapshot will carry out the community which is an off-chain gasless multi-governance client.
Also, of the climate fees collected, 10% of them will be used as community rewards for token holders, liquidity providers, and platform users.
As of now, Brokoli is developing its V1 iteration, expected to be complete in Q3 2021 which includes:
- Developing the DEX,
- Techincal team working on the DEX’s protocol,
- A Public Security Audit, and
- Introduction of Climate Community.
Moving on to Q4 2021, Brokoli will focus on its V2 iteration which includes:
- Launch of green NFTs,
- Calculation of footprint of all major coins and tokens by the climate team,
- Business development fo the launch of dApps,
- Tree planting, renewable energy project, and e-waste collection & recycling partnerships,
- Launch on Binance Smart Chain, enabling dApps integrations.
Moving on to Q1 2022, Brokoli will focus on its V3 iteration which includes:
- Expansion from DeFi-only to entire blockchain,
- Launch of the digital dashboard for personalised offset solutions,
- Launch of climate portal API,
- Referral system,
- Marketing campaign with climate and DeFi opinion leaders.
Brokoli network aims to tackle the underlying sustainability issues that can haunt DeFi in the future. With its all-in-one DEX with dApps support, users can support a positive climate change through their day-to-day transactions. Moreover, with its radically new governance system, the community can participate, benefit and vote for specific protocol settings without any barrier to entry.