• General
  • RFC: Formalizing Solid World x KlimaDAO Partnership

Motivation

Our Goals

Solid World aims to revolutionize project financing for climate initiatives by enabling liquidity and transparency in the forward carbon market. Our proposed collaboration with KlimaDAO aligns with our shared vision of driving positive environmental impact through innovative, pioneering market solutions. Together, we can leverage the strengths of our platforms to enhance liquidity, expand market access, and support high-integrity carbon projects.

Solid World

Solid World is a digital warehouse for quality climate finance. By leveraging innovations in DeFi, such as AMMs and non-custodial rewards contracts, Solid World can create forward liquidity for carbon projects. This creates broadly accessible options for any stakeholder to participate in climate finance at whatever scale is appropriate for them. Suppliers benefit by having a direct path to liquidity for additional working capital with no exclusivity requirements.

In addition to the legal contracts backing the on-chain primitives having supplier-side replacement clauses in cases of non-delivery, Solid World minimizes the chances of non-delivery by leveraging its CRISP (Carbon Risk Identification and Scoring Principles) framework. This informs the forward-selling allowances for projects, minimizing the chances of over-selling supply, in the first place. Currently, Solid World only considers existing planting activity when calculating allowances, as planting timelines can be a major source of uncertainty and subsequent shortfalls.

As we have learned from existing efforts to bring liquidity to the Digital Carbon Market, opinionated curation is needed to minimize race-to-the-bottom effects of projects with drastically different price points competing for the same liquidity. Solid World collaboratively defines narrow categories of carbon projects which share a single pool token for price discovery and liquidity. Access to any category of Solid World’s pools is not an arbitrary decision by the internal team, as the top Liquidity Providers have a veto on any new projects attempting to enter the pool. These are the grounds for how governance for pools is done - consensus from those with skin in the game.

Solid World launched its first pool in May 2023, providing liquidity to Mangrove Restoration projects seeking Verra VCS certification. The reference token for this pool is CRISP-M (CRISP Scored Mangroves), which is available via Uniswap V3. At the time of writing, the TVL of the liquidity pool is over 1M$. Because Solid World leverages concentrated liquidity, this 1M$ of liquidity is enough to enable purchases of 5000 CRISP-M while only incurring <6% slippage on the transaction.

Solid World’s smart contracts have been audited by Dedaub, a well-respected blockchain security auditor with a track record of working with major blockchains and protocols. The two audits we have received as well as our smart contracts can be publicly viewed on Github. We work with PwC Legal Estonia to ensure appropriate legal structuring.

Formalizing our partnership and areas of interest

Listing forward carbon on Carbonmark

Solid World is an ideal partner for Carbonmark when it comes to listing forward carbon credits. Our platform offers a unique opportunity for carbon project developers to tokenize their forward supply and access liquidity through our forward carbon liquidity pools. By collaborating with Solid World, Carbonmark can enhance its marketplace by providing a diverse range of premium forward carbon credits that meet stringent sustainability criteria.

One of the key advantages of partnering with Solid World is the transparency and reliability we bring to the table. Our public documentation, including the CRISP framework, ensures that all collaborating projects adhere to rigorous standards and undergo comprehensive risk assessment prior to ex-ante tokenization. This level of transparency instills confidence in buyers and promotes trust within the VCM.

Additionally, Solid World's approach results in transparent pricing, enabling Carbonmark to showcase accurate and up-to-date market prices for forward carbon credits. This transparency empowers buyers and sellers to make informed decisions based on real-time market dynamics.
Solid World's forward carbon liquidity pools provide continuous access to inventory, enabling Carbonmark to list projects at various price points and cater to the needs of a diverse range of buyers. Our liquid market ensures that Carbonmark's inventory remains accessible 24/7, facilitating seamless transactions and enhancing the overall experience.

Furthermore, Solid World is committed to fostering strong partnerships and providing incentives to successful integrators. We are open to working closely with Carbonmark to deepen our relationship and explore mutually beneficial incentives that encourage increased market activity and liquidity on the Carbonmark platform.
By collaborating with Solid World, Carbonmark can expand its offerings, attract a broader spectrum of buyers, and contribute to the growth of impactful climate initiatives.

Legal Information about our Forward Carbon units

Over the past year, we have worked hard with PwC Legal Estonia and Estonian regulators to define the legal status and interpretation of our approach to tokenized forward contracts. We have a non-binding opinion from both relevant regulators that our tokens (and the system as a whole) do not qualify as securities under the EU securities guidance known as MiFID II. While this may change over time, as blockchain-based solutions push the frontiers of what is possible and further regulations are imposed, we believe we are firmly grounded in our legal approach.

Solid World’s forward contracts constitute a right to delivery and carry no additional financial obligations. Solid World is not an exchange in any traditional sense, as we are at arm's length from the mechanisms that facilitate trading activity, and we do not have custody of anybody’s fiat currencies or on-chain representations of such. As such, Solid World is not a financial institution. Solid World’s activities are regulated by Estonia’s Law of Obligations Act (which provides consumer protections and consequences for fraudulent representations) and Solid World’s Terms of Service - which outline the rights associated with tokens in the system. On this basis, all legal questions in regard to the system are resolved based on the laws of the Republic of Estonia.

Regarding the legal contracts for forwards themselves, we have made these contracts public. The signed cover sheets for these contracts are in each project’s “Description” section in our app.

As a broad summary of the contents of these contracts:

  • Tokens are a right to request delivery: The holder of the on-chain representation has the right to request delivery, assuming they meet KYC/AML checks, aren’t sanctioned, and request delivery of at least 100 credits at a time to limit operational overhead.
  • Re-assignment of the contract to the token holder: Contracts may be legally re-assigned from Solid World to the holders of the on-chain representation, even before certification, allowing these legal contracts to “move off-chain,” functionally enabling a two-way bridge for forward contracts.
  • Replacement clauses: In cases of non-delivery, the replacement must be offered either by buying back the circulating forward contracts, providing equivalent replacement in the form of spot supply, or paying 1.1 CBT of the relevant type (the contractual term for tokens like CRISP-M is for Mangroves) for each ton which could not be delivered.
  • Corresponding Adjustment provisions: The contract features language around Article 6 provisions if the need for it materializes. Suppliers must seek CA for the supply at no additional cost to the contractual counterparties. Replacement is an option in case CA is not received.
  • Flexibility around regulations: The contracts feature language around a change in law provisions in case the regulatory landscape shifts. This provides us the option to maintain compliance with any oncoming regulations.

Project-specific and pool tokens: description and listing opportunity

Solid World’s system features two types of tokens - Forward Clips (ERC-1155) and Collateralized Basket Tokens (ERC-20). Forward Clips are project-specific representations of highly specific delivery rights from a specific supplier, vintage, project, and delivery date, with the amount corresponding to the number of credits they possess delivery rights for.

Collateralized Basket Tokens are “pool tokens” such as CRISP-M. CRISP-M is created by depositing relevant Forward Clips and is destroyed to redeem the supply from the pool. These mechanisms are similar to those featured in spot credit systems like Toucan’s BCT/NCT but have been re-imagined to account for differences in the delivery timelines of forward contracts. At the time of writing, Forward Clips from Mangrove Restoration projects can be deposited in exchange for CRISP-M on an 8% compounding discount based on how far they are from delivery. These exchange rates apply on both deposits and redemptions. We have provided a table to explain this.

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This discount, which we refer to as “time appreciation,” is used in a novel rewards mechanism to reward Liquidity Providers in a sustainable fashion. More details are provided in our whitepaper for interested readers.

Integrity of forward carbon units. Information about additionality, permanence, independent verification, etc

Integrity and premium quality are at the heart of our philosophy around the VCM. We are not a VCM standard and rely on registries for independent verification and certification of credits. One of the major risks for forward financing is demand not materializing for the certified end-product. We heavily favor ICROA-endorsed standards, as this provides significantly more certainty around market demand for the forwards being facilitated.

For our first pool, we launched liquidity for Mangrove Restoration projects seeking Verra certification. These projects are broadly additional, since restoring degraded mangroves is a capital-intensive activity, and mangroves are unsuitable for large-scale commercial forestry. These lands are also generally unsuitable for alternative uses such as crop farming or cattle grazing, though they have historically been deforested for firewood and coastal development.

Regarding co-benefits, Mangroves provide their communities significant benefits. For example, they work as a buffer against adverse weather events such as floods and progressive coastline erosion, while also enabling local industries like small-scale fishing and eco-tourism. Mangroves also serve an important role in biodiversity, as they are the only viable ecosystem for many species of endangered flora and fauna.

While permanence is the main downside of nature-based decarbonization, Mangrove restoration projects offer a key advantage in long-term carbon sequestration and storage. Mangroves have the unique ability to absorb and store significantly larger amounts of carbon dioxide compared to terrestrial reforestation efforts. When the risks of anthropocentric deforestation are handled equitably, they can be resilient carbon sinks that can store carbon for decades or even centuries. The mangrove restoration projects that Solid World works with prioritize equitable distribution of benefits, with over 50% of proceeds shared with local stakeholders. This approach fosters community involvement, ensuring the preservation and nurturing of mangrove ecosystems while promoting sustainable economic development.

Additionally, Solid World's partnership with mangrove projects is complemented by the Verra Permanence Buffer Pool, which provides an extra layer of assurance and mitigation against any potential carbon losses once certified. By combining lasting environmental impact, social benefits, and the support of the Verra Permanence Buffer Pool, these projects exemplify a collaborative approach that strengthens both ecosystems and local communities.

KlimaDAO engaging as an LP in our forward pools

LP opportunity with cookstove forwards.

Solid World is excited to explore a potential collaboration with KlimaDAO in establishing a Gold Standard cookstoves pool. To make this pool a reality, we would require $500K USDC and $500K worth of Gold Standard cookstoves forward carbon credits.

We have already identified multiple suppliers ready to contribute to the cookstoves side of the pool, ensuring a steady supply of high-quality credits. In addition, KlimaDAO can play a crucial role by offering their cookstoves to the pool, provided they can guarantee delivery, as Solid World has identified that KlimaDAO’s forward cookstoves are of very high quality.

As part of the collaboration, KlimaDAO can contribute $500K USDC to the pool, securing their LP position. This participation allows KlimaDAO to accumulate attractive yield in both USDC and CRISP-C (CRISP Scored Cookstoves) while supporting a good cause.

Furthermore, as one of the major LP-s in the pool, KlimaDAO would be one of the 7 guardians who have a Veto vote, granting them the power to reject any project seeking access to the pool. This ensures that KlimaDAO maintains control over the quality and alignment of projects within the pool, safeguarding the integrity of the cookstove credits.

To incentivize long-term participation, our launch LPs are required to maintain their initial position for at least six months. Additionally, we provide a 3-month guaranteed cash-back policy in case of any hacks on our smart contracts, offering an extra layer of protection and peace of mind. After the lockup period, it's important to note that the CRISP-C pool would be liquid, offering flexibility for LPs. Should KlimaDAO decide to exit the pool, they can simply progressively sell their position, providing an efficient exit strategy while creating opportunities for third-party market participants to pick up supply.

By participating in this LP opportunity, KlimaDAO can not only launch an entirely new market category - contributing to the growth of impactful climate initiatives - but also receive market incentives for providing the important service of market-making. Together, we can create a sustainable and prosperous future while driving positive environmental change.

Blue Carbon LP opportunities and project financing

Solid World warmly invites KlimaDAO to explore opportunities to support the CRISP-M pool by participating as a capital-side LP. This opportunity allows KlimaDAO to gradually increase its capital in the pool, providing time for the market to adjust and ensuring a smooth integration.

As KlimaDAO becomes a significant liquidity provider in the CRISP-M pool, they would be eligible to receive market incentives, currently at around 13.5%, excluding any trading fees accumulated by the liquidity position. This allows KlimaDAO to benefit from additional rewards while supporting the creation of a robust market for mangrove restoration forwards.

Furthermore, as one of the major liquidity providers, KlimaDAO will join the esteemed group of 7 guardians of the pool. This privileged position grants KlimaDAO a veto vote, enabling them to have a say in approving any future projects seeking access to the pool. This ensures that KlimaDAO can actively contribute to shaping the pool's direction and upholding its commitment to high-quality projects.

It's important to note that the CRISP-M pool is liquid, offering flexibility for LPs. Should KlimaDAO decide to exit the pool, they can simply progressively sell their position, providing an efficient exit strategy while creating opportunities for third-party market participants to pick up supply.

By participating in the CRISP-M pool, KlimaDAO can leverage their capital to support Blue Carbon initiatives and contribute to the restoration of crucial coastal ecosystems which many communities depend on. This collaboration presents an exciting opportunity to generate more opportunities positive environmental impact while accumulating rewards.

LP opportunity with Verra community reforestation forwards.

Solid World is looking to explore a potential collaboration with KlimaDAO in establishing a Verra community-based reforestation pool. This partnership would require a contribution of $500K - $1 million in USDC to the pool. As a significant LP in the pool, KlimaDAO would hold one of the seven guardian positions, granting them a Veto vote to ensure the quality and alignment of projects. By participating, KlimaDAO can accumulate attractive yield while actively contributing to impactful climate initiatives. To incentivize long-term participation, LPs are required to maintain their initial position for at least six months. Additionally, our 3-month guaranteed cash-back policy provides an extra layer of protection.

Ex-post vs. Ex-ante

Currently, forward carbon credits issued under Gold Standard’s forestry projects (Planned Emission Reductions), ex-ante Plan Vivo Certificates and Temporary or Long-term CER (t/l-CER) are not considered valid for making environmental claims because they do not meet ICROA requirements on verification and permanence.
KlimaDAO holds the view that any credits utilized for offsetting claims should be ex-post; ergo, no ex-ante credits can be utilized in our Retirement Aggregator.

Does your system allow users to make claims analogous to traditional retirement prior to the final verification of the underlying environmental claim?

We take the integrity of environmental claims very seriously. As ex-ante credits do not present a verified unit of carbon removal or reduction, making environmental claims based on these units would be greenwashing, as it subverts the vital process which brings validity to such claims.

Our Terms of Service explicitly discourage such claims, and we provide no function in our system to “retire” forward supply. Even in cases where the underlying supply would be ready to be delivered, we require the credits to be redeemed and then retired either on-registry or in a different system designed to support tokenized carbon credits. We explicitly limit our scope to dealing with forward contracts and related challenges.

Industry Acceptance

Ultimately the value of any environmental service credit derives from the willingness of an end-user to purchase and consume that credit for its intended end-use (a.k.a. retirement). Traditional corporate buyers, who make up the bulk of current demand for carbon credits, look to industry organizations like the International Carbon Reduction and Offset Alliance (ICROA) or Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) for guidance on which carbon credits are appropriate for their needs. As such, recognition of any new standard by these bodies goes a long way toward indicating the level of acceptance those credits will receive among existing market participants.

Has your system been endorsed by any of the mainstream VCM associations, such as ICROA or CORSIA? If not, are you pursuing such an endorsement?

As Solid World is not a VCM standard, it is not in the scope of ICROA or CORSIA to provide or withhold endorsement. Solid World is a means for procuring forward supply for buyers and enabling access to capital for suppliers. We are a digital warehouse for climate finance.

We are leveraging existing standards - and are in no way competing with the likes of Verra, Gold Standard, or any other VCM standard. We are also committed to supporting the important curation and market guidance functions provided by the likes of ICROA or the ICVCM. We believe in the mission of providing strongly opinionated public guidance, which is one of the reasons we released the CRISP framework to the public. There is a clear need for more active thought leadership, education, and solutions-oriented critique in the VCM.

Have any traditional buyers (e.g. corporates) purchased and retired credits issued under your system? If so, please indicate the estimated volumes retired in the past year. If no retirements have occurred in the past year, please provide an estimate based on current buyer commitments.

As we are not (and have no intention of being) a VCM standard, and do not provide the functionality to support retirement, this question is not applicable to Solid World.

From the perspective of the kind of supply we work with currently, it has a good track record of demand from high-integrity sustainability teams that are interested in climate action with low additionality risks and major co-benefits to the surrounding area and communities.

Summary

Solid World aims to revolutionize project financing for climate initiatives by providing liquidity and transparency in the forward carbon market. Our proposed collaboration with KlimaDAO aligns with our shared vision of driving positive environmental impact through innovative, pioneering market solutions. Together, we can enhance liquidity, expand market access, and support high-integrity carbon projects.

Solid World is a pioneering liquidity engine for forward carbon purchases, leveraging DeFi innovations to create curated liquidity for quality carbon projects to scale their operations. Our public documentation and CRISP framework ensure adherence to rigorous standards and comprehensive project risk assessment. Transparent pricing and continuous access to inventory create opportunities for all types of market participants.

Solid World is the ideal partner for Carbonmark to list forward carbon credits, offering project developers the opportunity to tokenize their forward supply and access liquidity through our innovative platform. By collaborating with us, Carbonmark can enhance its marketplace by providing a diverse range of premium forward carbon credits that meet stringent sustainability criteria. Our transparent and reliable approach, backed by the CRISP framework, ensures rigorous standards and comprehensive risk assessment for listed projects. Transparent pricing and continuous access to inventory enable Carbonmark to cater to diverse buyer needs, while our commitment to fostering partnerships and providing incentives drives increased market activity and liquidity. By collaborating with Solid World, Carbonmark would be able to expand offerings, attract a broader buyer spectrum, and contribute to impactful climate initiatives.

Our legal contracts, which are publicly available, provide transparency and clarity in the market. Each token is backed 1:1 by a prepaid forward carbon credit, with guaranteed delivery by the supplier. Buyers gain ownership of the forward carbon credits tokens and have the option to request off-chain transfers. Solid World's partnership with mangrove projects is complemented by the Verra Permanence Buffer Pool, ensuring long-term carbon sequestration and storage when the credits achieve certification.

The LP opportunity with cookstove credits presents an exciting collaboration, requiring $500K USDC and $500K worth of Gold Standard cookstoves forward carbon credits. Multiple suppliers are ready to contribute, and KlimaDAO's involvement as a counterparty with guaranteed delivery and capital-side LP would bring significant value to the VCM. KlimaDAO would accumulate rewards and gain a veto vote on project access to the pool, with a 6-month lockup period and guaranteed cash-back policy for smart contract hacks.

Solid World invites KlimaDAO to participate in the CRISP-M pool, gradually increasing capital and becoming one of the 7 guardians with a veto vote. Supporting mangrove restoration projects with forward liquidity is an ideal opportunity for KlimaDAO and its mission. Mangrove restoration projects ensure meaningful sequestration and storage, while providing significant benefits to their local networks of stakeholders, supporting sustainable economic development.

Our system does not allow ex-ante credits for environmental claims, prioritizing integrity. The summary of our partnership showcases the commitment to liquidity, transparency, high-integrity projects, and environmental impact.

Together, Solid World and KlimaDAO can collaborate to bring forth a sustainable and prosperous Digital Carbon Market, driving positive environmental change and supporting the transition to a greener global economy.

4 days later

Love to see the CRISP-M product bringing liquid forward markets on-chain! Great work.
Some questions for the team:

1) Broadly speaking, what catalysts are the team looking for to turn on the fee switch?
1a) Since fees are taken in the form of CRISP-M - what rules does the Solid World team have w.r.t. selling CRISP-M, or other forward-clips, into the corresponding collateralized basket token LP?

2) Since liquidity is deployed via Gamma Finance and the Solid World teams holds the private keys for modifying liquidity provisions - what criteria constitute a change to the trading ranges?
2a) What criteria constitute an emergency that would pause trading? (https://solidworld.gitbook.io/solid-world-whitepaper/protocol-and-governance/the-protocol/liquidity-and-rewards)

3) Where exactly does the currently advertised 13.59% vAPR come from?
3a) 4.12% CRISP-M rewards are earned from the future value of forward-clips? Forward-clips are set aside based on the discount rate and time to delivery, and distributed over time - am I correct in understanding future value of forward clips is the sole source of CRISP-M vAPR?
3b) 9.48% USDC rewards are earned from where? Does this solely come from trading volume and LP fees?

4) "While Solid World forms an integral part of the council, it retains the right to replace any LP that exhibits behavior detrimental to the best interests of the Solid World Protocol and its community." -> How precisely is this decided? What framework is there?
4a) How do we define 'behavior is detrimental to the best interests of the Solid World Protocol and its community'?

5) "We charge 20% of the time appreciation interest as a fee for providing the liquidity platform. This fee reflects the value-added services we provide, including facilitating a liquid marketplace, securing efficient token transactions, and the overall upkeep of the Solid World ecosystem." (https://solidworld.gitbook.io/solid-world-whitepaper/fees)
Question: As Solid World is asking KlimaDAO to be one of the guardians, and guardians assist in the overall upkeep of the Solid World ecosystem - will the team waive the 20% time appreciation fee for all KlimaDAO positions?

    optima Thanks for these highly insightful questions. It shows an impressive understanding of the subject matter. I'm happy to share some thoughts about the topics you raised.

    1) What indicators will prompt the team to activate the fee switch?
    Currently, we're in a developmental phase with the Solid World beta. Our primary goal is to encourage system usage; the value it brings us surpasses the immediate need for fees. Because of this, we're not ready to initiate fees. However, we anticipate this status to change over the coming months as we transition out of beta. For the time being, the absence of fees serves as an extra motivation for early involvement. We want to get the value chain moving first. A key thing we are monitoring is the first couple of major purchases of forwards so that we can close the loop.

    1a) Given that fees are collected in CRISP-M, how does the Solid World team plan to manage sales of CRISP-M or other forward clips into the collateralized basket token LP?

    This question has two parts - long-term (>1 year out) and short-term.

    Short-term Solid World is a venture-backed project, and we do not foresee a good reason to liquidate the CRISP-M we would get from fees. There are a couple of higher-priority uses, including shoring up liquidity and having some set aside for planned features (ie, enabling the protocol to provide Firm Offers).

    In the long term, as the value chain shows signs of speeding up, the intention is to liquidate CRISP-M as it comes in. As CRISP-M should serve as a market price indicator for Mangrove Restoration - the fair price does have a meaning outside of Solid World. The market effects of selling will find a point at which buy pressure emerges from arbitrage with the rest of the market. Also, dynamic market prices encourage market activity, meaning more protocol fees.

    2) What factors would trigger a change in trading ranges?
    A sustained period of time (like a month or more) where the price gravitates towards the boundaries of the trading range would necessitate intervention. The initial response would be market arbitrage, since both extremes of the range represent exceptional offers for either the buy-side or sell-side. I'm skeptical that we'll witness a prolonged period at the range extremities soon, considering our chosen ranges intentionally encompass all prices seen in recent years. If our assessment is incorrect and no arbitrage opportunity emerges at one of the extremes, our final recourse would be to amend the price ranges based on updated assumptions.

    Rebalancing trading ranges might result in realizing some impermanent loss, so we wouldn't take this action without first consulting the guardians. Furthermore, if any changes to the ranges were to occur, we'd make sure to give advance notice. Thanks for raising this point, though, since we should clarify the process in the whitepaper.

    2a) What criteria constitute an emergency that would pause trading
    Contract exploits or significant changes in regulation that would put the project at risk. We have done a lot of work to mitigate these situations from happening, but in crypto you can never absolutely rule out either scenario.

    3) What is the source of the current 13.59% vAPR?
    3a) CRISP-M

    Your understanding is largely correct. The important detail to note is that Forward Clips aren't put aside but rather become pricier to buy out compared to CRISP-M. When Forward Clips are deposited, they're done so at a discount based on time. They can be bought out at the same rate they were deposited at (minus fees).

    Assuming a Forward Clip was deposited with a delivery date a year away, you'd receive 0.92 CRISP-M for each ton. If the Forward Clip remains deposited until the delivery date, the redemption cost will rise to 1 CRISP-M per ton. The rewards come from the disparity between the deposit exchange rate and the current one. LPs gradually earn the discount throughout the Forward Clip's lifecycle. It’s covered in the “Re-Pricing and Self-Incentiviation” section of the protocol-level description of the whitepaper.

    3b) USDC
    Currently, this is sourced from Solid World's balance sheet with the intention of jumpstarting the system. We acknowledge the critical role of liquidity in this model, and we aim to incentivize early participation more since we have a low Lindy effect and higher perceived risk right now. Our commitment is to maintain this APR up to a year post-launch or until the liquidity pool reaches a total value locked (TVL) of $2.5M, resulting in roughly $21k in USDC rewards per month.

    Long-term, these incentives are intended to come from protocol fees being redirected to liquidity pool rewards. The protocol and its liquidity providers form a sort of symbiotic relationship. Based on our current estimates, if we can move 3x the Liquidity Pool TVL in forwards annually, 10% is long-term sustainable. We have a plan on how to achieve this in the long term, but the expectation is that USDC APR would go down over time.

    4) What is the framework for removing guardians?

    At present, this is a somewhat subjective decision. Indicators of such behavior might include accepting bribes or consistently issuing veto votes in a disruptive manner rather than participating in a principles-based dialogue that clarifies how boundaries around the pool are formed.

    We are happy to hear feedback on what you feel the appropriate process should be. Our main worry is the governance process being maliciously subverted. I would love to receive feedback on the appropriate process here so that the language and process could deter bad actors and provide the necessary clarity to good-faith participants to air their grievances.

    5) Given that Solid World has invited KlimaDAO to act as one of the guardians, and guardians play a crucial role in maintaining the Solid World ecosystem, would the team consider waiving the 20% time appreciation fee for all KlimaDAO positions?

    We are more than happy to explore bespoke arrangements which align with both projects’ long-term interests. We can explore potential options collaboratively and see what makes the most sense.

    EDIT: Added 2a response as well

    5 days later
    a month later

    Absolutely yes for listing forward carbon credits on Carbonmark.

    Also in favor for trying out the LP opportunity with forward cookstove carbon credits and using them together with USDC to gain CRISP-C and stake them. This option shows trust towards quality of these credits and also help to get some yeld. KlimaDAO should already have these cookstove credits coming so not that bad to add that USDC pair to it.

    Wondering if we could have forward carbon credit bond. One could buy forward credit bonds (staked CRISP-M or CRISP--C) with Klima tokens. This could be attractive opportunity if AKR goes to zero or next to it 🤔

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