Australian energy tech company Powerledger has announced its expansion into the Solana ecosystem, claiming it shares common values with the blockchain network amid wider interest in Regenerative Finance (ReFi).
“At the heart of both Powerledger and Solana is a shared vision of innovation, sustainability and transparency — values that are becoming increasingly critical as the world shifts toward ReFi and sustainability,” a spokesperson for Powerledger told Cointelegraph on Sept. 21.
Powerledger co-founder says ‘crypto can be a force for good’
ReFi aims to create economic systems that go beyond generating financial returns and focus on restoring and enhancing social, environmental and economic well-being. According to CoinGecko data, the total ReFi market capitalization stands at $110.57 million at the time of publication.
The spokesperson pointed out that the integration aims to increase “the clean energy and sustainability narratives within the blockchain space.”
They further claimed it is a “significant step in aligning financial innovation with planetary well-being.”
Meanwhile, Powerledger’s co-founder, John Bulich, told Cointelegraph that the firm’s expansion to the Solana mainnet not only increases “the narratives of clean energy within the blockchain space but also underscores that sustainability is a common goal that transcends ecosystems, reinforcing that crypto can be a force for good.”
Powerledger will cease operating SVM blockchain
Powerledger will integrate its products with the Solana mainnet and cease operating its own Solana Virtual Machine (SVM) blockchain.
Having operated on the SVM blockchain for over 12 months, Powerledger claimed it has “gained valuable expertise on how to make best use of the SVM technology.”
“This next step in expanding onto Solana mainnet is a key milestone in building on an open and common platform,” it added.
The Powerledger (POWR) token will also be available as a native Solana ecosystem token while also remaining an ERC-20 token. According to CoinMarketCap data, at the time of publication, POWR is trading at $0.22, up 16.75% since Sept. 14.
Powerledger’s blockchain-based transactive energy solutions include peer-to-peer energy trading, virtual power plants and trading in carbon credits and renewable energy certificates (REC).
Related: Eclipse targets October to launch ‘Solana on Ethereum’ L2
It comes after the news on Sept. 13 that Worldcoin is launching seamless World ID integration for the Solana blockchain through a new cross-chain protocol from the Wormhole Foundation.
According to a Worldcoin blog post, the Wormhole Foundation completed the cross-platform bridge two and a half months after being announced as a Wave1 Community Grants recipient.
Magazine: What Solana’s critics get right… and what they get wrong
