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Bringing cross-chain utility to tokenized carbon instruments


Created At

ETHSanFrancisco 2022

Winner of


🏆 ETHSanFrancisco Finalist


🌱 Hyperlane — Best Use with ReFi

Project Description

ReFi represents a new frontier in web3, both in audience and impact. Projects like Toucan & Klima paved the way by bringing liquidity to the carbon market, but this liquidity is solely concentrated on Polygon. This means bridging becomes a bottleneck for scaling the on-chain carbon market, and bridging to another chain only further fragments the liquidity of an already low volume asset. Bringing carbon credits on-chain is only the half the battle. Realizing true cross-chain utility and interoperability of these assets unlocks a whole new wave of use cases for ReFi.

Mundo leverages Hyperlane as a settlement layer to increase direct and induced demand for this growing asset class. We allow users to not only purchase carbon credits on Polygon from any EVM chain, we also support retiring these credits for a certificate. As the ReFi ecosystem matures across multiple chains, Mundo enables every asset holders on EVM chains to gain access to the broader on-chain carbon market.

How it's Made

This project uses Hyperlane's bridge for sending dollar-denominated value and parameters for retiring carbon credits across Polygon, Optimism, Celo, etc. Under the hood, we implemented each interchain primitive as a "payment terminal" that is initialized around a native token or ERC-20. Each payment terminal taps into a Chainlink price feed oracle to normalize value in dollars before sending it to the central USDC payment terminal on Polygon that's integrated with CarbonOffsetTerminal. With this design it's possibe in theory to plug other carbon offset providers into payment terminals that act as a routing layer for cross-chain assets. Right now we have 4 payment terminals deployed across Polygon, Celo and Optimism and used Tenderly to simulate and triage transactions.

The frontend was built on NextJS, React, Typescript and Wagmi. Our UX centers around a globe as a visual representation of the real-world impact users can make by offsetting on Mundo. In particular, when a project is selected we spotlight its location on the globe to show users what region their money is supporting. This project also heavily leveraged subgraphs built on Toucan protocol's smart contracts to query the state of carbon credit retirements. For new users, Mundo makes it easy to enter your wallet address or ENS and get a evaluation of your current on-chain carbon footprint.

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