🌉Morpheus Carbon Bridge

The Morpheus bridge allows anyone to bridge carbon offsets from traditional Web2 registries such as Verra & Gold Standard to our on-chain meta-registry.

Summary

The Morpheus Carbon Bridge facilitates the tokenization of carbon offsets by bringing them onto our on-chain registry. This process is powered by smart contracts deployed on the Solana blockchain. By leveraging the inherent properties of distributed ledgers, we are able to bring transparency, programmability, fractionalization, accurate price discovery, and inclusivity to the carbon markets. As well as integrating a thriving Defi ecosystem with the carbon markets. Ultimately, the bridge is at the helm of an infrastructure powering a climate-positive economy on the Solana blockchain.

How Bridging Works

The bridging process starts with retiring carbon credits on the source registry before bringing them on-chain. This is done to guarantee that double counting/double bridging does not occur as it is now verifiable that each token is unique. Moreover, burning a carbon token is the same as retiring a carbon credit, except without the need for a legacy centralized registry. The inherent deterministic properties of the Solana blockchain are a better solution than traditional registries in terms of transparency, efficiency, and verifiability.

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Read the subsections below to understand the process of bridging tokens from a Web2 registry onto Carbovalent. In summary, it starts with checking for prerequisites, eligibility, retiring, updating reference NFT, approval, and fractionalization.