What is Kyoto Protocol crypto and why is it rising today?

July 14, 2022 08:04 PM AEST | By Raza Naqvi

What is Kyoto Protocol?

The Kyoto Protocol of 1997 inspired the creation of the blockchain-based Kyoto Protocol. In 1997, the first treaty that the UN signed called for the use of carbon credits in emission trading as a means of preventing climate change.

By putting carbon credits on the blockchain and applying a variety of decentralized finance (DeFi) applications across several blockchains, Kyoto Protocol hopes to increase these credits' usefulness, accessibility, and transparency.

The Kyoto Protocol intends to provide a solution for businesses looking to offset carbon emissions cost-effectively at little to no cost as carbon taxes become increasingly common in institutions worldwide.

By possessing the native KYOTO token, backed by Kyoto Protocol's ecosystem of DeFi applications created in collaboration with many blockchains, any user anywhere in the world can take advantage of the ecosystem by holding it.

Why is Kyoto Protocol crypto rising?

The Kyoto Protocol crypto could be rising due to its listing on CoinMarketCap. Now, users can track the cryptocurrency's performance on the popular crypto tracker website.

The network also announced its commitment to giving back to its community members. It will reward the holders through 96 daily rebases. On July 3, Kyoto Protocol went live on PancakeSwap.

Kyoto Protocol

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Bottom line

As Kyoto Protocol is relatively a new cryptocurrency, details like its circulating and maximum supply are unknown. Also, its market cap was unavailable at the time of writing.

Some analysts believe that investing in new cryptocurrencies comes with an extra element of risk and assessing your risk capacity is important before investing.

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