Become a planetwatcher

Stake for the Planet 2.0 – more trees & token burning mechanism

Stake for the Planet 2.0 – more trees & token burning mechanism

As you may know, in April 2022, PlanetWatch pledged to plant one million trees through its Stake for the Planet initiative – a program that is fully aligned with our mission.

We are now deploying the second batch of 1.000 trees, and we do have two novelties to share:

  • There will be more tree species and countries to plant them
  • We are introducing a PLANETS-tokens burning mechanism

🌍 Tree species and countries

Adding to the list of countries we were already working with through Treedom, we are now pleased to announce you will be able to plant trees in Guatemala, Ghana, and Cameroon.

Treedom projects aim to have a positive impact not only on the immediate environment that they act on but also on the people who live there. For this reason, project areas are located in developing countries, where the benefits of trees can really make a difference.

Additionally, there are also two new tree species that you can plant: Mangroves and White Mangroves.

Here is the list of tree species, the corresponding amount available, and the countries where Treedom will plant them:

  • Avocado (100) – Tanzania
  • Cacao (100) – Cameroon
  • Cashew (100) – Ghana
  • Coffee (200) – Ecuador
  • Grevillea (100) – Kenya
  • Guava (100) – Kenya
  • Mangrove (100) – Guatemala
  • Tephrosia (100) – Madagascar
  • White Mangrove (100) – Tanzania

By planting trees, you will help the environment and the livelihoods of the communities in the different countries stated above.

So far, we have planted trees in Central and South America, Africa, and Asia. Feel free to explore PlanetWatch’s transcontinental forest.

Find more information on how to buy the trees and NFTs here.

🔥Token Burning Mechanism

The burning mechanism is also a new feature on the Stake for the Planet 2.0.

In short, it works by taking tokens out of circulation to increase the value of the ones already circulating – this will impact PLANETS’ scarcity.

As of today, the burning mechanism is under development – it will be a smart contract-based solution that will allow us to burn tokens permanently and take them out of the circulating supply. We will build the best-in-class and most transparent solution with the Algorand Community.

We will update you on this as soon as possible. In the meantime, we have set up a temporary wallet that stores all the tokens that will be burned.

Here is the current state of the flow: when the tree code is redeemed from the NFT, two transactions happen in the background.

  1. Freezing the tree NFT to the wallet
  2. At the same time, 100 PLANETS are being sent from the Burner Funds Wallet to our temporary pre-burner wallet.

Here you can find the two wallets:
Burner Fund Wallet ID QKDPWMQTZTU3M6HIXTLWJBJ2PVAN2JXFEPE4NW3IXAYQJB63WH3UXPDUBU

Temporary pre-Burner Wallet ID FIAJAKIICBTD5K53AYSB6SA4JAGQWNBTGOQXFOOZ4S4T66TFOHAM5L2GNU

Stake your PLANETS and help us grow a forest!