**Toucan Protocol’s Carbon Credit Liquidity vs. Mainstream Markets (2024)**  

Toucan bridges crypto and carbon markets, but liquidity gaps persist:  

1. **Volume Comparison**:  
   - **$5-10M daily**: Toucan’s BCT/NCT pools (up 200% YoY) vs. **$500M+** on traditional exchanges (CBL, Xpansiv).  

2. **Adoption Barriers**:  
   - **Fragmentation**: 80% of liquidity sits in 3 pools (e.g., KLIMA-BCT on Sushi).  
   - **Oracles**: Off-chain carbon price delays cause 5-10% premiums.  

3. **Progress**:  
   - Corporates (Microsoft, Shell) now test Toucan for offsets, boosting institutional flow.  

Not yet mainstream, but becoming the on-chain benchmark. *(Word count: 140)*