As the conflict in Ukraine heats up, the world is rallying behind Ukraine. Donations are being sought from across the world to help Ukraine sustain its war efforts. Arrangements have been made for donations to be made in cryptocurrency. Donations are being accepted in BTC, ETH and USDT.
Uniswap is a decentralized exchange. In a bid to help the war effort and help with donations for Ukraine it launched an interface. The interface helps to directly convert ERC-20 tokens to Ether(ETH). The ERC-20 tokens being Aave, LINK, and MANA. The coins once converted are sent to the addresses of the Ukraininan government’s crypto wallet. The interface enables this complete process as a single transaction.
The address shared by the Ukrainian government is located on a centralized Ukrainian exchange. Uniswap explained that the process of donation is possible only with ETH and USDT. The interface therefore makes the process simpler. For example a holder of an ERC-20 token on Uniswap can now donate by linking his/her wallet to the decentralized exchange.
When the keys to the wallet were held on a centralized Ukrainian exchange, a more secure approach was being required. This was a matter of concern within the crypto community since tit was slowing things down. Hence the development of the interface on Uniswap.
Ukraine also made it possible for donations using DOT of Polkadot. In this time of crisis, the crypto community’s has risen to the occasion and helped Ukraine source donations. The community is also helping through NFT drops. This initiative supports Ukrainian artists. Also, it is observed that UkraineDAO is gaining momentum.
The donation drive has managed to collect a total of $53 million in donations. The rise in the value of the received donations is also due to the general rise in the crypto markets.