Uniswap adds a new feature to help Ukraine
This Tuesday, the decentralized exchange (DEX) Uniswap (UNI) added a swap function to its interface so that users can donate directly to the Ukrainian government.
This new feature allows you to swap all ERC-20 tokens in Ether (ETH) so that they are then transferred directly to the portfolio of Ukraine. Impossible to know how much was paid out thanks to Uniswap, but the Ethereum wallet of the Ukrainian government currently stands at $956,000.
Swap interface to Ukrainian government wallet – Source: Uniswap
More than 130 different tokens were used to help Ukraine through the Ethereum network, with a majority of stablecoins (USDC and USDT) which alone represent $137,000 in donations. The other largest donations were made in Dogs Of Elon (DOE) for $58,600, Wrapped Ether (wETH) for $18,000 and GreenCoin (GRC) for $15,700.
On February 26, Ukraine’s official Twitter account posted Bitcoin (BTC), Ethereum (ETH), and USDT ERC-20 addresses to receive donations. The operation met with great success, the possibilities of donations multiplied rapidly. It is also now possible to make them with Polkadot (DOT), and other cryptocurrencies should also be added soon to the list according to the Ukrainian government.
? Decentralized exchanges, features and examples
Mixed feedback
According to Uniswap, the Ethereum address provided by Ukraine would come from a centralized exchange :
2/ The address shared by the Ukrainian government is a centralized exchange that appears to accept only USDT and ETH. We built this interface so anyone who wants to donate but holds other ERC-20 tokens can do so with one click.https://t.co/0BfhARcgxS
— Uniswap Labs ? (@Uniswap) March 1, 2022
And that can be a problem. Indeed, centralized exchanges can to undergo the pressures and the constraints of the institutionsand are often accused of not corresponding to the philosophy of freedom around cryptocurrencies, which is manifested precisely by decentralization.
Some people were surprised by this choice, like Twitter user @ctjlewis:
” [Le créateur du Rainbow wallet] confirmed that access to these wallets is guarded by a centralized Ukrainian exchange, which is not ideal. If you plan to make a large donation (+ than 1000 dollars), it would be better to wait a few days until they offer a safer solution. A compromise will have to be made. »
Remember that for this purpose, it is possible to make donations in DOT since yesterday. The creator of Polkadot, Gavin Woodhas personally made a donation equivalent to $5.6 million at the time of the transaction.
Other initiatives have emerged to support Ukraine, for example with donations in non-fungible tokens (NFTs), or thanks to organizations such as UkraineDAO, which has already made it possible to collect 1808 ETH, i.e. over $5.4 million.
In total, over $50 million raised in the form of cryptocurrencies through various NGOs and projects. An amount supported by the bullish trend of the crypto market, which has been rising since February 28.
? To go further: Ukraine will make an airdrop for those who sent cryptocurrency donations
Source: Uniswap
About the Author : Maximilien Prue
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
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