Uniswap changes interface to facilitate crypto donations for Ukraine
The largest decentralized exchange in the industry has announced via its Twitter account that it will set up a structure on its platform that will allow the rapid conversion of ERC tokens into Ethereum in order to facilitate donations to the ETH address of the portfolio. of Crypto support from the Ukrainian government.
In the context of the Russian-Ukrainian conflict, cryptocurrencies are under the spotlight. On the one hand, they serve as a means of supporting the government and the Ukrainian army. On the other hand, they are perceived as being an instrument to circumvent the financial sanctions of the West. Anything that proves the neutral or apolitical nature of the latter.
Do you condemn the knife or the burglar? Because this same tool is used for cooking food and by our precious surgeons in medicine. Uniswap’s initiative to build a tool on its exchange to facilitate the rapid conversion of ERC-20 tokens to ETH is just one more example of how the crypto world can help in these dark times.
More Ways To Finance Thanks To Uniswap
The Ukrainian government’s crypto wallet only supports donations in Bitcoin, USDT, Ethereum and most recently Polkadot. This restricts the holders of other tokens who would like to make donations. With the new tool that Uniswap will implement on its platform, it would be possible to support Ukrainians with many more cryptocurrencies.
To ensure that anyone who wishes to donate ERC-20 tokens to the Ukrainian government can do so, we have created an interface that exchanges any token for ETH and then sends it directly to the Ukrainian government in one single trade.
ERC-20 tokens are derived from the ERC-20 standard which is nothing more or less than a model for creating fungible tokens compatible with the wider Ethereum network. As an example of ERC-20 tokens, we can consider MANA from Decentraland, LINK from Chainlink and Aave.
“ Anyone who wants to donate but holds other ERC-20 tokens can do so with just one click. added the first of the DEXs on the market.
Crypto Donations For Ukraine Already Exceed $30 Million
According to Elliptic’s screening of funds sent to Ukrainian government wallet addresses and organizations that support the Ukrainian military, nearly $30 million in crypto donations have been traced.
Elliptic writes on his blog:
The Ukrainian government — and NGOs supporting the military — have raised $31.7 million through more than 26,000 cryptocurrency donations since the Russian invasion began. An NGO received a one-time bitcoin donation worth $3 million, while Polkadot founder Gavin Wood donated $5.8 million…
According to Cointelegraph, this amount could even be around 50 million dollars. It should also be remembered that Binance is one of the big donors. The Exchange offered 10 million to support Ukraine. Even if the latter refused to ban Russian residents from its trading platform.