“We created this interface so that anyone who wants to give but has other ERC-20 tokens may do so with a single click,” the Uniswap team explained.
Uniswap, a decentralised exchange, introduced an interface on Tuesday that allows users to convert ERC-20 tokens like Aave, Chainlink’s LINK, and Decentraland’s MANA to Ether (ETH). The coins are then sent in one transaction to the Ukrainian government’s official crypto wallet addresses.
Uniswap said that the address supplied by Ukraine is on a centralised exchange that only accepts Ether and Tether in its explanation of the rollout (USDT). As a result, anyone owning ERC-20 tokens on Uniswap’s list who wishes to give by connecting their wallet to the DEX can do so more easily.
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
However, some members of the crypto community are concerned that “the keys to these wallets are held by a centralised Ukrainian exchange,” according to a tweet cited by the Uniswap team, and are calling for a more “safe custody strategy.” Regardless, Ukraine added donation support to Polkadot’s DOT earlier today. Gavin Wood, the founder of Polkadot, gave $5.8 million in DOT to the newly supported address. The blockchain community has been engaged in assisting Ukraine in its fight against the ongoing conflict. Aside from donations, initiatives like nonfungible token drops to benefit Ukrainian artists and UkraineDAO have garnered traction.
At the time of publication, the Ukrainian government and charitable organisations in the country had collected more than $53 million in donations. The figures are based on monitored projects and do not include individual donations or donations made using multiple altcoins. Kuna’s Reserve Fund of Ukraine, Come Back Alive, and Bitcoin (BTC), Ether, Tether, and DOT transferred directly to wallet addresses verified by the Ukrainian government are among the notable donation projects. It’s worth mentioning, though, that the increase in the value of the donations is due in part to capital appreciation as a result of the cryptocurrency markets’ continued boom.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.